China’s Ferro-Molybdenum and Ferro-Vanadium Prices Remain Steady Amid Firm Demand

Ferro-Molybdenum

The Chinese noble alloys market has maintained stability in early 2025, with ferro-molybdenum (FeMo) and ferro-vanadium (FeV) prices holding firm due to consistent demand from steelmakers and steady raw material costs. Despite market uncertainties, domestic and export prices have largely remained unchanged since the end of December.

Ferro-Molybdenum Market Trends

Domestic prices for 60% grade ferro-molybdenum were assessed at 230,000-233,000 yuan per tonne (Yn/t) ($31,510-$31,921/t) ex-works, translating to Yn383-388 per kilogram (kg) of contained molybdenum. Export prices remained steady at $53-53.50/kg free on board (FOB) China.

• Steelmaker demand remains firm, with tenders closing at approximately Yn230,000/t on a delivery basis. However, January's total tender volume is expected to fall short of 10,000t, compared to 14,000t purchased in December.

• 45% grade concentrate prices were Yn3,590-3,620 per metric tonne unit (mtu) ex-works, while 57% grade roasted concentrate was assessed at Yn3,690-3,720/mtu ex-works, both unchanged from December 31 levels.

• A Jiangxi-based mining company finalized 45% grade concentrate sales at Yn3,595/mtu over the past two days.

With steady steel production supporting ferro-molybdenum demand, prices are expected to remain stable in the short term.

Ferro-Vanadium Market Holds Firm Despite Global Price Softness

The ferro-vanadium (50% grade) market remained stable at Yn81,000-83,000/t ex-works, supported by ongoing procurement from steelmakers and stable pentoxide flake costs.

• January procurement tenders were issued ahead of the Lunar New Year holiday, with major private-sector steelmaker Nanjing Iron and Steel yet to set its tender price.

• Alloy producers maintained offers between Yn82,000-83,000/t, as pentoxide flake costs remained firm. A Tianjin-based trader purchased 10t of FeV at Yn81,000/t ex-works on December 31.

• Pentoxide flake prices remained at Yn73,000-74,000/t ex-works, with major suppliers Sichuan Chuanwei, Sichuan Desheng, and Chengde Jianlong yet to announce January prices.

Despite stable domestic demand, export prices for 80% grade ferro-vanadium softened to $24.30-25/kg FOB China, down from $24.80-25.30/kg on December 31. This decline reflects weaker international demand and lower bids from overseas buyers.

Conclusion

With firm steel sector demand and stable feedstock costs, China’s ferro-molybdenum and ferro-vanadium markets are expected to remain steady in early 2025. While domestic demand holds firm, international ferro-vanadium prices face downward pressure, reflecting weaker global buying interest. The market's direction in the coming months will depend on steelmakers' procurement strategies and raw material cost fluctuations.

China's JDC Lifts Ferro-Molybdenum Alloy Output in 2024

Jinduicheng Molybdenum

Jinduicheng Molybdenum Reports 47% Surge in Alloy Production

China’s Jinduicheng Molybdenum (JDC) significantly boosted its ferro-molybdenum alloy output in 2024, highlighting strong operational momentum. JDC produced 22,847 tonnes of molybdenum metal equivalent, marking a 47% increase from 2023. Sales reached 21,748 tonnes, up 36% year-on-year.

The state-controlled firm also ramped up production of ammonium molybdate and molybdenum powder, growing by 11% and 12%, respectively. This output growth underscores JDC’s strategy to enhance value-added product output amid robust domestic demand.

Mining Capacity Supports Growth Outlook

JDC operates two key mining assets — the Jinduicheng Mine (13.4mn t/yr capacity) and the Ruyang Donggou Mine (8.8mn t/yr). Together, these provide a stable ore supply, reinforcing JDC’s ability to scale alloy and powder production.

Nationally, China produced 306,000 tonnes of molybdenum concentrate in 2024, reflecting an 8.5% increase from the previous year. Ferro-molybdenum consumption in China grew 12%, reaching 190,000 tonnes, driven by downstream applications in construction and clean energy.

