For the Quarter Ending September 2025
North America
• In the USA, the Ferro-molybdenum Price Index rose by 4.46% quarter-over-quarter, driven by tariffs policy.
• The average Ferro-molybdenum price for the quarter was approximately USD 50016.33/MT, reflecting CFR San Diego.
• Ferro-molybdenum Spot Price firmed on limited spot availability and stronger Chinese export offers, pressuring importers.
• Ferro-molybdenum Price Forecast indicates gains into autumn as supply tightness competes with subdued domestic demand.
• Ferro-molybdenum Production Cost Trend remains elevated due to higher Chinese material and concentrate cost pressures.
• Ferro-molybdenum Demand Outlook is mixed with automotive restocking offsetting continued weakness in construction activity conditions.
• Ferro-molybdenum Price Index reflects tariff distortions elevating landed costs, constraining broader procurement and order sizes.
• Inventory levels remained lean among US importers, while Chinese smelter outages tightened available export cargoes.
Why did the price of Ferro-molybdenum change in September 2025 in North America?
• Tariff-inflated landed costs reduced purchasing, making import parity unsustainable and suppressing volume demand across sectors.
• Tight Chinese concentrate supply, smelter maintenance raised exporter offers, tightening availability for US CFR buyers.
• Elevated freight and logistics lengthened lead times, increasing landed costs and encouraging just-in-time purchasing behavior.
APAC
• In Thailand, the Ferro-molybdenum Price Index rose by 10.9837% quarter-over-quarter, driven by tighter Chinese supply.
• The average Ferro-molybdenum price for the quarter was approximately USD 29558.67/MT, CFR Laem Chabang landed cost.
• Ferro-molybdenum Spot Price tightened as Chinese export offers firmed and Thai buyers accelerated deliveries ahead.
• Ferro-molybdenum Price Forecast shows near-term gains supported by robust domestic steel demand and constrained concentrate availability.
• Ferro-molybdenum Production Cost Trend remains elevated due to higher molybdenum concentrate costs and rising freight charges.
• Ferro-molybdenum Demand Outlook stays positive as Thailand’s construction and alloy steel recovery sustain intake requirements.
• Inventory draws and term buying pushed the Ferro-molybdenum Price Index higher despite occasional short-term import arrivals.
• Chinese smelter outages and environmental controls intermittently constrained exports, tightening regional availability and elevating landed acquisition costs.
Why did the price of Ferro-molybdenum change in September 2025 in APAC?
• Supply disruptions in China reduced concentrate availability, pressuring exporters to raise offers and limit spot volumes.
• Stronger Thai manufacturing demand and construction-driven alloy steel orders forced importers to absorb higher landed costs.
• Currency moves and rising freight costs increased CFR landed prices, reinforcing upward domestic price transmission.
Europe
• In Russia, the Ferro-molybdenum Price Index rose by 8.6486% quarter-over-quarter, driven by Chinese export costs.
• The average Ferro-molybdenum price for the quarter was approximately USD 30820.00/MT, reported under CFR Novorossiysk terms.
• Ferro-molybdenum Spot Price strength reflected constrained Chinese feedstock availability, lifting the Price Index and margins.
• Ferro-molybdenum Price Forecast remains cautiously upward as Ferro-molybdenum Production Cost Trend shows persistent molybdenum concentrate inflation.
• Ferro-molybdenum Demand Outlook is weak domestically; Price Index stays elevated due to limited supplier alternatives.
• Inventory levels in Russia moderating purchases, export demand competition keeps landed costs supported for importers.
• Major Chinese smelter maintenance reduced cargoes, tightening seaborne supply and sustaining higher CFR offer levels.
• Geopolitical trade disruptions concentrated sourcing, increasing buyer dependency on China and strengthening supplier pricing power materially.
Why did the price of Ferromolybdenum change in September 2025 in Europe?
• Chinese feedstock shortages and smelter outages reduced export availability, pushing CFR levels higher for Russian buyers.
• Geopolitical trade restrictions concentrated sourcing, limiting alternatives and compelling importers to accept elevated landed prices.
• Weak domestic demand reduced purchasing, but urgent production continuity needs-maintained import flows despite higher costs.
For the Quarter Ending June 2025
North America
• The Molybdenum Spot Price Index in North America decreased by 3.4% quarter-over-quarter in Q2 2025, driven by sluggish domestic demand and inflated landed costs due to the continued imposition of a 50% tariff under Section 232.
• The Molybdenum Production Cost Trend was dominated by Chinese upstream inflation, with high raw material costs being passed through to U.S. importers. However, tariff burdens—not producer prices—remained the primary driver of the final cost in the U.S. market.
• The Molybdenum Demand Outlook in the U.S. stayed weak, weighed down by a 14.4% collapse in automotive sales and a 0.3% drop in total construction spending in June. Private residential construction fell 0.8%, reinforcing cautious procurement behaviour.
