A super-large tungsten-molybdenum deposit discovered in Luanchuan to lead the city to become the "molybdenum capital of the world". According to the Henan Daily, on December 23, the Bureau of Geology and Mineral Exploration of Henan province reported that after nearly 10 years survey, a new ultra-large tungsten-molybdenum deposit was discovered in Luanchuan, Luoyang, with 3.170 million tons of molybdenum, 396,600 tons of tungsten, 361,600 tons of lead, 2.629 million tons of zinc, 2.71 tons of copper, and 39.182 tons of silver, which is equivalent to 39 newly discovered large-scale molybdenum ore, 14 large tungsten ore, and 5 large lead-zinc mine.

Analysis of latest tungsten market from Chinatungsten Online

The cesium tungsten bronze and ammonium paratungstate(APT) prices in China are unchanged from the previous trading day. Although miners have rised mentality and the rise in offers of listed tungsten companies boosts market confidence, downstream users' demand for raw materials is low and the macro economy is not optimistic. Therefore, the whole market tends to keep quiet. 

Pentagon steps up inventory on rare earth magnets to shake off its dependence on Chinese imports. According to the Reuters report on December 20 that the U.S. military plans to stockpile rare earth magnets (NdFeB), a type of rare earth magnet essential to weapons manufacturing. Responses to this latest Pentagon request are due by January 22, 2020, to store six-month neodymium-iron-boron rare earth magnets in turns and store them for at least 30 months to weaken China's control of the rare earth magnet industry.

Analysis of latest tungsten market from Chinatungsten Online

Opening this week, the tungsten prices in the Chinese market maintain stability when the rise in new guide prices from listed tungsten companies boosts market confidence, especially for tungsten miners, they have strong rised mentality. But downstream buyers' low demand for upstream products drags the price rise.