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.

Greenland Resources Molybdenum Supply Deal Strengthens Europe’s Steel Alloy Chain

Greenland Resources

Greenland Resources molybdenum supply plans gained further commercial support after the Canadian mine developer signed an MOU with Rogesa for long-term molybdenum products. Rogesa is a subsidiary of German steelmakers Dillinger and Saarstahl, making the agreement directly relevant to Europe’s steel alloy supply chain.

The MOU covers potential supply of ferro-molybdenum, molybdenum oxide and briquettes from Greenland Resources’ Malmbjerg project in eastern Greenland. The molybdenum ore would later be refined in Belgium before entering European industrial markets.

Greenland Resources molybdenum supply remains subject to project development and future commercial arrangements, as the agreement does not yet disclose final volumes. However, the deal adds another offtake signal for a project that Europe increasingly views through the lens of raw material security.

Malmbjerg Project Adds Strategic Value to European Alloy Supply

The Malmbjerg molybdenum project has gained strategic relevance because molybdenum is essential for high-performance steels, stainless steels, tool steels and specialty alloys. It improves strength, corrosion resistance and high-temperature performance in demanding industrial applications.

The project received a 30-year exploitation permit in June 2025, but commercial production has not yet started. This makes offtake interest important because long-term buyers can support financing, project confidence and future market positioning.

The EU’s support for the project also highlights its strategic value. Canada’s natural resources department has conditionally approved a C$7mn grant, while Europe has signalled willingness to help fund the project as part of its broader critical raw materials strategy.

Rogesa Agreement Builds on Wider Offtake Momentum

The Rogesa MOU adds to a growing list of Greenland Resources molybdenum supply agreements. The company has already signed offtake MOUs with Hempel, Cogne, Outokumpu and GMH Group.

This pattern shows that European industrial buyers are looking for more secure molybdenum supply outside traditional channels. For steelmakers, reliable access to molybdenum matters because alloy availability can influence product quality, cost control and production planning.

The planned refining route through Belgium also strengthens the European value-chain angle. If Malmbjerg advances, the project could connect Greenlandic ore, European refining and regional steel alloy demand into a more resilient supply model.

The Metalnomist Commentary

The Rogesa MOU shows that molybdenum is becoming part of Europe’s wider raw material security agenda. Greenland Resources still needs to move Malmbjerg into production, but its growing offtake base gives the project stronger strategic credibility.

Yongshan Lithium Molybdenum Output Falls as Concentrate Supply Tightens

Yongshan Lithium

Yongshan Lithium molybdenum output declined in 2025 as tight molybdenum concentrate supply reduced production of ferro-molybdenum alloy and roasted concentrate. The Jilin-based metals producer reported lower output and sales across its molybdenum business.

Yongshan Lithium molybdenum output fell despite firmer molybdenum prices and continued demand from high-quality special steel. Feedstock availability became the main constraint, limiting the company’s ability to maintain production volumes.

Yongshan Lithium molybdenum output reflects a wider pressure point in China’s molybdenum market. Alloy producers need concentrate feedstock, but tight supply and higher unroasted concentrate prices increased procurement pressure during the year.

The company, also known as Jixiang Molybdenum or New China Dragon Molybdenum, produced 17,631t of ferro-molybdenum alloy in 2025, down 22% from a year earlier. Sales fell by 23% to 18,018t.

Concentrate Tightness Hits Ferro-Molybdenum Production

Yongshan’s ferro-molybdenum alloy production was directly affected by constrained concentrate supply. The company purchased concentrate and alloy from other plants during the year to support regular production and sales.

This shows how dependent ferro-molybdenum producers remain on reliable upstream feedstock. Even when downstream demand is firm, alloy plants cannot maintain output without stable concentrate availability.

Roasted molybdenum concentrate output fell more sharply. Yongshan produced 29,679t in 2025, down 34% from a year earlier, because unroasted concentrate feedstock prices trended higher.

Sales of roasted concentrate dropped by 55% to 6,894t. The steep fall suggests that more material was needed internally or that market conditions made external sales less attractive.

Molybdenum concentrate is the key input for ferro-molybdenum, which is used in special steel, stainless steel, energy equipment, chemical processing, aerospace and defence-related applications. Tight concentrate supply therefore affects the entire alloy value chain.

Higher Prices Support Market but Not Volumes

China’s ferro-molybdenum market remained supported by tight feedstock and stronger consumption from high-quality special steel producers. Average domestic prices for 60% ferro-molybdenum alloy rose by 5.2% in 2025 to 246,307 yuan/t ex-works.

Roasted concentrate prices also increased. Average prices for 57% grade roasted concentrate rose by 6.1% year on year to 3,939 yuan/mtu.

The price gains show that molybdenum demand remained resilient in higher-value steel applications. However, Yongshan’s results also show that higher prices do not automatically translate into higher output when feedstock supply is constrained.

The company plans to optimise its molybdenum product structure in 2026. It aims to phase out low-margin and low-value-added products while advancing energy-saving and cost-reduction initiatives.

This is a logical response to a tighter raw material environment. When concentrate is expensive and difficult to secure, producers must prioritise higher-margin products and improve operating efficiency.

Yongshan formally changed its name from Jixiang Molybdenum in July 2024, reflecting a stronger focus on the lithium industry. Even so, molybdenum remains an important part of its industrial metals base.

