March 28–April 12 Molybdenum Market Review: Raw Material Prices Soar, High-Purity Supply Tight, Global Shortfall Widens

Over the past two weeks (March 28–April 12), demand for silicon-molybdenum rods and molybdenum rods (molybdenum bars/high-purity molybdenum rods) has generally followed a pattern of “stable basic demand, tight supply at the high end, strong demand from the defense and semiconductor sectors, and cautiousness in industrial applications.”

I. Domestic: Dynamics of Molybdenum Rod Demand

1. Prices and Costs: Raw material prices have surged, driving up molybdenum rod prices; transactions remain cautious.

• Molybdenum concentrate (raw material):

Grade: RMB 4,490–4,570 per tonne-degree (up about RMB 100 per tonne-degree week-on-week)

Mines are holding firm on prices, while low-priced bulk commodities are hard to come by, leading to a significant increase in raw material costs.

Molybdenum rods/bars (industrial grade):

Quotations have been raised by RMB 3–5 per kilogram in line with raw material price increases.

Mainstream: ~RMB 530–550 per kilogram (Grade 2 molybdenum bars/standard molybdenum rods)

2. Domestic Demand Structure (Past Half Month)

• Traditional Industrial Furnaces/Heat Treatment (Core Business)

Silicon-molybdenum rods and molybdenum heating tapes/rods for high-temperature furnaces: essential, stable demand; procure on an as-needed basis.

Affected by high molybdenum prices: restocking has slowed, production is being adjusted to sales, and inventory levels remain low.

Semiconductors/Photovoltaics/Electronics (Strong Growth)

• High-purity molybdenum rods (99.95%–99.999%): Strong order book and supply shortages

Applications: semiconductor sputtering targets, photovoltaic HJT, LED/OLED, and thermal fields for single-crystal furnaces.

• Developments: Accelerating domestic substitution and increased procurement by Taiwanese and South Korean firms in China

II. International: Dynamics of Molybdenum Rod Demand

1. Widening global supply-demand gap (directly beneficial for molybdenum rods)

• Global Molybdenum Shortfall in 2026: 44,300–50,000 tonnes, Shortfall Rate >13.5%

Major producing countries (Chile, Peru, Canada): mine production cuts, strikes, and slow expansion of capacity

Global inventory-to-consumption ratio is only 5.7%, so prices rise as soon as there is demand.

2. Key Overseas Demand Sectors

• Semiconductors/Displays (Europe, the U.S., Japan, and South Korea)

• High-purity molybdenum rods (sintered molybdenum rods): EUV lithography, wafer fabrication, and thermal-field components.

• Intel and TSMC: Increasing Inventory and Securing Long-Term Contracts

• European Special Steel/New Energy (EU)

• Greenland’s Malmbjerg Project Secures 25% of the EU’s Molybdenum Demand

• U.S. Defense/Medical

• Military-Industrial Inventory Replenishment: Surge in Orders for Molybdenum Rods and High-Temperature Alloys

• Medical Molybdenum-99 (Isotope): U.S. Supports Domestic Production to Boost High-Purity Molybdenum Materials

Three: Comprehensive Form

• Domestic market: Molybdenum rods—steady demand for essentials, tight supply at the high end, and strong military demand; soaring raw-material prices driving higher quotations, with industrial users adopting a cautious, wait-and-see approach, while high-purity and military-grade grades are being snapped up.

• International: Global supply gap widens, driven by both the semiconductor and defense sectors; strong demand for high-purity molybdenum rods in Europe, the U.S., Japan, and South Korea, while China sees rising export volumes and prices. 。