Strong Demand Expected in Steel, Energy, and Aerospace Sectors

JDC forecasts continued strong demand in 2025 due to the widespread use of molybdenum-containing steels. These materials are crucial in new energy systems, advanced materials, and aerospace engineering, aligning with China's industrial upgrade goals.

Meanwhile, tightening global supply and rising alloy-grade specifications may support firm molybdenum pricing throughout the year. JDC is likely to maintain output discipline while leveraging its vertically integrated structure to navigate future volatility.

The Metalnomist Commentary

JDC’s growth underscores China’s ability to secure domestic alloy production amid global uncertainty. As energy transition accelerates, materials like molybdenum will be strategic levers in the race for industrial dominance.

India Noble Alloys Prices Remain Stable Amid Domestic Market Challenges

Alloys

Ferro-Molybdenum and Ferro-Vanadium Prices Hold Steady, But Market Sentiment Remains Weak

In India, prices for ferro-molybdenum and ferro-vanadium remained steady in early February 2025. However, the overall sentiment in the domestic ferro-molybdenum market is notably bearish, driven by a weaker Indian rupee. Meanwhile, the limited demand for stainless steel is restricting activity in the ferro-vanadium market.

Stable Prices for Ferro-Molybdenum Amid Weak Sentiment

The price of ferro-molybdenum in the domestic Indian market is holding steady at Rs2,530-2,550 per kilogram ($28.89-29.12 per kilogram) ex-works. Similarly, molybdenum oxide prices have remained unchanged at Rs2,420-2,450 per kilogram, according to recent assessments. Despite this price stability, market sentiment remains low, primarily due to the weak Indian rupee, which has made imported oxide more expensive.

A producer spoke with The Metalnomist and noted that there is no significant excitement in the molybdenum market. The lack of enthusiasm can be attributed to the fiscal year 2025-26 budget announcement and the delays in the shipbuilding industry’s setup, which has further dampened market expectations.

Ferro-Vanadium Prices Stable, But Stainless Steel Demand Remains Low

The price for ferro-vanadium in India stands at Rs1,090-1,100 per kilogram. This market also remains largely stable, although it has seen fewer transactions due to limited stainless steel demand. As a result, the market has become quieter, with little price movement.

However, analysts expect the market to gain more clarity following the Chinese Lunar New Year holiday. It is anticipated that the resumption of industrial activities in China could provide a clearer picture of the price trend and demand in the coming months.

Greenland Molybdenum Supply Deal with Cogne Targets European Steel Markets

Greenland

Greenland molybdenum supply deal negotiations advanced as Greenland Resources signed a non-binding memorandum of understanding with Italian specialty steel manufacturer Cogne Acciai Speciali. The potential Greenland molybdenum supply agreement covers ferro-molybdenum and molybdenum oxide sourced from the company's $820 million Malmbjerg project, positioning Greenland Resources to address European Union molybdenum supply security while building strategic partnerships across specialty steel manufacturing.

Malmbjerg Project Resources Support Long-Term Supply Commitments

Greenland molybdenum supply capabilities stem from substantial mineral reserves at the Malmbjerg project containing 245 million metric tonnes of molybdenum disulphide. The reserves maintain an average grade of 0.176% and are expected to yield 571 million pounds (259,000 tonnes) of contained molybdenum metal. These resource volumes position Malmbjerg to supply approximately 25% of European Union molybdenum demand.

Meanwhile, the project's strategic importance reflects the EU's position as the world's second-largest molybdenum consumer without domestic mining operations. This supply gap creates significant opportunities for Greenland Resources to establish long-term customer relationships with European manufacturers. The company also plans to market magnesium as a by-product, diversifying revenue streams while maximizing resource utilization efficiency.

Strategic Processing Partnership Enables Market Entry

However, the molybdenum supply chain requires sophisticated processing capabilities through Greenland Resources' tolling agreement with Molymet Belgium. The Belgian molybdenum converter will process concentrates from Malmbjerg into ferro-molybdenum and molybdenum oxide products suitable for specialty steel applications. This partnership arrangement provides access to established European processing infrastructure without requiring substantial capital investments.