The Metalnomist Commentary

Yongshan’s weaker molybdenum output shows that China’s alloy chain is being constrained upstream, not only by end-use demand. In a tight concentrate market, the competitive advantage will shift toward producers with secure feedstock, higher-value alloy products and stronger cost control.

Molybdenum Prices Stay Elevated After Langeloth Blast Tightens US Supply

Centerra Gold

Molybdenum prices are expected to remain high after the suspension of Centerra Gold’s Langeloth conversion facility tightened US availability of molybdenum oxide and ferro-molybdenum. The incident triggered a sharp price reaction, even though the plant’s direct share of global supply does not fully explain the scale of the rally.

The explosion occurred near Langeloth’s acid unit on 29 January, forcing operations to remain suspended until at least May. The facility is a key US-based source of molybdenum oxide and ferro-molybdenum, and Centerra will provide 2026 operating guidance at a later date.

Molybdenum prices moved higher because buyers reacted quickly to reduced domestic availability. However, end-use consumption has not changed, which means the rally has been driven more by supply anxiety, inventory positioning, and spot market tightness than by stronger demand.

US Ferro-Molybdenum Buyers Move Quickly to Secure Supply

US molybdenum oxide prices rose by 11.6pc to $26-27/lb in the week after the incident. Prices have since remained elevated at $32-34/lb, almost 39pc above pre-accident levels, as available spot oxide on the ground became heavily depleted.

Ferro-molybdenum prices reacted even more sharply. US prices rose by 18.6pc to $33-34/lb in the week after the explosion, then climbed to $42-45/lb in the most recent week. That level is around 54pc above prices before the accident.

The move reflects the strategic role of Langeloth in US ferro-alloy supply. Several domestic mills had contracts with the facility to reduce exposure to tariff-related volatility, but the outage forced buyers to seek spot material and secure coverage for the rest of the year. Larger consumers have covered immediate needs into March, while sellers remain reluctant to commit to new contracts because physical supply is limited.

Imports May Cap the Rally as Demand Remains Stable

Molybdenum prices in Europe and Asia have risen, but not as dramatically as in the US. European molybdenum oxide prices moved higher after the accident and later peaked on increased US enquiries, but they have eased since China returned from the lunar new year holiday.

China’s temporary absence from the market allowed US-driven supply narratives to dominate pricing for a short period. Once China returned, market visibility improved, and Asia remained fundamentally stable. Europe also showed no major increase in underlying demand.

Imports from Europe and Asia are expected to help fill the US supply gap. This should keep prices supported through May, but it may also prevent the rally from moving much higher. Without a clear demand driver, the molybdenum market risks reaching a ceiling as buyers resist sentiment-driven price levels.

The Metalnomist Commentary

The Langeloth outage shows how concentrated processing capacity can amplify price reactions far beyond direct production loss. Molybdenum prices may stay firm while US buyers rebuild supply, but the rally needs real consumption growth to avoid becoming a short-lived inventory trade.

Greenland Resources SSAB Ferro-Molybdenum Deal Strengthens European Alloy Supply

Greenland Resources

Greenland Resources SSAB ferro-molybdenum deal has added another strategic offtake agreement to the Malmbjerg molybdenum project in eastern Greenland. The Canadian mine developer signed an eight-year binding agreement with Swedish steel producer SSAB for future ferro-molybdenum supply.

The agreement includes price floors and ceilings, giving both companies a clearer commercial framework for long-term supply. However, the companies have not disclosed the final offtake quantities.

Greenland Resources SSAB ferro-molybdenum deal is significant because molybdenum is essential for high-strength steels, corrosion-resistant alloys, automotive steels, and defense-grade materials. SSAB’s role gives the agreement direct relevance to European advanced steel manufacturing.

Malmbjerg Project Builds Commercial Momentum

The ferro-molybdenum will be produced from molybdenum ore from Greenland Resources’ Malmbjerg project. The material will later be refined in Belgium, supported by Greenland Resources’ tolling agreement with Molymet.

The Malmbjerg project received a 30-year exploitation permit in June 2025, but commercial production has not yet started. This makes binding offtake agreements important for project financing, customer validation, and future market confidence.

The EU said in December that it would help fund the project. Canada’s natural resources department also conditionally approved a C$7mn grant in March, adding public-sector support to the project’s growing commercial base.

SSAB Agreement Supports Europe’s High-Strength Steel Supply Chain

SSAB has 8.8mn t/yr of steel capacity across Sweden, Finland, and the US. The company produces high-strength steels for industries including defense and automotive, where ferro-molybdenum improves strength, toughness, and high-temperature performance.

Greenland Resources has also signed other molybdenum offtake agreements with Hempel, Cogne, Outokumpu, GMH Group, Rogesa, and now SSAB. This expanding customer base shows that European industrial buyers are actively looking for more secure molybdenum supply.

The Greenland Resources SSAB ferro-molybdenum deal also fits Europe’s broader raw material security strategy. If Malmbjerg advances into production, it could connect Greenlandic ore, Belgian refining, and European steel alloy demand in a more resilient regional supply chain.

The Metalnomist Commentary

The SSAB agreement gives Malmbjerg stronger credibility because it links the project directly to high-strength steel demand. Europe’s molybdenum strategy now depends on turning offtake momentum into real mine, refining, and alloy supply capacity.

