Molybdenum and Rhenium
Rhenium is caught from the gases given off when molybdenite concentrate is roasted, so its supply is fixed by molybdenum and copper output, while its demand comes from jet-engine superalloys that also use molybdenum.
Molybdenum (commodity) and Rhenium (commodity): 3 relationships.
How they are linked
1. By-product of roasting
Joint production · Asymmetric · Rhenium comes from molybdenum processing
Molybdenite in porphyry copper deposits carries traces of rhenium, which is recovered from the gases released when the concentrate is roasted to molybdic oxide; almost no rhenium is mined for its own sake.
- 100 to 3,000 ppm rhenium in molybdenite
- about 81,000 kg world rhenium output, 2025
- about 260,000 t world molybdenum mine output, 2025
Rhenium output is a tiny fraction of molybdenum tonnage and depends on how much concentrate is roasted at plants that capture it. US output of about 9,800 kg in 2025 came from roasting molybdenum concentrates from porphyry deposits in Arizona and Montana. A rhenium price spike therefore brings little new supply: the metal pellet price averaged about $2,600 per kg in 2025, up 90% on 2024, without a matching rise in output.
2. Same porphyry deposits
Joint production · Strong · Both come from copper-molybdenum porphyries
Most rhenium occurs with molybdenum in porphyry copper deposits, and nearly all primary rhenium is a by-product of copper mining, so the same mines and countries lead both metals.
- 30,000 kg Chile's rhenium output, 2025, the largest
- 42,000 t Chile's molybdenum output, 2025
- 97,000 t China's molybdenum output, 2025, the largest
Chile, China and the US are among the largest producers of both. Rhenium also comes from sedimentary copper deposits in Poland, Kazakhstan, Uzbekistan, Armenia and Russia, where it is recovered at copper smelters; Poland, the third largest rhenium producer in 2025 at about 10,000 kg, mines no molybdenum, which partly breaks the link. New copper projects that add molybdenite recovery can raise both metals at once.
3. Same superalloy makers
Shared risk · Medium · Turbine superalloys use both
Nickel-base superalloys for turbine blades contain rhenium for strength at high temperature, and molybdenum is an alloying element in many nickel-base alloys, so aero-engine and gas-turbine build rates drive part of demand for both.
- about 80% of rhenium used in superalloys
- 3 or 6% rhenium in nickel-base superalloys
For rhenium the engine cycle is the main demand driver; for molybdenum, nickel alloys are a small use next to steel. Platinum-rhenium refinery catalysts take about 15% of rhenium and are largely recycled in a closed loop, as is superalloy scrap.
For investors
Key learnings
- Rhenium supply follows molybdenite roasting and copper mining, so high prices do not quickly bring more metal; prices rose 90% in 2025 to about $2,600 per kg.
- Chile, China and the US are among the top producers of both metals, so disruption at copper-molybdenum mines or roasters hits rhenium too.
- About 80% of rhenium goes into superalloys, so jet-engine build rates, not steel, drive its demand.
What to track
- Rhenium metal and ammonium perrhenate prices: Sustained rises above $3,000 per kg make more scrap recycling pay (Monthly · Fastmarkets, Argus; yearly · USGS)
- Molybdenum output in Chile and roaster throughput: Changes in roasting volumes change rhenium supply (Monthly · Cochilco; yearly · USGS)
- Aero-engine deliveries: Higher build rates lift superalloy and rhenium demand (Quarterly · engine maker reports)
For policymakers
Key learnings
- Securing rhenium means securing roasting plants with rhenium capture beside copper-molybdenum mines, since nearly all primary rhenium is a by-product.
- Recycling of superalloy scrap and catalysts is the flexible supply; industry sources say recyclers need prices consistently above $3,000 per kg.
- China imposed export controls on molybdenum powders in February 2025, a reminder that alloy metals feeding defence and aerospace can become trade levers.
What to track
- World rhenium output by country: Shows concentration in Chile, China and Poland (Yearly · USGS Mineral Commodity Summaries)
- Export controls on molybdenum and rhenium products: New controls raise supply risk for alloy and engine makers (As announced · MOFCOM, trade ministries)
India
India is not among the producers USGS lists for either metal, so Indian jet-engine, defence and refinery catalyst users depend on imported rhenium and molybdenum products.