At the beginning of the week, China molybdenum price remained stable on the whole. Although many steel companies' willingness to enter the market for bidding was lower than that of the previous week or two, they were supported by a small inventory of raw materials and production costs. Suppliers have basically kept their prices firm. 

The Australian sole operating primary tungsten producer, Queensland-based EQ Resources seals deal with Brisbane-based mining technology company, Plotlogic to apply its Plotlogic technology to tungsten mining.

Rare earth prices needed for electric vehicles will continue to soar this year due to strong sales of electric vehicles, uncertainty about supply from Myanmar, and scarce stocks.

China accounts for the largest share of the US imports of critical minerals such as tungsten and rare earths in 2021. According to the U.S. Geological Survey (USGS), the major source countries for U.S. imports of mineral commodities, or net import dependence of more than 50 percent, are China, 25 mineral commodities; Canada, 16 mineral commodities; Germany, 11 mineral commodities; South Africa, 10 mineral commodities; and Brazil and Mexico, 9 mineral commodities each.