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.

Langeloth Molybdenum Plant Provisionally Restarts After January Explosion

Centerra

Langeloth molybdenum plant operations have provisionally resumed after Centerra Gold restarted the Pennsylvania conversion facility in April following a late-January explosion. The Canada-based mining group had suspended operations at the site after the incident near the acid plant.

The Langeloth molybdenum plant is an important US molybdenum conversion asset near Pittsburgh. It roasts molybdenum and supports downstream supply chains that rely on molybdenum products for steel, alloys, chemicals and industrial applications.

The Langeloth molybdenum plant restart remains provisional. Centerra identified additional items requiring testing during the April restart, which the company described as typical when bringing a processing facility back toward stable operations.

The company initially expected full operations to resume by May. However, it did not provide a new timeline for returning to full capacity in its first-quarter earnings release.

Repairs and Testing Slow Full Production Recovery

The explosion occurred on 29 January near the acid plant, with the impact contained at the site. The incident happened while a driver was pumping chemicals into a tank.

The Pennsylvania Emergency Management Agency said 1,700-1,800 gallons of hydrogen peroxide and liquid magnesium were involved in the incident. Centerra suspended operations after the explosion to assess damage and manage safety requirements.

Repairs are expected to cost $5mn-10mn. The company had already incurred $1.9mn of repair costs in the first quarter.

The provisional restart is positive, but it does not yet mean normalised output. Processing plants often need additional testing, equipment checks and operating adjustments after an incident and restart sequence.

That matters for molybdenum supply. Conversion capacity can become a bottleneck even when mine supply or concentrate availability remains intact.

Molybdenum is used in special steels, stainless steels, energy equipment, chemical processing, aerospace alloys and high-temperature industrial applications. Reliable conversion capacity is therefore part of the broader alloy materials supply chain.

Inventory Build Cushions Shipments During Restart

Centerra invested $73mn in working capital at Langeloth in the first quarter by building inventory during the temporary shutdown. The company expects to hold higher inventory levels through 2026 while operations and shipments normalise.

This inventory strategy should help reduce customer disruption as the plant returns toward stable operation. It also gives Centerra more flexibility while it ramps production under its commercial optimisation plan.

First-quarter operating figures show the impact of the outage. The plant roasted 1.3mn lb of molybdenum during the quarter, down 58% from a year earlier.

Molybdenum sales fell by 13% to 3.7mn lb. The smaller decline in sales compared with roasting output suggests inventory management helped support shipments despite lower plant activity.

Centerra expects to publish updated 2026 operating guidance for Langeloth with its second-quarter results. That guidance will be important for customers tracking US conversion availability and molybdenum product supply.

The key issue is not only restart status. Buyers will need to monitor how quickly the facility can move from provisional operation to stable full-capacity production.

The Metalnomist Commentary

Centerra’s Langeloth restart shows that molybdenum supply risk can emerge at the processing stage, not only at mines. The plant’s recovery timeline matters because conversion reliability directly affects alloy, steel and chemical customers that depend on steady molybdenum units.

Molybdenum Mark sustainability certification gains ground as ESG pressures grow

Copper Mark

Molybdenum Mark sustainability certification is rapidly gaining ground as ESG demands reshape global metals markets. Over 40pc of the world’s mined molybdenum now comes from sites holding the Molybdenum Mark sustainability certification. As a result, the Molybdenum Mark sustainability certification is becoming a key reference point for buyers seeking responsible molybdenum supply.

The Molybdenum Mark sustainability certification was launched in 2022 by the Copper Mark and IMOA. It forms part of a broader family of Copper, Nickel and Zinc Marks that promote responsible production and sourcing. Therefore, producers that adopt the Molybdenum Mark can demonstrate alignment with recognised ESG and supply chain standards. The certification increasingly influences buyer preferences, potential pricing premiums and long term offtake decisions.

Global reach of the Molybdenum Mark sustainability certification

The global footprint of the Molybdenum Mark sustainability certification is expanding quickly. As of September, 28 producing sites had earned the label, with three more under assessment. Coverage has reached 100pc of mined molybdenum production in Mexico, Australia and Canada.

Meanwhile, adoption rates are also high in other major molybdenum hubs. The scheme covers 95pc of output in Chile, 92pc in the US and 67pc in Peru. US based Freeport McMoRan’s Climax Molybdenum operations were among the first to secure the certification. These figures show that the Molybdenum Mark sustainability certification is not a niche label but a mainstream benchmark.

Importantly, molybdenum supply is already well diversified outside China in both mining and processing. This contrasts with other critical materials such as tungsten, gallium and many rare earths. Therefore, the certification can amplify an existing geographical advantage by adding verifiable ESG credentials. That combination is increasingly attractive to steelmakers, energy firms and OEMs facing stricter disclosure requirements.

ESG, CBAM and market impacts for molybdenum producers

Rising ESG and carbon constraints are the main drivers behind the Molybdenum Mark sustainability certification. OEMs, energy companies and downstream sectors want proof that raw materials meet environmental and social standards. This trend is intensifying ahead of the EU Carbon Border Adjustment Mechanism’s full rollout from 2026.

