Analysis of latest tungsten market from Chinatungsten Online

Tungsten Prices Range-bound, Market Players Engage in Intense Bargaining

Rare earth market quotation in China: domestic rare earth price

Chinese mainstream light and heavy rare earth product prices have significantly decreased, with the price of neodymium oxide dropping by approximately 9,000 yuan per ton, praseodymium-neodymium metal by approximately 8,000 yuan per ton, and dysprosium iron alloy by approximately 20,000 yuan per ton.

Chinese molybdenum prices continue to show a clear upward trend, with the price of molybdenum concentrate increasing by approximately 110 yuan per mtu, molybdenum iron by approximately 5,000 yuan per ton, and molybdenum powder by approximately 5 yuan per kilogram. In this situation, industry players are particularly concerned about the receiving and bidding conditions of downstream users such as steel companies.

Analysis of latest tungsten market from Chinatungsten Online

At the beginning of the week, China tungsten prices remained firm, as the announcement of a new round of long-term contract prices from large tungsten enterprises once again boosted market sentiment. 

Analysis of latest tungsten market from Chinatungsten Online

China tungsten product prices continued to rise and the market atmosphere tended to be complex in the week ended on Friday, May 17, 2024. Tungsten ore suppliers have no trouble selling their stocks and only need to maintain their cash flow, as overall production capacity is also limited under environmental controls. 

The overall situation in the Chinese rare earth market is relatively average, characterized by weak supply and demand, with both buyers and sellers largely maintaining just-in-time transactions, resulting in low market activity and slow order growth. 

At the beginning of the week, the overall Chinese molybdenum market maintained a consolidation pattern, mainly due to the strong reluctance of suppliers to sell and the basic maintenance of just-in-time purchases by downstream users. 

Analysis of latest tungsten market from Chinatungsten Online

According to the statistics from Chinatungsten Online, as of May 16, 2024, the price of 65% black tungsten concentrate has reached $22,142.9/ton. This current upward cycle has been ongoing for six months (with the lowest point of the previous cycle being $17,000.0/ton on November 15, 2023), resulting in a cumulative increase of 30%. Specifically, compared to the beginning of 2024, the price has risen by 26%. 

Chinese rare earth price continues to maintain a relatively weak operation overall, mainly attributed to the lower-than-expected consumption capacity of downstream users and an increase in the willingness of some suppliers to sell at lower prices. 

Chinese molybdenum price is generally showing a pattern of stability with a slight weakness in the week ended on Friday, May 17, 2024. As the favorable factors gradually diminish, the consumption market is slowly transitioning from a seller's market to a buyer's market.