China Molybdenum Co. (CMOC), a leading diversified metals producer, has reported a 12% drop in molybdenum output for the first half of 2024, citing lower metal grades in the ores mined. The Henan-based company produced 7,349 tons of molybdenum metal equivalent from January to June, down from the same period last year. Sales also saw a decline, dropping by 8.3% to 7,185 tons.
Despite the decrease in production, CMOC remains on track to meet its annual target of 12,000 to 15,000 tons, having achieved approximately 54% of this goal in the first half of the year. The company is optimistic about the second half, expecting demand to increase further, driven by new projects in the metallurgical and chemical industries.
China remains a dominant force in the global molybdenum market, producing 64,900 tons in the first half of the year, accounting for 44.5% of the global total. Consumption within the country reached 66,500 tons, representing 45.7% of global demand.
Chinese steelmakers, in particular, have shown a strong appetite for molybdenum, purchasing 72,652 tons of ferro-molybdenum between January and June—a 25% increase compared to the previous year. CMOC attributes this surge to the country’s push for high-quality industrial development, which has boosted the demand for molybdenum-containing steel.
With molybdenum output expected to continue declining due to lower ore grades, CMOC anticipates a supportive market environment for the remainder of the year.
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