Currently, molybdenum is not included in CBAM’s initial scope. However, its critical role in steel alloys, electronics and energy infrastructure positions it for possible future inclusion. In that context, the Molybdenum Mark sustainability certification could help producers prepare for emissions verification demands. Market participants already see the label as a tool to de risk future regulatory and customer audits.

Industry voices stress that mining performance now goes beyond simple tonnage and grade. “Modern mining is not only production tonnes, but also its environmental and social footprint,” one IMOA meeting attendee said. Therefore, producers that ignore ESG and certification risk losing access to premium markets or facing discounts. Over time, the Molybdenum Mark sustainability certification may influence trade flows and contract structures, not only reputations.

The Metalnomist Commentary

The rapid uptake of the Molybdenum Mark shows how ESG frameworks can move from theory to market reality in just a few years. With coverage already spanning most major producing regions, the label is poised to shape pricing dynamics and access to high value customers. Market participants should watch whether end users begin to specify Molybdenum Mark certified material in tenders, which would lock ESG performance into the commercial core of the molybdenum trade.

Greenland Resources Grant Supports Malmbjerg Molybdenum Processing Study

Greenland Resources

Greenland Resources grant approval from Natural Resources Canada could advance technical work on the Malmbjerg molybdenum project in east Greenland. The Canadian federal department has conditionally approved C$7mn for the company to evaluate processing options and byproduct recovery potential.

The Greenland Resources grant will support feasibility work for primary molybdenum processing. It will also assess whether magnesium and rare earths can be recovered as byproducts, potentially improving the project’s value and strategic relevance.

The Malmbjerg project already holds a 30-year exploitation permit for molybdenum and magnesium. However, the project has not yet entered commercial production, making technical validation and financing support important steps before development can move forward.

Malmbjerg Could Add Strategic Molybdenum Supply

Malmbjerg is positioned as a primary molybdenum project, which gives it importance beyond normal base metals development. Molybdenum is used in stainless steel, specialty steel, high-performance alloys, energy infrastructure, and industrial equipment that require strength, corrosion resistance, and high-temperature performance.

The Greenland Resources grant therefore supports a project linked directly to advanced manufacturing and steel supply chains. In a market where many molybdenum units come as byproducts from copper operations, primary molybdenum projects can offer a more direct supply source.

Greenland Resources has already signed long-term supply agreements with European industrial customers. These include Outokumpu, Hempel Metallurgical, Cogne Acciai Speciali, and Georgsmarienhütte Holding, showing downstream interest from stainless steel, specialty steel, and metal supply companies.

Byproduct Recovery Could Strengthen Project Economics

The study of magnesium and rare earths byproduct recovery could increase the strategic value of Malmbjerg. If technically and economically viable, these materials could broaden the project’s role within critical minerals supply chains.

Magnesium is important for lightweight alloys, aluminium alloying, steel desulphurisation, and industrial applications. Rare earths are central to permanent magnets, advanced electronics, defence systems, and energy transition technologies.

The Greenland Resources grant also reflects Canada’s interest in supporting critical mineral development beyond its domestic borders when projects can strengthen allied supply chains. Greenland’s location and resource base make it increasingly relevant to North American and European raw materials security.

The Metalnomist Commentary

Malmbjerg’s importance lies in its potential to link Arctic resource development with European alloy and steel demand. The next test is whether processing studies can turn molybdenum, magnesium, and rare earth potential into a bankable supply-chain project.

Greenland Resources to supply Mo to GMH Group under long-term MOU

Greenland Resources

Greenland Resources to supply Mo to GMH Group as Europe tightens its strategy on critical alloying inputs. Greenland Resources to supply Mo to GMH Group through a long-term memorandum of understanding. Therefore, the deal adds another European steel anchor to Malmbjerg’s offtake portfolio.

Greenland Resources to supply Mo to GMH Group in multiple product forms. The company plans to deliver ferro-molybdenum, molybdenum oxide, and briquettes. Meanwhile, a refinery in Belgium will process material produced from Malmbjerg ore, supporting European value-added conversion.

Greenland Resources to supply Mo to GMH Group from its Malmbjerg project in eastern Greenland. Malmbjerg holds a 30-year exploitation permit granted in June 2025. As a result, the project can frame multi-decade supply discussions even before full commercial ramp-up.

Why GMH’s molybdenum sourcing matters for specialty steel

GMH Group operates in steel markets where molybdenum directly upgrades performance. Molybdenum improves high-temperature strength and corrosion resistance in critical grades. Therefore, stable Mo supply can protect margins in engineering steel, energy, and industrial tooling demand cycles.

European steelmakers also face growing procurement risk for alloying elements. Logistics, permitting delays, and geopolitical friction can disrupt minor metal flows. However, long-term Mo agreements can shorten sourcing lead times and stabilise quality specifications.

Malmbjerg builds a European offtake network around Mo products

The GMH MOU follows earlier offtake agreements Greenland Resources signed with European industrial buyers. Those deals include Hempel, Cogne, and Outokumpu. Meanwhile, adding another German buyer increases the project’s commercial credibility with financiers and export credit agencies.

Product flexibility also signals a practical approach to customer needs. Some buyers prefer oxide for downstream conversion, while others prefer ferro-alloy units. Therefore, offering multiple forms can widen the reachable customer base and reduce single-product exposure.

