Molybdenum Price Today: Spot Rates, Market & Outlook

The molybdenum price for molybdenum oxide FOB China stands at $35.90 per pound ($79.15/kg) as of 4 September 2026, according to Shanghai Metals Market (SMM) benchmark data (SMM-MO-OX-005), up from $35.50/lb in August. The molybdenum price continues to reflect a firming market with steel sector demand as the primary driver. This page’s Trading Economics international CFD reference was not refreshed this cycle and has been left out rather than carried forward as current. For the broader monthly price context see our Critical Minerals Market June 2026 analysis.

Molybdenum trades on a negotiated basis rather than via a centralised exchange, and contract prices for ferromolybdenum (FeMo) and oxide typically diverge from pure metal spot rates. The SMM molybdenum oxide FOB China benchmark (SMM-MO-OX-005) is the primary monthly update reference on this page.

Current Molybdenum Price

Last updated: 4 September 2026. SMM molybdenum oxide FOB China (SMM-MO-OX-005) is the primary monthly update benchmark — FOB price, no VAT adjustment. All prices are indicative and subject to revision.

Molybdenum Price in USD, EUR, GBP and Other Currencies

Exchange rates: XE.com, September 2026. Conversions calculated from the Oxide FOB China (SMM) benchmark. CNY figures reflect the USD/CNY mid-market rate and do not represent the SMM domestic Chinese price, which incorporates VAT and may differ materially.

Molybdenum Price Per Gram, Per Ounce and Per Pound

Molybdenum Price History

The molybdenum price is historically volatile, with sharp cycles driven by steel capex cycles, Chinese production policy, and periodic supply disruptions at major byproduct mines. The current cycle has seen a significant year-on-year recovery from May 2025 lows, and this month’s data shows the FOB China oxide benchmark and SMM bar price both continuing to firm modestly.

Annual averages for 2015–2024 are estimates based on published market commentary and Trading Economics historical series. Production context: USGS Mineral Commodity Summaries.

What Is Driving the Molybdenum Price

Steel Demand — The Primary Driver

Molybdenum’s primary use is as an alloying agent in steel — accounting for approximately 80% of global demand. High-strength low-alloy (HSLA) steel, stainless steel, and tool steel all depend on molybdenum to improve hardness, corrosion resistance, and performance at high temperatures. Steel sector activity, particularly infrastructure and energy capex, is therefore the dominant molybdenum price driver. The current cycle reflects three converging factors: global energy infrastructure investment — pipelines, power stations, and offshore platforms — has elevated demand for molybdenum-bearing steel grades; Chinese production policy has tightened concentrate availability at domestic smelters; and rising energy costs have increased the cost of molybdenum roasting and refining, supporting a higher cost floor than was typical in the 2015–2020 period.

Aerospace, Defence, and Superalloy Demand

Secondary demand from aerospace and defence — where molybdenum is used in superalloy components for jet engines and missile systems — adds a strategic dimension to pricing. Procurement in these sectors is less price-sensitive than steel buyers and provides a demand floor during steel downturns. Companies processing and trading high-purity refractory metals including molybdenum serve aerospace and defence end-users directly — a supply chain role covered in the Advanced Alloy Services profile and the broader top superalloy revert processors analysis. Emerging demand from battery technology and electric vehicle drivetrains is cited as an incremental growth driver, though it remains small relative to steel and superalloy sectors before 2030.

China’s Role in Molybdenum Supply

China produces approximately 45% of global molybdenum supply and dominates the refining and chemical conversion stages of the supply chain. The country’s major molybdenum-producing provinces include Henan, Shaanxi, and Inner Mongolia, with Luanchuan County in Henan historically the world’s largest single producing region. China Molybdenum Co., Ltd (CMOC) — also the world’s largest cobalt producer — has significant influence over domestic supply volumes and export pricing. While molybdenum has not been subject to the same export licensing controls as gallium, germanium, tungsten, or antimony, the broader pattern of China’s critical minerals export controls signals that molybdenum-containing products could face restrictions in a deteriorating trade environment. The China critical minerals export controls analysis covers the risk framework in full.

Byproduct Supply Inelasticity

Outside China, the primary molybdenum producers are Freeport-McMoRan (USA), Codelco (Chile), and Antofagasta (Chile), all of which produce molybdenum as a byproduct of copper mining. This byproduct dependency means molybdenum supply cannot respond independently to price signals — output is determined primarily by copper mine economics, creating structural supply inelasticity. For the current copper market context, see our copper price tracker.

Molybdenum Price: Western Supply Development

Western producers have limited ability to expand molybdenum supply independently of copper mine development. The most significant primary molybdenum deposit in development outside China is the Endako mine in British Columbia (Thompson Creek Metals / Centerra Gold), though restart economics remain challenging. Freeport-McMoRan’s Henderson mine in Colorado is the largest primary molybdenum mine operating in the Western world and provides a benchmark for non-byproduct production costs. The US Department of Defense has included molybdenum in strategic stockpile assessments, though formal allocation decisions lag those for rare earths and cobalt. EU supply chain resilience programmes under the Critical Raw Materials Act identify molybdenum as a strategic metal requiring diversified sourcing. The Minor Metals Trade Association publishes regular market intelligence on molybdenum and technology metals trading conditions.

Molybdenum vs Tungsten

Molybdenum and tungsten are the two primary refractory metals used in high-performance steel and superalloy applications. Both are sourced predominantly from China, both face Western supply chain vulnerability, and both have benefited from the same infrastructure and defence procurement cycle. The key difference is price trajectory: tungsten has seen steeper structural gains driven by China’s formal export licensing controls introduced in 2023, which explicitly constrain tungsten product exports. Molybdenum has not yet faced equivalent restrictions, making its current price environment more demand-driven than supply-constrained. Any extension of China’s export control framework to molybdenum would represent a step-change in Western supply risk comparable to what occurred in tungsten. For the current tungsten market, see our tungsten price tracker.

Molybdenum Price Outlook

Focus Economics projects continued firm pricing through 2026 on sustained steel and energy infrastructure demand, with a consensus range of $38–$45 per pound for the remainder of the year. September’s FOB China oxide reading of $35.90/lb remains below that consensus range. This page’s international spot comparison was not refreshed this cycle, so the gap to global pricing cannot be confirmed this month; it will be re-established once that benchmark is next available. All forecasts carry significant uncertainty and should be treated as indicative. Downside risks include a sharper-than-expected slowdown in Chinese steel output and a correction in copper mine capex. Upside risks centre on any formal extension of China’s export licensing framework to molybdenum products.

This article is for informational purposes only and does not constitute investment advice. Prices are subject to change without notice.