At the beginning of the week, domestic molybdenum prices in China continued the overall downward trend observed last week. This is mainly attributed to the strong pricing pressure from steel companies, the ongoing decline in international molybdenum prices, and the relatively rapid capacity release by mining companies.

This week, China rare earth price has shown a slight overall decline, primarily attributed to limited support from favorable factors, weak downstream demand, and an abundance of spot market supply. Currently, the prices are approximately 513,000 yuan per ton for PrNd oxide, 590,000 yuan per ton for Ho oxide, and 8,240 yuan per kilogram for Tb oxide.

Analysis of latest tungsten market from Chinatungsten Online

The ferro tungsten and tungsten carbide powder prices in the Chinese market keep stable on October 26, 2023 with sluggish trading activity. Several challenges, including weakening external demand, rising costs, and increasing economic risks, have led to delayed performance of downstream orders for tungsten products. 

This week, China molybdenum price has shown a volatile pattern of rapid rises and falls. At the beginning of the week, steel companies' concentrated bidding for molybdenum iron with slightly higher bid prices, along with the continued warming of the international molybdenum market, led to a strong speculative sentiment among suppliers.