Therefore, the Cogne agreement follows Greenland Resources' successful long-term contract with stainless steel producer Outokumpu for 8 million pounds annually of molybdenum oxide. The Outokumpu deal represents half of that company's annual molybdenum requirements, demonstrating market validation for Malmbjerg's production capacity. Multiple customer agreements reduce concentration risk while establishing predictable revenue foundations.

Government Approval Remains Critical for Project Development

Furthermore, Greenland Resources continues pursuing final exploitation license approval from the Greenland government following receipt of draft license revisions in April. Government approval represents the final regulatory hurdle before commencing mining activities at Malmbjerg. The licensing process reflects Greenland's careful approach to balancing resource development with environmental protection and community interests.

As a result, successful government approval would unlock substantial European molybdenum supply chain benefits while establishing Greenland as a strategic critical minerals producer. The project's scale and customer commitments demonstrate commercial viability that supports both Greenlandic economic development and European industrial supply security. Strategic partnerships with established processors and customers create integrated value chains from mining through end-use applications.

The Metalnomist Commentary

Greenland Resources' molybdenum supply agreements exemplify how emerging mining jurisdictions can address critical European industrial supply gaps through strategic partnerships and processing arrangements. The Malmbjerg project's potential to supply 25% of EU molybdenum demand represents a significant geopolitical shift toward Arctic resource development, particularly important as European manufacturers seek supply chain diversification away from traditional sources amid increasing trade tensions.

China’s Ferro-Molybdenum Prices Rise on Strong Steel Demand

Ferro-molybdenum

Ferro-molybdenum prices in China have surged in recent weeks, driven by increased demand and higher tender prices from steel producers. The rise comes as Chinese steelmakers scramble to meet molybdenum-containing steel orders, pushing up prices in a market already facing supply constraints.

Supply Struggles Amid Rising Demand

As steel mills in China ramped up their purchases, tender volumes for August were expected to reach around 10,000 tonnes, but actual purchases have surpassed expectations, totaling 12,000-13,000 tonnes so far. Steelmakers bought the alloy at prices ranging from 238,000 to 239,000 yuan per tonne, up by 2,000-3,000 yuan from the previous week.

At the same time, domestic alloy output fell by 10% in July compared to the previous month, according to the China Nonferrous Metals Industry Association (CNIA). The drop, attributed to squeezed profit margins and rising feedstock costs, has led many producers to cut or suspend production. Heavy rains in the Huludao and Chaoyang regions in Liaoning province also disrupted logistics, further tightening supply.

Mixed Outlook for Demand

Looking ahead, market participants are divided on the demand outlook. Some expect steel mills to continue stockpiling ferro-molybdenum ahead of China’s national holiday in early October, in preparation for increased post-summer steel demand. Others caution that mills may hold back on bulk purchases to avoid further price increases.

EU Molybdenum Market Faces Pressure in 2025 from Rising Supply and Slowing Demand

Molybdenum

Price Declines Expected Amid Increased Production and Weak Steel Demand

The European molybdenum market is under significant pressure as supply surges while demand remains sluggish. This imbalance is expected to push prices down further from their 2024 highs, as both production and consumption trends signal an ongoing shift in the market.

In early February, the European molybdenum complex saw prices hit a nine-month low. Ferro-molybdenum (FeMo) was assessed at $49.40-49.80/kg in Rotterdam, while molybdenum oxide (MoOx) was priced at $20.60-20.85/lb. These figures represent a notable dip from the highs observed in 2023, when prices were buoyed by a shortage of immediate supplies. The average FeMo price in 2024 was $49.74/kg, the second highest since 2008, while MoOx prices averaged $19.63/lb, marking the second highest level since 2008.

Increased Supply Pressures Prices

Rising supply is a major factor contributing to the downward pressure on prices. Major molybdenum producers, such as Freeport-McMoRan and Chilean state-owned Codelco, are ramping up production at their copper mines, where molybdenum is often recovered as a by-product. This increase in output is expected to intensify competition in the market and put further strain on prices. In addition, the expansion of Chinese production, driven by efforts to restructure the steel industry, is set to add to global supply levels. The adoption of advanced manufacturing techniques is also contributing to greater output, resulting in an oversupplied market.

Market participants are predicting that FeMo prices could decline to the $45-47/kg range, especially if molybdenum extraction resumes in full swing from various mining operations. The increased production has led to a more competitive environment, which may push prices lower throughout 2025.