The Metalnomist Commentary

This MOU strengthens Malmbjerg’s positioning as a Europe-oriented molybdenum supply option. However, project execution and refining readiness will decide whether the contracts translate into real volumes. The winners will be those who lock in specifications early and qualify supply chains fast.

Jinduicheng Molybdenum Output Slips as China Alloy Demand Holds Firm

JDC

Jinduicheng Molybdenum output declined slightly in ferro-molybdenum alloy production in 2025, even as sales increased on firm demand from steelmakers. The Shaanxi-based producer made around 22,483t of molybdenum metal equivalent for ferro-molybdenum alloy, down 1.6% from a year earlier.

Jinduicheng Molybdenum output trends showed mixed performance across its product portfolio. Ferro-molybdenum sales rose by 8.8% to 23,664t, while ammonium molybdate production increased by 5% to 7,602t of molybdenum metal equivalent.

Jinduicheng Molybdenum output of molybdenum powder fell more sharply, declining by 14.4% to 5,011t. The result suggests the company adjusted production across product lines as alloy demand and downstream steel consumption shaped market conditions.

Steelmaker Tenders Supported Molybdenum Consumption

China’s molybdenum market remained supported by stronger steel-linked demand in 2025. Domestic tender volumes from major steelmakers rose by 5.7% on the year to 160,000t.

The sustained increase in molybdenum consumption required additional concentrate feedstock during the year. Molybdenum remains important for special steel and stainless steel because it improves strength, corrosion resistance and high-temperature performance.

Domestic unroasted molybdenum concentrate output reached 317,900t in 2025, up only 0.6% from the previous year. This modest supply growth kept attention on mine output and concentrate availability.

Mine Capacity Could Balance the 2026 Market

JDC’s main mining assets include the Jinduicheng Mine, with 13mn t/yr of ore processing capacity, and the Ruyang Donggou Mine, with 9mn t/yr of capacity. These assets keep the company central to China’s molybdenum supply chain.

The company expects possible capacity increases at several domestic mines to offset stronger demand from special steel and stainless steel producers in 2026. This could create a more balanced supply-demand situation.

The outlook suggests that molybdenum prices may depend on how quickly new mine capacity reaches the market. If steel demand remains firm and mine additions lag, concentrate availability could remain a key pricing factor.

The Metalnomist Commentary

JDC’s 2025 results show a molybdenum market supported by steel demand but still constrained by feedstock discipline. The balance in 2026 will depend on whether mine capacity additions arrive fast enough to match special steel and stainless steel consumption.

China’s JDC raises stake in major molybdenum mine

Jinduicheng Molybdenum

China’s JDC raises stake in major molybdenum mine as Jinduicheng Molybdenum (JDC) agreed to buy an additional 24% of Jinsha Molybdenum from Zijin Mining. The deal values the stake at 1.731bn yuan and lifts JDC’s total holding to 34%. Meanwhile, Zijin keeps control with 60%, and a local government retains 6%.

China’s JDC raises stake in major molybdenum mine because the asset sits at the center of China’s future molybdenum growth pipeline. Jinsha Molybdenum owns the Shapinggou molybdenum mine, described as one of the world’s largest porphyry molybdenum deposits. As a result, the transaction signals a coordinated push to lock in long-life concentrate supply and de-risk a large buildout.

China’s JDC raises stake in major molybdenum mine with the timing aligned to a multi-year construction program. Shapinggou carries roughly 2.1mn tonnes of molybdenum resources at an average grade of 0.187%. The project targets about 22,100 t/yr of unroasted molybdenum concentrate after roughly four and a half years of construction. Therefore, JDC’s larger stake can speed permitting execution, capex discipline, and downstream planning toward first output in 2029.

Why Shapinggou changes China’s molybdenum balance

Shapinggou’s scale strengthens Zijin’s molybdenum position even after selling down minority equity. Zijin’s molybdenum resources are expected to rise sharply once Shapinggou starts, expanding the company’s leverage to the steel, energy, and industrial alloy cycles. However, the near-term market impact will remain limited until construction converts resources into consistent concentrate volumes.

The mine also reinforces multi-asset synergies across Zijin’s copper-molybdenum footprint. Zijin already operates copper-molybdenum mines in Tibet and Heilongjiang, which can support shared technical expertise and procurement. Meanwhile, JDC’s participation adds a dedicated molybdenum operator’s processing knowledge to improve recovery and product consistency.

The strategic logic behind JDC’s bigger stake and the downstream JV

JDC’s increased ownership signals more than financial exposure to concentrate margins. JDC can influence project sequencing, concentrate marketing strategy, and future conversion into molybdenum metal. Therefore, the planned joint venture to produce molybdenum metal and processed products looks like a deliberate move toward deeper vertical integration.

The 51/49 structure favors JDC’s operating influence while keeping alignment with the mine owner network. That structure can also help coordinate long-term sales into specialty steel and superalloy value chains. Meanwhile, buyers will watch whether the partners add roasting, ferromolybdenum, or oxide capacity to reduce reliance on third-party processors.

The Metalnomist Commentary

This transaction looks like a classic “resource security plus downstream capture” play. However, execution risk stays real because the value depends on delivering concentrate on schedule. If Shapinggou ramps smoothly, China’s molybdenum supply chain tightens its control over a strategic alloying metal.

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.

