Analysis of latest tungsten market from Chinatungsten Online

At the beginning of the week, China tungsten price remains stable as the relationship between supply and demand continues to be in a stalemate. Most raw material sellers keep taking watchful stance while downstream buyers are worried about the consumption off-season and the uncertainty of the external environment. 

The Vienna University of Technology (TU Wien) has developed a new method for concerting carbon dioxide (CO₂) into liquid methanol (CH₃OH) with the help of a special sulfur-molybdenum catalyst material. This new technology has now been patented and expanded to industrial scale.

To meet surging demand for critical metals in the new energy sector, mining giant China Molybdenum Co., Ltd. (China Moly) said it will invest more than US$1.8 billion in the first phase of its copper-cobalt mine - Kisanfu project in the Democratic Republic of Congo (DRC), which is currently one of the world's largest top-tier copper and cobalt mines.

Analysis of latest tungsten market from Chinatungsten Online

China tungsten price kept stable on the whole in the week ended on Friday, July 01, 2022 after a continuous decline in the second quarter. 

At the beginning of the week, the prices of praseodymium neodymium oxide and dysprosium oxide dropped slightly to around RMB 930,000/ton and RMB 2,470,000/ton, respectively. In this context, the demand of downstream users has not increased significantly, so the market transaction is still limited.

At the beginning of the week, the overall domestic molybdenum market was still weak. Affected by the decline in the number of ferro molybdenum tendered by steel companies and the tender price, many suppliers of molybdenum raw materials lowered their quotations. Ferro molybdenum price fell below 180,000 yuan/ton. 

Tungsten holds many uses, including in the manufacture of electrical wire, as well as for heating and electrical contacts. It is also used in welding, heavy metal alloys, turbine blades and as a lead substitute for bullets. Below is an overview of the top eight tungsten producing countries.

Tungsten is a critical mineral and demand remains robust in the US and Europe, while prices for tungsten concentrate continue to trend upward. Group 6 Metals (G6M) expects market demand for tungsten would continue to be strong, and G6M is targeting first tungsten concentrate from its Dolphin Mine on King Island, Tasmania, in the first quarter of 2023 (Q1 2023).

The mining company Fireweed Metals Corp in Yukon, Canada. has signed a binding letter of intent to acquire a major tungsten project, the Mactung Project, from the Government of the Northwest Territories, which straddles the border between the Yukon and Northwest Territories. It was acquired by the Northwest Territories government (NWT government) in 2015 as part of the bankruptcy of North American Tungsten Corporation Limited.

Apple Inc. has confirmed to MarketWatch that the company is no longer importing tungsten and gold from Russia. The tech giant uses a range of materials in its products, including gold (Au), tungsten (W) and tantalum (Ta), however, Russian companies in its supply chain have come under scrutiny.