Why did the price of Molybdenum remain stable in July 2025 in North America?
The Molybdenum Spot Price in July 2025 held broadly stable compared to June. Despite cost pressures at the export origin (China), the U.S. market remained oversupplied due to weak industrial demand. Buyers continued to restrict purchases to short-term needs amid high landed costs and contracting steel consumption. The Molybdenum Price Forecast remains flat, with minimal upside unless demand recovers or tariffs are revised.
APAC (Thailand)
• The Molybdenum Spot Price Index in Thailand declined by 7.9% quarter-over-quarter in Q2 2025. Despite a 3.5% price uptick in June, earlier soft prices in April and May pulled the quarterly average down.
• The Molybdenum Production Cost Trend remained elevated in China, Thailand’s main supplier, due to upstream raw material scarcity, tight smelter margins, and high logistics costs under CFR terms. Planned mine shutdowns and stricter environmental regulations further constrained supply.
• The Molybdenum Demand Outlook improved in Q2, led by strong factory output growth and a significant rise in new orders in June. However, steelmakers remained cautious amid falling global steel prices and limited margin recovery.
Why did the price of Molybdenum change in July 2025 in APAC?
The Molybdenum Spot Price in July 2025 is expected to stabilize or ease slightly, following the June supply pinch. Concentrate availability in China began recovering toward the end of June, easing raw material tightness. Meanwhile, Thai buyers, having absorbed elevated landed prices in June, are now cautiously watching for softening freight rates. The Molybdenum Price Forecast suggests mild downward pressure in the near term unless domestic steel demand rebounds sharply.
Europe (Russia)
• The Molybdenum Spot Price Index in Russia declined by 2.1% quarter-over-quarter in Q2 2025, despite a notable 3.5% increase in June. The increase reflects cost inflation from China rather than Russian market strength.
• The Molybdenum Production Cost Trend was shaped by upstream tightness in China due to environmental inspections and Mines maintenance. Russian buyers, with limited supplier options due to Western trade disruptions, had no choice but to absorb the higher CFR prices passed on by Chinese exporters.
• The Molybdenum Demand Outlook remained bleak. Domestic manufacturing showed its sharpest decline in over three years, with new orders falling rapidly and firms aggressively cutting inventories and employment.
Why did the price of Molybdenum change in July 2025 Europe?
The Molybdenum Spot Price in July 2025 is likely to remain elevated or soften marginally, as June’s spike was driven by Chinese cost pass-through amid limited alternatives for Russian importers. However, collapsing domestic demand and aggressive inventory drawdowns provide no support for sustained price increases. The Molybdenum Price Forecast remains fragile and largely supply-side driven, with little room for upside unless geopolitical dependencies force continued import reliance.
For the Quarter Ending March 2025
North America
• The Molybdenum Price Index in North America showed a downward trend during Q1 2025, ending at USD 48,153/MT for Ferro-molybdenum 65% min CFR San Diego.
• Why did the price of Molybdenum change in April 2025? During the month of April 2025 prices witnessed a slight increase, propelled by renewed optimism in construction industry and steady demand from automotive sector.
• January saw stable prices supported by reduced Chinese production and healthy demand from the stainless steel sector.
• Strong U.S. auto sales and firm construction spending provided some uplift in early Q1, improving the Molybdenum Demand Outlook.
• In February, the Molybdenum Spot Price dropped by 1.5% due to continued supply constraints from China, which impacted smelter operations.
• March saw a steeper 3.4% decline, driven by global trade pressures, tariffs, and rising operational costs for end-users.
• The Molybdenum Production Cost Trend remained high, as producers dealt with raw material price fluctuations and regulatory compliance expenses.
• Looking ahead, the Molybdenum Price Forecast suggests modest gains, assuming U.S. infrastructure spending sustains demand and Chinese output stabilizes.
Europe
• The Molybdenum Price Index in Europe declined over Q1 2025, closing at USD 28,145/MT for Ferro-molybdenum 60% min CFR Novorossiysk.
• Why did the price of Molybdenum change in April 2025? During April 2025 prices were anticipated to decrease, reflecting inventory overhang and persistent weakness in end-user sectors, notably automotive.
• January prices held steady, underpinned by Chinese export controls and lower global supply availability.
• Russian producers experienced mixed performance: increased finished steel sales but declining demand from domestic automotive and industrial consumers.
• A 1.5% decline in February reflected fragile market confidence and worsening economic sentiment in Russia.
• March recorded a deeper 3.5% fall in the Molybdenum Spot Price, driven by rising inventories and underwhelming consumption recovery.
• Despite slight construction activity improvements, high interest rates and weak economic indicators slowed momentum.
