On September 28, 2025, the Ministry of Industry and Information Technology and eight other departments issued a notice on the "Work Plan for Stabilizing Growth in the Non-Ferrous Metal Industry (2025–2026)" ("Work Plan"). The plan proposes that from 2025 to 2026, the added value of the non-ferrous metal industry will grow by approximately 5% annually, maintaining a positive economic trend. The output of ten major non-ferrous metals will increase by about 1.5% annually, with active progress in domestic resource development for copper, aluminum, lithium, and others. Recycled metal production will exceed 20 million tons, the supply capacity for high-end products will continuously strengthen, and green, low-carbon, and digital development levels will steadily improve. The "Work Plan" covers the tungsten and rare earth sectors.

On the morning of August 28, 2025, Jiaxin International Resources Investment Co., Ltd. (Jiaxin International), with Jiangxi Copper Group as the main shareholder, officially listed on the Main Board of the Hong Kong Stock Exchange (HKEX) and the "Belt and Road" Board of the Astana International Exchange (AIX) simultaneously. This marks the world's first project to list on both exchanges at the same time, the first HKEX-listed company primarily engaged in tungsten mining, and the first stock denominated in RMB in Central Asia.

I. Analysis of China Molybdenum Price Trends for September 2025

According to CTIA GROUP LTD Online, molybdenum products price trend in China for September 2025 showed an initial rise followed by a decline, with the end-of-month prices for most products lower than those at the beginning of the month.

Molybdenum market update on September 29, 2025

The overall domestic molybdenum market remains lukewarm, characterized by limited price reduction margins from suppliers, low inquiry and procurement enthusiasm from downstream users, narrow price adjustments, and slow order growth.

Molybdenum market update on September 28, 2025

The domestic molybdenum market overall maintains a weak performance, with interwoven bullish and bearish factors leading to a somewhat stagnant negotiation atmosphere between buyers and sellers, resulting in a lack of upward momentum in product prices and low transaction volumes.

Analysis of Latest Tungsten Market from Chinatungsten Online

Tungsten prices are temporarily stable, with suppliers showing limited willingness to sell at lower prices and buyers reluctant to accept high-priced goods. New orders are relatively low. While there is some demand for stocking up before the National Day holiday, cautious bargaining prevails. The tungsten market remains in a period of stalemate and weak stability.

Analysis of Latest Tungsten Market from Chinatungsten Online

Tungsten prices were under downward pressure this week due to increased profit-taking by holders and slow restocking by buyers, widening the market's negotiable space. Furthermore, price reductions announced by major tungsten companies during the week further impacted market sentiment. 

Molybdenum market update on September 26, 2025

This week, the domestic molybdenum market overall exhibited a steady but slightly weak pattern, with most suppliers adjusting their quotes downward amid continuously declining steel bidding prices, oscillatory drops in international molybdenum prices, and insufficient price support from the raw material side for downstream products.

Molybdenum market update on September 25, 2025

The overall focus of domestic molybdenum prices continues to shift slightly downward, with the prices of molybdenum concentrate, ferromolybdenum, and molybdenum scrap decreasing by approximately 10 yuan per ton-unit, 1,000 yuan per ton, and 5 yuan per kilogram, respectively. Under these conditions, downstream user demand has not significantly increased, resulting in a slow pace of market order growth.

Recently, the official website of the Shaanxi Provincial Department of Natural Resources reported that during the "14th Five-Year Plan" period, the state assigned Shaanxi 11 mineral exploration targets, adding a total of 91,100 tons of tungsten, 422,700 tons of molybdenum, 133.12 tons of gold, 50,700 tons of copper, 24,000 tons of antimony, 30,800 tons of lithium, 7.782 million tons of graphite, 4.1089 million tons of manganese, 207,900 tons of vanadium, 1.314 million tons of fluorite, and 2,289 tons of cobalt. Additionally, 688,000 tons of rutile, 4,211 tons of rare earths, 8 million tons of phosphorus, and 230,000 tons of lead-zinc were added. The preliminary estimated potential economic value is 300 billion yuan. This achievement is attributed to Shaanxi's implementation of 380 mineral exploration projects, which newly delineated 122 exploration target areas and formed 35 large and medium-sized mineral deposits, exceeding the national target tasks.