With the continuous evolution of China-US trade relations, key metal mineral products have become an important area of contention between the two sides. The United States has imposed tariffs of up to 125% on Chinese goods, but key minerals and energy products such as tungsten and rare earths are included in the exemption list. However, as a countermeasure, China has implemented export controls on tungsten, molybdenum, and some medium and heavy rare earth-related items on February 4 and April 4, 2025, respectively. This policy asymmetry has brought significant development opportunities for China's tungsten cemented carbide industry, especially in the fields of high-end cutting tools and machine tools, where restrictions on American companies have provided Chinese companies with the space to seize the market.

Analysis of latest tungsten market from Chinatungsten Online 

This week, tungsten prices showed overall stability with slight increases, but trading activity remained subdued. 

Quotations from Chinese Tungsten Enterprises in the First Half of April 2025

Molybdenum market update on April 11, 2025

This week, the domestic molybdenum market in China displayed a trend of initial stability followed by a decline. At the start of the week, factors such as stable steel procurement volumes and prices, moderate growth in spot supply, and robust production cost support prompted suppliers to maintain steady quotations.