Analysis of latest tungsten market from Chinatungsten Online

China tungsten price was weak in the week ended on Friday February 24, 2023 because end users remained low buying appetite and sellers still had rised mentality. The market was in a stalemate on the whole. 

At the beginning of the week, China’s domestic molybdenum market was still weak. The price of sodium molybdate, ammonium molybdate and ammonium heptamolvbdate prices decline slightly. 

Analysis of latest tungsten market from Chinatungsten Online

The tungsten powder and tungsten carbide powder prices in the Chinese market continue to keep stable on February 23, 2023. Although the short-term market performance is relatively flat, the holders generally insist on bullishness.

This week, China rare earth market showed a downward trend. Affected by the imbalance between supply and demand at the beginning of the week, the prices of rare earth raw materials such as praseodymium, neodymium, dysprosium, terbium, and gadolinium dropped sharply. However, near the weekend, supported by production costs, the prices of praseodymium and neodymium products rebounded.

This week, China’s domestic molybdenum price was weak but still maintained a high level. With the support ability of favorable factors gradually weakening, the upward adjustment of suppliers’ quotations was obviously hindered, and the prices of some products dropped slightly. 

Analysis of latest tungsten market from Chinatungsten Online

The ammonium paratungstate (APT) and tungsten powder prices are unchanged from the previous trading day. 

The mining company LKAB has made a significant discovery of rare earth elements in Northern Sweden. The deposit has the potential to become Europe's most important critical raw material mine. At a press conference at the Kiruna mine, LKAB CEO Jan Moström announced the groundbreaking news that the Swedish mining giant has discovered the largest rare-earth metal deposit in Europe in Kiruna, and LKAB is hoping to develop the deposit.

A new rare earth mineral has been discovered in China and named after senior Chinese mineralogist Chen Yuchuan. According to the official website of the Institute of Mineral Resources, Chinese Academy of Geological Sciences(CAGS), the new mineral is named yuchuanite-(Y) in English, and was discovered by researchers from the Chinese Academy of Geological Sciences, the Department of Geology at Northwest University(NWU), and the State Key Laboratory of Continental Dynamics, led by Associate Professor Liu Peng, at the Yushui copper mine in northeastern Guangdong Province.

Japan is shifting from the research and development stage to rare earth mining with the stimulation of the national economic security requirements. If everything goes well, the country's dependence on China for rare earth metal supply will be greatly reduced or eliminated by the end of this decade. Currently, China is the dominant producer of rare earths, accounting for approximately 85% of global production.

Analysis of latest tungsten market from Chinatungsten Online

Chinese tungsten prices tend to be stable in the second half of February 2023. Although the new round of long-term contract prices of large tungsten enterprises has a pullback, it shows strong resilience. The adjustment range of the guidance price is limited. The market sentiment of tungsten raw materials is still strong, but the circulation is limited.