Weak Demand in European Markets

While supply continues to rise, demand for FeMo and MoOx in Europe is showing signs of weakening. Steel producers are reducing their alloy intake, reflecting slower buying activity in the market. Despite the growth in industries linked to electric vehicles and renewable energy, these sectors have not been able to offset the broader slowdown in steel production. The ongoing decline in construction and infrastructure projects is expected to keep demand for molybdenum alloys subdued in the short term.

Additionally, political uncertainties and fluctuating energy costs continue to create volatility in the market, making it difficult to forecast the full extent of molybdenum price declines. In light of the pessimistic outlook, many market participants are adopting a cautious approach, opting to work on long-term contracts or deal on a hand-to-mouth basis, with a limited number of truckload inquiries being observed.

Strike Disrupts Copper and Molybdenum Production at Armenian Zangezur Mine

Zangezur Copper Molybdenum Combine (ZCMC)

Labor Dispute at Zangezur Copper Molybdenum Combine Affects Output

The Impact of the Strike on Zangezur Copper and Molybdenum Production

A strike that began on January 31 at the Zangezur Copper Molybdenum Combine (ZCMC) in Armenia has caused significant disruptions to the production of copper and molybdenum. The workers' strike is a response to unmet demands, which ZCMC management has described as "too high" and "illegal." As a result, production at the facility has been severely affected, with the future of the operations remaining uncertain.

ZCMC's Annual Output and Strike's Consequences

In 2023, ZCMC reported substantial output from its operations, selling 11,100 tons of molybdenum concentrates, 7,200 tons of ferro-molybdenum, and 203,400 tons of copper concentrates. However, due to the ongoing strike, these numbers could face setbacks, potentially impacting the global supply of copper and molybdenum, which are critical in various industries, including electronics, construction, and renewable energy technologies.

Understanding the Dispute and Potential Industry Effects

The workers' demands center on higher compensation and improved working conditions. However, the ZCMC management argues that these demands are unreasonable, leading to the current disruption. If the strike persists, the effects could ripple through global supply chains, especially for companies relying on copper and molybdenum as raw materials. As these metals are essential for high-tech applications, any prolonged disruption in supply could lead to price fluctuations and delays in production.

Domestic Imports of Noble Alloys Fell in 2Q

Shipments of noble alloys to the United States declined in the second quarter, reflecting weaker demand from domestic steel producers and a narrower U.S. premium compared to the previous year.

- According to U.S. Commerce Department data released this week, total imports of noble alloys, including ferro-molybdenum, ferro-niobium, ferro-titanium, ferro-vanadium, and ferro-tungsten, fell by 14% to 6,352 metric tons.

- Shipments of ferro-molybdenum from Chile, the primary global supplier, dropped by 19% to 1,887 tons, while imports of South Korea-sourced alloys plunged by 34% to 683 tons.

- Ferro-niobium imports from Canada decreased by 11% to 1,009 tons but were largely offset by a 13% increase in shipments from Brazil, totaling 1,194 tons.

- Consolidated ferro-titanium imports from Eastern Europe—comprising Estonia, Latvia, and Ukraine—plummeted by 71% to 123 tons, while U.K. shipments fell by 36% to 267 tons.

- U.S. imports of ferro-vanadium from Austria sank by 61% to 133 tons, though Canadian imports rose by 40% to 402 tons.

- South Korea shipped only 1 ton of ferro-tungsten to the U.S. from April to June, with no imports from regular suppliers Vietnam and Mexico.

China molybdenum concentrate output rises on alloy demand in 1H

Molybdenum

China molybdenum concentrate output increased in the first half. China molybdenum concentrate output reached 67,568t, up 4.2 percent year on year. Strong ferro-moly purchases by steelmakers supported higher operating rates.

Demand lifts production despite softer steel sentiment

Steelmakers bought 75,000–76,000t of ferro-moly in 1H. That was about 10 percent higher than last year. As a result, producers raised runs and stabilized supply. China molybdenum concentrate output therefore tracked end-use alloy demand. Procurement for stainless and high-strength steels underpinned volumes.