Global Molybdenum Production Rose in 2025 as China Demand Strengthened

Molybdenum Production

Global molybdenum production increased in 2025 as mine supply and industrial consumption both expanded. Data from the International Molybdenum Association showed that global molybdenum production rose by 4% on the year to 672.6mn lb.

The increase was broadly matched by demand growth. Global molybdenum consumption also rose by 4% to 671.8mn lb, leaving the market close to balance over the full year.

Global molybdenum production growth was strongest in North America, while China remained the largest producer and consumer. The data showed a market supported by Chinese steel alloy demand, even as Europe, Japan and CIS markets weakened.

North America Led Supply Growth While China Remained Dominant

China remained the world’s largest molybdenum producer in 2025, lifting output by 1% to 302.1mn lb. South America, the second-largest producing region, was almost flat, with output rising by only 0.5% to 175.6mn lb.

North America delivered the strongest regional production increase. Output rose by 17% to 133.7mn lb, helping drive the global supply increase despite limited growth elsewhere.

Combined production from the rest of the world was flat at 61.3mn lb. Fourth-quarter global production reached 168.4mn lb, up 1% from a year earlier.

The supply data suggest that molybdenum remained available, but not heavily oversupplied. With annual production and consumption nearly equal, regional demand shifts became more important than headline global tonnage.

China Consumption Offset Weakness in Europe and Japan

China’s molybdenum consumption rose by 9% to around 337.8mn lb in 2025, reinforcing the country’s role as the main demand engine. The increase likely reflected stronger use in molybdenum-bearing steels, specialty alloys and industrial applications.

Europe moved in the opposite direction. Regional demand fell by 7% to 114.3mn lb, reflecting weaker industrial activity and pressure in steel-linked sectors.

Japan’s consumption declined by 3%, while CIS demand recorded the steepest fall at 12%. These declines showed that molybdenum demand remained uneven across major industrial regions.

Global consumption also softened late in the year. Fourth-quarter demand reached 166.4mn lb, down 2% from the previous quarter, suggesting some cooling after earlier strength.

The Metalnomist Commentary

The molybdenum market stayed balanced in 2025, but the regional split was clear. China’s demand strength supported global consumption, while weaker European and Japanese usage showed that molybdenum remains closely tied to industrial confidence and steel alloy demand.

Greenland Resources to supply molybdenum to Hempel

Greenland Resources

Greenland Resources to supply molybdenum to Hempel through a new long-term MoU that expands European steel supply security. Greenland Resources to supply molybdenum to Hempel covers molybdenite concentrate and secondary products for downstream customers. As a result, Greenland Resources to supply molybdenum to Hempel aligns the Malmberg project’s 30-year permit with concrete market channels.

Offtake structure and conversion pathway

The MoU routes molybdenite concentrate to Molymet Belgium under an existing tolling agreement, converting it into ferromolybdenum and molybdenum oxide for Hempel’s German steel clients; volumes were not disclosed, so ramp timing will track Malmberg financing and qualification milestones. 

Strategic positioning in Europe’s stainless and alloy chain

The Malmberg permit underpins diversified European molybdenum supply, complementing earlier offtakes with Cogne and Outokumpu and de-risking customer trials by offering both ferro-moly and oxide forms for high-spec alloys.

The Metalnomist Commentary 

This deal pairs a permitted Arctic resource with proven EU conversion capacity, improving resilience in Europe’s alloy chain. Watch for disclosed tonnages, financing progress, and qualification timelines to gauge how quickly Malmberg turns into reliable units for steelmakers.

Antofagasta Copper Output Falls as Los Pelambres and Centinela Weigh on First Quarter

Antofagasta

Antofagasta copper output fell in the first quarter of 2026 as lower production at Los Pelambres and Centinela reduced group supply. The Chilean miner produced 143,000t of copper during the quarter, down 7.6% from a year earlier.

The decline also affected sales. Antofagasta copper sales fell by 19.5% on the year to 137,000t, reflecting weaker quarterly output and the timing of shipments.

Antofagasta copper output is expected to improve through the year as maintenance at Los Pelambres is completed and ore processing rates and grades recover. The company expects 2026 production to rise quarter on quarter after the first-quarter slowdown.

The result is important for the copper market because Chile remains one of the world’s most important supply regions. Any operational weakness at major Chilean producers can influence concentrate availability, refined copper expectations and market sentiment.

Los Pelambres Maintenance and Centinela Grades Hit Copper Supply

Los Pelambres remained Antofagasta’s largest copper producer in the first quarter, but output fell by 5.2% on the year to 66,300t. The decline was mainly caused by ongoing major plant maintenance.

Maintenance-related weakness is usually temporary, but it can still affect quarterly supply. Los Pelambres is a key asset for Antofagasta, so any reduction in availability has a direct impact on group production.

Centinela recorded a sharper decline. First-quarter copper output at the unit fell by 12.4% on the year to 48,700t.

Centinela concentrate production edged down by 0.6% to 35,700t because of lower grades and weaker ore processing rates. Cathode output fell much more sharply, dropping by 34.3% on the year to 13,000t.

The performance shows that Antofagasta’s production pressure was not limited to one mine. Maintenance at Los Pelambres, lower grades at Centinela and weaker cathode output all contributed to the first-quarter decline.

Output also softened at the group’s smaller assets. Antucoya production fell by 3% on the year to 19,600t, while Zaldivar output decreased by 7.8% to 8,300t.

