In the first week after the New Year's Day in 2024, the Chinese molybdenum market performed well. Besides a significant increase in the prices of mainstream molybdenum products, the market trading atmosphere was relatively active. 

The overall Chinese rare earth prices continue to shift downward on January 4, 2024. Notably, the prices of neodymium praseodymium oxide have dropped to around 435,000 yuan/ton, terbium oxide to around 7,200 yuan/kg, and dysprosium oxide to around 2,440,000 yuan/ton. 

Analysis of latest tungsten market from Chinatungsten Online

The tungsten price is overall maintaining a stable situation, with market consumption sentiment yet to be established after the New Year. On the raw material side, due to a supportive stance and cost considerations, suppliers are maintaining steady quotations, observing the actual stocking situation before the Spring Festival.

The domestic Chinese molybdenum market is relatively favorable, influenced by news of reduced production or shutdowns in some northern mines on January 4, 2024. This has led to an increase in downstream user inquiries and purchasing enthusiasm, subsequently prompting molybdenum concentrate suppliers to adopt a firm pricing stance.