June dip masks regional divergence

June production fell to 10,550t, down month on month and year on year. Planned maintenance at several mines drove the decline. However, Henan limited the pullback with 3,335t in June. Output there slipped 0.8 percent from May but rose 6.3 percent year on year. Meanwhile, Heilongjiang dropped to 891t, sharply lower on both bases. Shaanxi and Inner Mongolia produced 1,208t and 1,530t, also softer year on year.

Outlook: supply steadies as maintenance eases

Producers expect steadier runs as maintenance programs end. Therefore, China molybdenum concentrate output should align with alloy offtake. Watch ferro-moly tender volumes and spot premiums for direction. Substitution risk remains low given performance needs in critical steels.

The Metalnomist Commentary

Moly demand remains tethered to high-spec steel orders, not broad steel cycles. Regional variability matters: Henan’s resilience offsets northern softness. Pricing will track ferro-moly tenders and mine maintenance cadence into Q3.

China's CMOC Reports Decline in Molybdenum Output Amid Lower Ore Grades

China Molybdenum Co. (CMOC), a leading diversified metals producer, has reported a 12% drop in molybdenum output for the first half of 2024, citing lower metal grades in the ores mined. The Henan-based company produced 7,349 tons of molybdenum metal equivalent from January to June, down from the same period last year. Sales also saw a decline, dropping by 8.3% to 7,185 tons.

Despite the decrease in production, CMOC remains on track to meet its annual target of 12,000 to 15,000 tons, having achieved approximately 54% of this goal in the first half of the year. The company is optimistic about the second half, expecting demand to increase further, driven by new projects in the metallurgical and chemical industries.

China remains a dominant force in the global molybdenum market, producing 64,900 tons in the first half of the year, accounting for 44.5% of the global total. Consumption within the country reached 66,500 tons, representing 45.7% of global demand.

Chinese steelmakers, in particular, have shown a strong appetite for molybdenum, purchasing 72,652 tons of ferro-molybdenum between January and June—a 25% increase compared to the previous year. CMOC attributes this surge to the country’s push for high-quality industrial development, which has boosted the demand for molybdenum-containing steel.

With molybdenum output expected to continue declining due to lower ore grades, CMOC anticipates a supportive market environment for the remainder of the year.

Almonty and SeAH Secure Korean Molybdenum Offtake Agreement

SeAH

SeAH, a South Korean ferro-molybdenum producer, has committed to purchasing all molybdenum produced from Almonty's Sangdong Molybdenum Project. This agreement secures a key supply for the region.

Sangdong Project to Supply Long-Term Molybdenum

Almonty aims to produce 5,600 t/yr of molybdenum by late 2026 at its fully permitted Sangdong project. The mine's anticipated lifespan is 60 years. The offtake agreement includes a floor price of $19/lb, slightly below the current market price of $22/lb. Almonty recently announced plans to relocate its operational jurisdiction to the US, citing geopolitical factors and policy changes.

Almonty Tungsten Revenue Stable at C$7.9 Million Despite US Relocation Costs

Almonty

Almonty tungsten revenue increased modestly by 1% to C$7.9 million in Q1 despite significant relocation expenses related to US incorporation. The Canadian tungsten miner's Almonty tungsten operations demonstrated resilience with mining income rising 24% to C$752,000, primarily driven by increased production at the Panasqueira mine in Portugal while managing substantial corporate restructuring costs.

Production Growth Offsets Corporate Restructuring Impact

Almonty tungsten mining operations delivered improved operational performance despite challenging circumstances. Income from mining activities increased 24% to C$752,000, reflecting enhanced production efficiency at the company's Portuguese Panasqueira facility. However, operating expenses more than doubled from C$4.3 million to C$9.5 million, primarily due to costs associated with the US incorporation process.

Meanwhile, the company reported a substantial C$34.6 million loss compared to C$3.8 million in 2024, largely attributed to non-cash losses from equity value changes during US incorporation. Almonty initiated this strategic relocation in January to enhance competitiveness in global tungsten and molybdenum markets, positioning itself closer to key North American defense contractors and technology companies.

