During China's National Day holiday from October 1 to 7, 2026, Asian molybdenum spot prices remained stable as Chinese buyers temporarily withdrew from the market. However, overseas trading did not halt, with 57% molybdenum oxide prices staying within a narrow range during the first six days. On October 7, as the Chinese market reopened, some sellers raised their indications, leading to a noticeable upward shift in the price range. The rise was supported by expectations of renewed Chinese buying and seller reluctance to sell.
The overseas ferromolybdenum market remained relatively quiet, with limited inquiry and trading activity. While a few DDP transactions were reported in Europe, overall activity was minimal. South Korea and other Asian markets also lacked significant new transactions. Meanwhile, a fatal accident occurred at the Radomiro Tomic mine in Chile, and two unions at the Centinela mine began strike action, increasing market concerns about Chilean mine supply stability.
The market remains cautious, with no confirmed supply losses from the strikes or accidents. The upward movement in prices cannot be attributed solely to these events. Instead, it reflects broader expectations of Chinese market reopening and reduced availability of lower-priced cargoes. Key factors to monitor include transaction activity in Busan, Chinese buyers' procurement pace, new European ferromolybdenum orders, and the resumption of operations at the affected Chilean mines.