This broad decline highlights the operational challenge facing copper producers. Even when demand fundamentals remain supportive, mine output can be affected by maintenance schedules, ore grades, processing rates and asset maturity.

Molybdenum Holds Relatively Stable as Copper Recovery Depends on Operations

Antofagasta’s molybdenum production was relatively stable compared with copper. Group molybdenum output reached 3,000t in the first quarter, down 3.2% from the same period last year.

The result reflected a balance between higher molybdenum recoveries and lower ore processing rates. This helped limit the decline despite weaker copper throughput at key concentrators.

Molybdenum output at Centinela fell by 12.5% on the year to 700t. Los Pelambres molybdenum production remained unchanged at 2,300t, helping stabilise the group result.

Molybdenum remains strategically important because it is used in stainless steel, special steels, energy infrastructure, defence applications and high-performance alloys. Stable molybdenum by-product output can support revenue diversity when copper production weakens.

For copper, the key issue is the second-quarter recovery. Completion of Los Pelambres maintenance should support stronger output, while improved grades and processing rates at Centinela would be needed to rebuild production momentum.

Antofagasta copper output will therefore depend less on market conditions and more on operational execution in the coming quarters. If maintenance ends smoothly and grades improve, the first quarter may prove to be a temporary low point.

Still, the result reinforces a broader copper supply theme. Global copper demand is increasingly tied to grids, electrification and industrial investment, but mine supply remains vulnerable to operational delays, lower grades and maintenance disruptions.

The Metalnomist Commentary

Antofagasta’s first-quarter decline looks operational rather than structural, but it still matters for copper supply sentiment. The market will watch whether Los Pelambres rebounds after maintenance and whether Centinela can restore grade and processing performance.

Molybdenum Growth Forecast Adjusted Amid Automotive and Aerospace Challenges

the International Molybdenum Association (IMOA)

The projected global molybdenum usage growth over the next decade has been revised downward due to ongoing difficulties in the automotive and aerospace sectors, according to discussions at the International Molybdenum Association (IMOA) annual general meeting in Tokyo. While global automobile production is still expected to rise by 11% by 2033, the growth rate has fallen short of earlier expectations, hindered by supply chain issues and affordability concerns. In 2022, forecasts suggested that global automobile production could increase by as much as 30% over 2021-2031.

Similarly, the electric vehicle (EV) market, a significant molybdenum consumer, is expected to experience a slowdown in growth. Bloomberg New Energy Finance projects an average annual increase of 21% from 2024 to 2027, down from a 61% rise between 2020 and 2023. This shift, along with the ongoing transition from internal combustion engines to EVs, is likely to reduce long-term molybdenum consumption in the auto industry.

Aerospace and Renewable Energy Keep Demand Stable

Although the aerospace and defense sectors are anticipated to be strong drivers of molybdenum demand in the next decade, both Airbus and Boeing face persistent supply chain limitations that have constrained their output. Still, these companies predict that demand for wide-body jets will double over the next 20 years. In contrast, renewable energy, particularly wind power, is expected to fuel molybdenum demand in alloyed steels. The International Energy Agency (IEA) reported a 14% year-on-year increase in renewable electricity production in June 2024, with wind power seeing a 28.1% rise.

Despite these gains, mechanical engineering and construction sectors have dampened overall molybdenum demand due to high interest rates and China’s weakening property market. Investment in China’s real estate sector fell by 10.2% from the previous year, with new project start-ups dropping by 22.5%, underscoring steel demand challenges.

IMOA data revealed that global molybdenum consumption outpaced production in 2023, with consumption rising by 1% to 630 million pounds. China remained the largest consumer and producer of molybdenum, while output in South America declined in tandem with reduced copper production. North American production has remained largely unchanged.

Although supply is expected to grow with the expansion of production projects, the molybdenum market is forecast to remain tight throughout the next decade due to persistent demand, despite the lower-than-expected growth rate.

Canada backs Sisson tungsten-molybdenum project to diversify W and Mo supply

Northcliff W, Mo project

Canada will fund the Sisson tungsten-molybdenum project with $8.2mn to accelerate development. The Sisson tungsten-molybdenum project aims to strengthen North American supply chains. This move complements US support and positions the Sisson tungsten-molybdenum project for key pre-construction milestones.

Updated study and engineering to unlock project value

The funding will update the 2013 feasibility study and complete basic engineering. Meanwhile, US Title III funds support offtake talks and financial planning. The study outlines an open-pit mine producing APT and molybdenum for 27 years. Planned output targets 557,000t of ammonium paratungstate and 1,860t of molybdenum annually. As a result, the project could become a significant non-Chinese W and Mo source.

Permitting, offtake, and timelines remain critical

Construction has been delayed since 2022 and no start date is set. Next steps include construction and operating permits plus binding offtake agreements. Therefore, stakeholder engagement and environmental compliance will shape the development path. Strong commercial contracts will also de-risk financing amid volatile tungsten prices.

Strategic context: defense demand and China controls

Rising defense demand is tightening tungsten availability across North America. Beijing expanded export licenses on select tungsten products, amplifying supply risk. Consequently, Canada and the US are investing to localize critical minerals. The Sisson asset could reduce import dependence and enhance alloy, tooling, and munitions supply. Market diversification should also stabilize APT pricing and downstream manufacturing plans.

