LME CFD molybdenum settled at CNY 597.5/kg on June 3, 2026 (+0.84%). The market remains in a modest surplus of approximately 10,000 mt Mo content annually, with steady Chinese production and 2-3% specialty steel demand growth absorbing the excess. No exchange-traded futures exist for molybdenum — pricing is reference-based through Platts, Asian Metal, and Fastmarkets assessments. The key catalyst for the next 90 days is China's mid-2026 review of its molybdenum export license system, which could tighten Western physical availability. This report covers price structure, supply-demand fundamentals, trade policy risk, inventory positioning, and procurement strategy for the specialty steel buyer.
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