Sangdong Project Drives Future Growth Expectations

However, Almonty tungsten prospects improve significantly with the approaching Sangdong project production in South Korea. The company secured a comprehensive offtake agreement in January, selling 100% of Sangdong Molybdenum project output to South Korean ferro-molybdenum producer SeAH. This strategic partnership provides guaranteed revenue streams and eliminates marketing risks for the high-grade molybdenum operation.

Therefore, the Sangdong facility represents a transformative asset for Almonty's production portfolio and revenue diversification strategy. South Korea's established metals processing infrastructure and SeAH's long-term commitment create optimal conditions for sustained project success. The molybdenum market's strong fundamentals support premium pricing for high-quality concentrate production.

Defense Applications Strengthen Market Position

Furthermore, Almonty secured critical defense sector contracts that demonstrate tungsten's strategic importance. The company signed a binding three-year agreement with Tungsten Parts Wyoming (TPW) to supply 40 metric tonnes monthly of tungsten oxide for defense applications. This contract provides stable revenue streams while supporting US national security supply chain objectives.

As a result, tungsten demand continues expanding in defense and technology sectors due to the metal's exceptional properties. Tungsten carbide applications in cutting tools leverage the material's high melting point and hardness for machining operations. Growing defense spending and advanced manufacturing requirements create sustained demand for reliable tungsten suppliers like Almonty.

The Metalnomist Commentary

Almonty's strategic US relocation, despite near-term costs, positions the company advantageously for North American defense and technology market access while the Sangdong project provides substantial production growth potential. The combination of established Portuguese operations, emerging South Korean molybdenum production, and secured US defense contracts creates a diversified revenue base supporting long-term tungsten market leadership.

India’s JSL Proposes Zero Import Duty on Critical Raw Materials to Strengthen Domestic Steel Industry

Jindal Stainless Steel

Jindal Stainless Steel Calls for Reduced Import Duties on Molybdenum and Other Key Materials

Jindal Stainless Steel (JSL), a major Indian steelmaker, has proposed that the Indian government eliminate import duties on essential raw materials like molybdenum ore. Currently, ferro-molybdenum imports face a 5% duty. The proposal, made by JSL’s managing director, Abhyuday Jindal, comes ahead of India’s budget announcement on February 1 for the 2025-2026 fiscal year. Along with molybdenum ore, JSL recommends maintaining zero duties on other materials such as pure nickel, ferro-nickel, stainless steel scrap, and mild steel.

Boosting India’s Infrastructure and Stainless Steel Production

JSL’s proposal also calls for continued government focus on infrastructure spending, particularly in areas like inland waterways, rail infrastructure, and coastal shipping. This, Jindal argues, will support the stainless steel industry by improving operational efficiency and ensuring competitive raw material prices. Additionally, the Indian Stainless Steel Development Association (ISSDA) supports reducing customs duties on graphite electrodes and charge chrome to zero, which would further enhance industry operations.

However, to protect against cheap stainless steel imports, JSL suggests raising the basic customs duty on stainless steel products to 15% for countries outside of free trade agreements. This measure, JSL believes, would safeguard India’s domestic stainless steel market and contribute to the country’s Viksit Bharat 2047 vision.

European Stainless Steel Market Faces Mixed Trends Amid Price Stabilization

European stainless steel prices have recently stabilized, buoyed by projected supply constraints and unexpected demand spikes, yet the broader market remains under pressure.

Stabilization in Stainless Steel Prices

Over the past two weeks, European stainless steel prices have shown signs of stabilization, largely due to projected supply tightness following production cuts by Acerinox at its Acerinox Europa plant in Los Barrios, Cadiz, Spain, and a maintenance stoppage at Outokumpu's Finnish facility.

An unexpected increase in buyer interest in Germany led to slight price rises. However, the momentum is expected to fade as service centers delay purchases to next year amid persistent low demand across most regions.

Raw Material Insights: Stainless Steel Scrap and Ferro-Alloys

Stainless Steel Scrap

Despite low domestic demand, stainless steel scrap prices saw an unexpected boost last week, fueled by mounting export interest.

Ferro-Alloys

The ferro-molybdenum market has faced high price pressure, averaging $51.10/kg over the past month. Rising material costs and heightened Asian demand have driven prices up, challenging European producers who are focusing on lower-margin steels to sustain operations. Meanwhile, Indian ferro-chrome exports to Europe have contributed to excess supply, driving prices downward in early autumn.

