In November 3rd, Australian media reported that the Moore Jinshan tungsten mine project in Western Australia was officially approved in 2018 through environmental approvals. By then, Xiamen tungsten industry Limited by Share Ltd (XTC) will be purchased from the project of tungsten and molybdenum concentrate.

Rare earth market quotation in China: domestic rare earth price maintains the current market trend with stability of seller’s mentality, deadlocked supply and demand and thin market trading. At present, downstream factories have low willingness in purchase and market price without effective guidance tends to be stable. Market participants in the rare earth market are mainly focusing on attitude of large enterprises and news of environmental protection and purchasing and storage.

Analysis of latest tungsten market from Chinatungsten Online: Market participants in the tungsten market are basically pessimistic about the outlook at present. Considering the weak price, purchasers slow down their pace in purchasing, which limits the release of demand to some extent. Sellers have high willing in shipments while purchasers have little need in stocking up. The imbalance means thin trading. In the short term, tungsten price will be weak.

Quotation of mainstream ammonium molybdate enterprises has been maintained stability recently. Purchase in batch is hardly seen in downstream market after the rise of raw material price. Though downstream customers have little stocks of ammonium molybdate, they would not accept the quotation of RMB 114,000/t. while manufacturers express that they will not sell products at low price due to high spot costs and little selling pressure.