CMOC Molybdenum Output Fell in 2025 Despite Stronger China Demand

CMOC

CMOC molybdenum output declined in 2025 as lower ore grades at key Chinese mines reduced production. The diversified metals producer, also known as Luoyang Luanchuan Molybdenum, produced 13,906t of molybdenum metal equivalent, down 9.7% from a year earlier.

The decline was linked to lower original ore content at the Sandaozhuang Molybdenum Tungsten Mine and the Shangfanggou Molybdenum Mine. CMOC’s molybdenum sales also fell by 6.1% on the year to 14,058t.

CMOC molybdenum output weakened even as broader molybdenum demand improved. This contrast shows that mine-grade pressure can limit producer performance despite stronger consumption from steel and energy-related sectors.

Chinese Molybdenum Consumption Rose on Steel Demand

China’s molybdenum market strengthened in 2025 as demand for molybdenum-containing steel increased. CMOC said Chinese molybdenum consumption rose by 9.3% on the year to 152,000t.

Steelmakers purchased around 153,000t of molybdenum alloy in 2025, up 6.3% from a year earlier. Demand was supported by continued use of molybdenum-bearing steels in wind power and other industrial applications requiring strength, corrosion resistance and high-temperature performance.

China produced 133,000t of molybdenum in 2025, accounting for 43.3% of global output. Production increased slightly by 0.8% from the previous year, reinforcing China’s central role in the global molybdenum supply chain.

Global Market Remained Balanced as Demand Outpaced Supply Growth

Global molybdenum output rose by 3.2% to 307,000t in 2025, while global demand increased by 4.5% to 303,000t. The data point to a broadly balanced market, with demand growing faster than supply but not enough to create a major deficit.

CMOC expects molybdenum demand to remain firm in 2026, supported by continued development of the molybdenum-containing steel market. However, the company lowered its 2026 production target to 11,500–14,500t of molybdenum metal equivalent, compared with its 2025 target of 12,000–15,000t.

The lower guidance suggests CMOC molybdenum output may remain constrained by mine quality and operational factors. For alloy buyers, this keeps attention on Chinese mine performance, steel-sector consumption and the availability of molybdenum units for higher-value applications.

The Metalnomist Commentary

CMOC’s result shows that molybdenum demand strength does not automatically translate into higher producer output. As wind power and specialty steel continue to support consumption, ore grade and mine productivity will become more important pricing and supply variables.