• The Molybdenum Demand Outlook remains cautious, and the Molybdenum Production Cost Trend is expected to stabilize due to cost optimization efforts by regional producers.
• The Molybdenum Price Forecast for Q2 reflects continued price pressure unless significant improvements in industrial demand materialize.
APAC
• The Molybdenum Price Index in the APAC region declined notably in Q1 2025, closing at USD 26,326/MT for Ferro-molybdenum 60% min CFR Laem Chabang (Thailand).
• Why did the price of Molybdenum change in April 2025? In April 2025 prices of Molybdenum decreased further, due to oversupply and underwhelming recovery in key consuming sectors.
• January was stable, supported by infrastructure-driven public spending, despite reduced private sector construction activity.
• Export restrictions and lower Chinese output created short-term supply concerns, but demand did not significantly rebound.
• In February, prices slipped by 1.5% due to continued subdued market sentiment tied to soft steel production and weak exports.
• A steep 12.2% drop in the Molybdenum Spot Price was recorded in March, largely resulting from Chinese oversupply and declining demand across APAC.
• Domestic pressures and fragile regional demand further complicated the Molybdenum Production Cost Trend, especially for smelters dealing with export restrictions and economic headwinds.
• The Molybdenum Demand Outlook remains bearish as weak construction indicators and falling steel output drag down consumption.
• The Molybdenum Price Forecast into Q2 indicates further downside risk unless policy support or manufacturing recovery changes the demand trajectory.
For the Quarter Ending December 2024
North America
In Q4 2024, the North American ferromolybdenum market faced a challenging environment characterized by shifting pricing trends and fluctuating demand. Prices decreased by 7% in November, followed by a marginal decline of 1.5% in December, reflecting broader market sentiments and oversupply conditions. Despite stable production levels earlier in the quarter, the manufacturing sector exhibited signs of contraction, with new export orders slowing significantly toward year-end.
Manufacturing dynamics revealed that while U.S. molybdenum production-maintained par with previous year levels, production constraints in China introduced volatility in the global supply chain. The automotive sector experienced a resurgence, with vehicle sales showing a 2.8% monthly rise; however, the construction industry remained subdued due to high borrowing costs and sluggish residential real estate activity, impacting demand for molybdenum products.
The quarter-ending price for Ferromolybdenum 65% min CFR San Diego stood at USD 51,171/MT. Throughout Q4, prices reflected an overall downward trajectory as participants navigated oversupply challenges, rising input costs, and mixed economic signals, resulting in a cautious outlook for the ferromolybdenum market as it prepares for potential policy changes and evolving demand conditions in 2025.
Europe
In Q4 2024, the European ferromolybdenum market experienced notable fluctuations, characterized by price instability amid evolving demand dynamics. Prices showed a downward trend, decreasing by 6% in November, followed by a marginal decline of 1.5% in December. The overall market sentiment has been cautiously optimistic as manufacturers sought to counteract elevated production costs by increasing selling prices in October, which had surged significantly above historical trends. Manufacturing conditions indicated a mixed landscape, with the Russian Manufacturing Purchasing Managers’ Index showing a gradual improvement, reflecting a shift from contraction to slight expansion. Despite this, challenges persisted due to weak demand in the stainless-steel and construction sectors, leading to significant price concessions. In November, new vehicle sales climbed by 16.7% year-over-year, highlighting some resilience in the automotive sector, yet the overall market grapples with a slowdown in building activities and material shortages. The quarter-ending price for Ferromolybdenum 60% min CFR Novorossiysk stood at USD 29,910/MT. Throughout Q4, prices reflected an overall decline, with market participants facing pressures from high input costs, exchange rate instability, and fluctuations in overseas supply. Looking forward, stakeholders will need to navigate these challenges while remaining responsive to changing demand conditions and global production factors.
APAC
In Q4 2024, the APAC Ferromolybdenum market experienced notable volatility, primarily influenced by fluctuating demand from the stainless-steel sector and shifting production dynamics amid changing economic conditions. Prices decreased by 7% in November, followed by a marginal decline of 1.5% in December, influenced by higher inventory levels and reduced purchasing activity from key steel mills due to declining steel prices. Despite these challenges, the market showed resilience due to supportive government policies aimed at boosting economic activities. In October, the Chinese Manufacturing Index rose, indicating slight expansion within the manufacturing sector. However, lingering supply chain disruptions and limited stockpiling efforts led to a cautious outlook across the market. The quarter-ending price for Ferromolybdenum 60% min FOB Shanghai stood at USD 30,621/MT. Throughout Q4, prices indicated an overall downward trend, revealing the market's sensitivity to demand shifts and production adjustments. As participants navigate ongoing economic uncertainty and seasonal factors, including anticipated fluctuations in demand related to the upcoming Chinese New Year, the ferromolybdenum market faces challenges in maintaining equilibrium while looking for signs of recovery in 2025.
