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. 

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. 

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 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.