Prices of high-carbon ferro-chrome (65% Cr) dropped by 8% in September, with further declines in October as producers in Kazakhstan and India slashed offers. However, with long-term contracts for 2024 expected to conclude shortly, a price rebound may be on the horizon.

Demand and Market Outlook

Demand for stainless steel and its raw materials remains subdued. Some European steelmakers may shut operations earlier for the winter due to low order volumes. This pessimistic outlook could prolong the market challenges for the remainder of 2024.

Chile Leads Global Lithium and Copper Exports in 2024

Chile Copper Mining

Copper exports strengthen Chile’s global leadership

Chile maintained its position as the world’s leading copper exporter in 2024, driving both value and volume. The Chile lithium and copper exports reached over $50bn, accounting for 15pc of global copper trade, according to Subrei. The country produced 5.3mn t of copper, or 23pc of global output, with state-owned Codelco contributing 1.44mn t. Chile dominated shipments of copper concentrates and cathodes, with the EU sourcing 39pc of its cathode imports from Chile and India receiving a third of its concentrates from Chilean producers.

Lithium exports secure global dominance

Although second to Australia in lithium production, Chile led the world in lithium carbonate equivalent (LCE) exports. The Chile lithium and copper exports accounted for 78pc of global LCE trade, worth $2.6bn. Chile produced 285,000t of LCE in 2024, with SQM maintaining exclusive production and sales of lithium hydroxide domestically. Major markets for Chile’s LCE included China, the US, the EU and Japan, while lithium hydroxide exports were focused on Brazil and the US.

Chile also led in molybdenum, securing the top spot in exports of molybdenum oxides and hydroxides with a 40pc share, and roasted oxides with 33pc of global trade. It ranked fourth globally in ferro-molybdenum exports, reinforcing its role as a critical supplier of strategic minerals.

The Metalnomist Commentary

Chile’s dual dominance in lithium and copper exports highlights its pivotal role in global supply chains for energy transition metals. However, this dependence on a narrow set of commodities exposes the country to price volatility and geopolitical risk. Strategic investment in downstream processing and value-added production could strengthen Chile’s industrial resilience.

CMOC Raises Tungsten and Niobium Output in Q1 2025

CMOC Tungsten

CMOC Increases Strategic Metal Production Amid Strong Demand

Chinese diversified metals producer CMOC—also known as China Molybdenum or Luoyang Luanchuan Molybdenum—boosted tungsten and niobium output in the first quarter of 2025. This aligns with its broader production targets and strategy to solidify its role in global critical minerals supply chains.

CMOC reported 1,993 metric tonnes of tungsten metal equivalent during January–March, up by 3.8% year-on-year. This represents 27–31% of its full-year production target of 6,500–7,500 tonnes.

Niobium Output Also Gains Ground

In the same period, CMOC produced 2,616 metric tonnes of ferro-niobium, marking a 4.4% increase over Q1 2024 levels. This output accounted for 25–28% of the company’s 2025 goal of 9,500–10,500 tonnes of ferro-niobium.

CMOC is China’s second-largest tungsten concentrate producer after China Minmetals and remains a key player in niobium supply, an essential input in high-strength steel and superalloys.

The company’s diversified portfolio includes molybdenum, copper, cobalt, and phosphate fertilizers, all of which are critical to industrial and clean energy applications.

The Metalnomist Commentary

CMOC’s stable Q1 growth in tungsten and niobium suggests strategic alignment with China’s broader resource security policy. As global demand for aerospace, defense, and battery materials rises, producers like CMOC are ramping up output to secure market share and pricing leverage in 2025.

CMOC Boosts Tungsten and Niobium Output in 2024

CMOC

CMOC, also known as Luoyang Luanchuan Molybdenum, a prominent Chinese diversified minerals producer, has reported increased production of both tungsten and niobium in 2024 compared to the previous year. This positive performance underscores the company's strong operational capabilities and its position in the global metals market.

