Analysis of latest tungsten market from Chinatungsten Online

China tungsten product prices continued to rise and the market atmosphere tended to be complex in the week ended on Friday, May 17, 2024. Tungsten ore suppliers have no trouble selling their stocks and only need to maintain their cash flow, as overall production capacity is also limited under environmental controls. 

The overall situation in the Chinese rare earth market is relatively average, characterized by weak supply and demand, with both buyers and sellers largely maintaining just-in-time transactions, resulting in low market activity and slow order growth. 

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. 

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 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. 

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. 

Analysis of latest tungsten market from Chinatungsten Online

China tungsten prices have been maintaining a strong upward trend, with market sentiment remaining optimistic. The supply of tungsten remains tight and prices are high, especially as environmental inspections by central authorities in major production areas are adding pressure to the supply chain. 

Analysis of latest tungsten market from Chinatungsten Online

In mid-May, the tungsten market is entering a relatively sensitive phase, with mixed opinions on the future. Those holding inventory are generally optimistic, but any minor fluctuation could trigger a new wave of price volatility, reminiscent of the butterfly effect in the Amazon rainforest.

The overall Chinese rare earth market is relatively average on May 15, 2024, with varying price trends for major light and heavy rare earth products influenced by a mix of factors.

Chinese molybdenum market remains stable on May 15, 2024. Influenced by strong reluctance to sell at low prices from molybdenum mining companies, good downstream demand, and the pressure from steel companies to lower prices, market trading activity is moderate. Consequently, transaction prices for products are neither rising nor falling.