Analysis of latest tungsten market from Chinatungsten Online

At the beginning of the week, China tungsten price maintains stability as the market keeps quiet. Faced with the challenges of the epidemic, the conflict between Russia and Ukraine, and extreme weather events, market participants are mostly cautious, waiting for new guide prices from state-owned tungsten companies. 

The European Raw Materials Alliance (ERMA) has announced that it will support Greenland Resources Inc. in securing financing for the Malmbjerg molybdenum project and strengthening its relationship with downstream molybdenum users in the EU industrial ecosystem. Europe is currently the world's second-largest user of molybdenum but has no production of its own, and the development of the Malmbjerg molybdenum mine may change that.

Elementos Ltd has confirmed major tin (Sn) and tungsten (W) extensions at the Battery Sn-Cu zone and the deeper Foley W zone at its Cleveland tin project in Tasmania. The company has received satisfactory exploration results from a recently completed exploration diamond drill program, including 14.2 meters of tungsten trioxide intersections from 221 meters and 3.85 meters of 1.05% Sn and 0.28% copper Sn-Cu intersections from 64.25 meters.

Analysis of latest tungsten market from Chinatungsten Online

China tungsten price was in the downward trend in the week ended on Friday June 17, 2022 with the impact of continued weakness in the demand side despite of economy growth. 

At the beginning of the week, China’s domestic rare earth price was generally in a narrow range. Affected by the relative balance between supply and demand, traders were generally less motivated to enter the market.

At the beginning of the week, China’s molybdenum market continued to be strong. Although the price of molybdenum products rose significantly last week, steel companies and other buyers were afraid of high prices, resulting in a slight slowdown in the actual transaction. 

Earlier this month, USA Rare Earth LLC (USARE) announced that it will develop a U.S. rare earths and magnets production facility in Stillwater, Oklahoma. McAfee & Taft was pleased to serve as legal counsel to USARE in its acquisition and development of the nation's first rare earth metals and sintered magnet production facility in Stillwater, Oklahoma.

Lynas has secured a $120 million contract from the U.S. Department of Defense (DoD) to build a heavy rare earth separation plant in the United States. Lynas wants to build the plant on the same site in Texas as the proposed light rare earth separation plant. Construction costs for the heavy rare earth plant are being covered entirely by a $120 million contract funded by the US DoD Industrial Base Analysis and Sustainment program.

Luminex Resources announced the discovery of a porphyry copper-molybdenum porphyry target located 500 meters north of its El Hito property at its Condor project in southeast Ecuador. The target area is characterized by overlapping anomalies of >250 ppm copper and >10 ppm molybdenum as delineated by a recently completed soil survey.

Titan Minerals continues to show excellent copper (Cu) and coincident molybdenum (Mo) results from access sampling at its Linderos project in southern Ecuador. This work highlights a typical zonation anomaly, about 750 m in diameter, with a central core of Cu, Mo, and tungsten and a peripheral halo of selenium, tellurium, and bismuth.