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.

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.

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 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.