Increased Tungsten Production Driven by Higher Recycling Rate

CMOC's tungsten production reached 8,288 tonnes of metal equivalent in 2024, a 4% increase year-on-year. The company attributed this growth to a higher recycling rate for hard-processing ores, demonstrating its commitment to resource optimization and efficiency.  As the second-largest tungsten concentrate producer in China, following China Minmetals, CMOC plays a vital role in the domestic and international tungsten supply chains.

Record-Breaking Ferro-Niobium Output

CMOC also achieved a record high in ferro-niobium production, with 10,024 tonnes of metal equivalent, a 5% increase compared to 2023. This achievement highlights the company's growing presence in the niobium market, a crucial metal used in various high-tech applications.

Diversified Portfolio

Beyond tungsten and niobium, CMOC's diversified portfolio includes the production and trading of molybdenum, copper, cobalt, and phosphate fertilizer. This broad range of products positions the company as a key player in the global minerals industry.

China's CMOC Reports Higher 1H Tungsten and Niobium Output

Chinese diversified minerals producer CMOC, also known as Luoyang Luanchuan Molybdenum, recorded a significant increase in tungsten and niobium production in the first half of the year compared to the same period last year.

The company produced 4,020 tons of metal equivalent tungsten between January and June, up from 3,813 tons a year earlier. This increase is attributed to a higher recycling rate of hard-to-process ores, according to the firm.

CMOC sold 3,994 tons of metal equivalent tungsten in the first half of the year, marking a 12% increase year-on-year.

In addition, the company produced 5,082 tons and sold 5,178 tons of metal equivalent ferro-niobium in the same period, representing year-on-year increases of 8% and 12%, respectively.

CMOC is the second-largest tungsten concentrate producer in China, following China Minmetals, and it also engages in the production and trading of molybdenum, copper, cobalt, and phosphate fertilizer.

Titanium Exempted from US Tariffs: Aerospace Industry Impact Remains Unclear

Titanium

New US Tariff Exemptions for Titanium Could Affect the Aerospace Supply Chain

On April 2, 2025, US President Donald Trump announced new tariffs on several foreign imports, including an exemption for titanium, titanium scrap, and ferro-titanium. While the exemption helps protect titanium trade, the broader implications for the aerospace industry remain uncertain.

Titanium Exemption and Its Effects

The US tariffs announced include a list of exemptions, with titanium in its various forms being spared. However, other metals like hafnium, molybdenum, vanadium, nickel scrap, and aluminum scrap were not exempted. The new tariff scheme does not affect pre-existing duties on Chinese titanium products, including a 20% duty on titanium products from China, which has been in place since March 4, 2025. Despite the exemption for certain forms of titanium, Chinese titanium sponge imports will still be subject to a 60% duty, which remains unchanged.

Additionally, imports of unwrought titanium from Japan, Kazakhstan, and Saudi Arabia will still face a 15% tariff, though efforts to remove this tariff for sponge imports are underway. For US titanium scrap imports, particularly from the EU and UK, which make up over half of the US intake, the tariff exemption is crucial. Without it, US scrap dealers, processors, and consumers would face substantial challenges, as the US does not produce enough vacuum-grade titanium scrap domestically to meet demand.

Aerospace Industry and Supply Chain Impact

While the titanium exemption provides relief for many manufacturers, the broader impact of the tariffs on the aerospace industry is still unclear. Aerospace manufacturers are uncertain about the tariff's effects on finished parts, components, and engines, particularly regarding supply chains that involve cross-border production of engine parts like the Leap-1A and Leap-1B engines for the A320neo and Boeing 737 Max.

Canada and Mexico were excluded from the new US tariffs, alleviating concerns for companies like Bombardier, Airbus, RTX, and Heroux-Devtek, which operate in those regions. Still, some titanium producers believe the situation could change rapidly, as it is difficult to define the boundaries between parts made from titanium and assembled components that use other materials, such as nickel-based alloys or aluminum.

China’s 34% Tariff on US Exports

In response to US tariffs, China has imposed a 34% tariff on all US imports, which will affect titanium imports from the US. Despite importing limited amounts of titanium from the US, China still relies on US imports for critical aerospace components, including parts for its C919 aircraft. The C919 uses the CFM Leap-1C engine, which is assembled in both the US and France.