Due to its high melting and boiling points, density, strength, and excellent electrical and thermal conductivity, molybdenum is widely used in high-temperature alloy components for aircraft engines, heat sinks for CPUs and GPUs, military-industrial applications, and other fields. It is often referred to as “war metal” and “industrial vitamin.” Since the price hike began in April 2025, the price of molybdenum concentrate from Henan has continued to climb. According to data from Shanghai Steel Union, on July 24, the local quoted price for molybdenum concentrate had reached 4,005 yuan per ton, up 23.4% from the year’s lowest point (3,245 yuan per ton). During the same period, the price of ferromolybdenum also rose sharply to 253,000 yuan per ton, an increase of 23.9%. On the capital markets, stocks related to molybdenum resources have surged accordingly: Jinmolybdenum shares hit the daily limit up, while Luoyang Molybdenum and Guocheng Mining saw intraday gains of 4.44% and 4.89%, respectively. Interviewees noted that domestic molybdenum mines have limited new production capacity, resulting in a relatively tight supply; thus, molybdenum prices may still have room to rise further in the future.