Antaike data shows a small global surplus in 2025 global molybdenum market: output rose 3.2% year-on-year to around 307kt Mo, consumption up 4.5% year-on-year to around 303kt. China produced around 133kt, up 0.8% year-on-year, as no new capacity came online, expansion projects were back-loaded, and safety incidents caused temporary stoppages. In the second half year, weak Western demand diverted international material to China, flipping the market from tight to loose in Q4 and capping prices.

On the demand side, China consumed around 152kt in 2025, up 9.3% year-on-year. Stainless demand was steady, while specialty steel orders for wind power surged, driving most growth.