The Ngualla Rare Earth Project in Tanzania is one of the world's largest, highest-grade, and lowest-cost neodymium praseodymium projects. It is expected to operate for 26 years. It set to produce 32,700 tons of 45% rare earth concentrate per year. The total amount of rare earth oxides is 887,000 tons with the average grade of 4.8%.

Analysis of latest tungsten market from Chinatungsten Online

China’s tungsten powder and ferro tungsten prices are unchanged from the previous trading day on June 2, 2021 amid thin spot trading conditions and cautious sentiment of participants. 

Rare earth market quotation in China: terbium oxide and praseodymium neodymium oxide prices decline slightly while cerium oxide price is unchanged from the previous trading day on June 3, 2021.

Molybdenum market quotation in China: sodium molybdate and molybdenum concentrate prices continue to increase while molybdenum powder price remains stable on June 3, 2021 affected by active steel tenders boosting market confidence. 

Analysis of latest tungsten market from Chinatungsten Online

The ammonium paratungstate (APT) and ferro tungsten prices remain stable in the first trading day in June due to a lull in activity in the Chinese market. At present, most participants mainly wait for a new round of average tungsten forecast prices from China’s Ganzhou Tungsten Association and bid prices from listed companies. 

China’s domestic rare earth market generally shows a sideways pattern. In the context of the slower entry of downstream rare earth separation plants and magnetic material companies into the market, the cautious sentiment is particularly strong in the market. In addition to the hindrance of the upward adjustment of supplier quotations, the transaction volume is also hard to conclude. 

China’s domestic molybdenum market shows signs of improvement overall on June 2, 2021. At the beginning of the month, steel companies were more motivated to enter the market for bidding, and the bidding price was satisfied, about 123,000 yuan/ton, which increased the confidence of traders to hold the price to a certain extent. 

The lack of iron ore production in Australia and Brazil has caused global iron ore prices to rise by about 50% over last year. However, the price of rare earths produced in China has fallen since April because international businesses have found alternative buyers.

Recently, Japan's government announced that it will further expand the scale of its rare earth production to improve the security of the relevant supply chain and prevent China’s export control.

Yichun Luming Mining Co Ltd. in Heilongjiang Province, the owner of a molybdenum tailings dam in northeast China. The tailings spill contaminates the local drinking water, has been ordered to suspend production. The emergency management bureau in the city of Yichun in Heilongjiang Province will ‘temporarily withhold the company’s safe production license’.