The Metalnomist Commentary

Policy capital is flowing to projects that target tangible offtake and near-term tonnage. If Sisson secures permits and contracts, it can anchor a North American tungsten hub and improve molybdenum balance for alloy makers.

Shenglong Molybdenum Concentrate Auction Prices Rise on Firmer Alloy Demand

Shenglong Mining

Shenglong molybdenum concentrate auction prices rose sharply as Chinese alloy producers showed stronger demand for feedstock ahead of early May holidays. The state-owned Henan mining company sold 45% and 50% grade molybdenum concentrate above its starting price, surprising many market participants.

Shenglong molybdenum concentrate auction prices were settled across 10 rounds of bidding. The company sold 390t of 45% grade concentrate at 4,705-4,715 yuan/mtu ex-works and 420t of 50% grade concentrate at 4,725-4,750 yuan/mtu ex-works.

Shenglong molybdenum concentrate auction prices increased from the company’s starting level of 4,540 yuan/mtu. The latest result was also higher than its previous sale on 8 April, when Shenglong sold 810t of 45% grade concentrate at 4,535-4,550 yuan/mtu.

The auction result matters because molybdenum concentrate pricing influences ferro-molybdenum production costs and steel alloy procurement. Stronger concentrate values suggest that alloy producers are rebuilding feedstock positions or responding to firmer downstream demand.

Ferro-Molybdenum Buyers Watch Steelmaker Tenders

Market participants are now watching upcoming ferro-molybdenum alloy tenders from steelmakers. These tenders will help determine whether the concentrate rally can move further downstream into alloy prices.

Domestic prices for 45% grade molybdenum concentrate rose to 4,700-4,730 yuan/mtu ex-works. The increase followed higher offers from major mining companies and stronger buying interest from alloy producers.

The timing is important. Buyers are assessing demand before the 1-5 May holiday, when trading activity and logistics can slow. Some alloy producers may prefer to secure material early if they expect steel mill demand to remain firm.

Molybdenum is a critical alloying element for special steel, stainless steel, energy equipment, chemical processing, aerospace and defence applications. It improves strength, corrosion resistance and high-temperature performance in demanding industrial environments.

Stronger molybdenum concentrate prices therefore indicate more than short-term bidding strength. They reflect confidence that alloy producers still need raw material despite earlier uncertainty in steel demand.

Shenglong’s Resource Base Strengthens Market Influence

Shenglong holds one of China’s most important molybdenum resource positions. The company held five large- and medium-sized molybdenum mining rights as of 2024, including four mining rights and one exploration right.

Its molybdenum reserves reached 710,500t metal equivalent in 2024. That represented about 9.1% of China’s national molybdenum resource reserves.

This reserve base gives Shenglong strong influence in domestic concentrate supply. Auction prices from major producers can shape market sentiment because downstream alloy plants use them as a reference for procurement decisions.

The company’s recent listing also increases its market visibility. Shenglong obtained approval for its initial public offering from the Shenzhen Stock Exchange in late December 2025 and listed on the main board on 31 March 2026.

For China’s molybdenum market, Shenglong’s pricing strength points to tighter feedstock availability or stronger alloy demand. The next signal will come from steelmaker ferro-molybdenum tenders, which will show whether higher concentrate costs can be passed through.

The Metalnomist Commentary

Shenglong’s auction result shows that molybdenum feedstock sentiment has turned firmer than many expected. The key test is whether steelmaker tenders confirm real downstream demand or expose the rally as pre-holiday restocking.

EU RESourceEU action plan accelerates EU critical raw materials supply security

EU, Critical Raw Materials

The EU RESourceEU action plan aims to harden Europe’s critical minerals resilience. European Commission will mobilise close to €3bn within the next 12 months. Therefore, the EU RESourceEU action plan turns the 2024 framework into faster financing.

Funding targets fast-deliverable molybdenum and lithium projects

The plan prioritises projects that can cut strategic dependencies quickly. The European Investment Bank and member states will support two flagship developments. Meanwhile, officials frame these as near-term supply wins.

The first backed project is Greenland Resources’ Malmbjerg molybdenum project in Greenland. The plan links molybdenum supply to defence-sector demand and security priorities. The second supported project is Vulcan Energy Resources lithium extraction project in Germany. As a result, the EU RESourceEU action plan tightens the link between finance and battery raw materials.

Scrap export controls and joint purchasing reshape circular supply

The EU RESourceEU action plan strengthens circular supply through targeted scrap controls. The plan restricts exports of scrap and waste from permanent magnets. It also introduces targeted measures for aluminium scrap to expand EU recycling capacity. However, the plan leaves the door open to copper scrap measures if needed.

The plan also creates a new governance layer for long-term execution. A European Critical Raw Materials Centre will launch from early next year to oversee supply chains. It will provide market intelligence, enable joint purchasing, support stockpiling, and catalyse investment. Therefore, the EU RESourceEU action plan shifts from ad-hoc response to structured procurement power.

The Metalnomist Commentary

The EU RESourceEU action plan signals a decisive pivot from policy intent to industrial action. Meanwhile, scrap controls will matter as much as new mining in tight markets. Therefore, Europe’s next advantage will come from coordinated purchasing and faster permitting discipline.