Molybdenum international spot at $40.82/lb (May 2026), with FOB China oxide softening to $33.70/lb in June. The global market is in a structurally tight position — supply growing at 2-3% cannot match demand expanding at 4%+ CAGR, and byproduct dependence means mine output cannot respond to price signals. The Langeloth Metallurgical Facility explosion (Jan 29, 2026) removed ~1,200 t/mo of US oxide processing capacity. China's suspension of molybdenum powder export controls runs through November 2026 — non-extension would tighten Western supply. This report covers price structure, supply disruptions, demand drivers, trade policy, and procurement strategy across 17 analytical sections.
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