Tungsten Prices Hold Steady in Europe, Boosted by Chinese Rebound and Light Transactions

[SMM Tungsten Express] Austria's Plansee Group and Manhattan Five Partners announced a joint venture to establish a strategic tungsten oxide stockpile in the US through recycling. Plansee intends to expand tungsten oxide production capacity at its Towanda, Pennsylvania facility to approximately 12,000 tpy, with initial deliveries expected in 2026. The JV aims to secure US tungsten supply and reduce foreign dependence. Ceratizit reported a tungsten recycling rate of approximately 90% for fiscal 2024/25.

[SMM Tungsten Express] EQ Resources approved the A$39 million Mt Carbine tungsten mine expansion project, with full commissioning expected in Q3 FY2027. Crushing capacity will increase from ~1Mtpa to ~2Mtpa, with an initial targeted production increase of 500 tpa WO₃ from low-grade stockpiles. The project positions Mt Carbine as a central processing hub within a Western tungsten supply platform.

[Molybdenum News Flash] SMM June 3: Yesterday, molybdenum concentrate mines in Henan and Jiangxi auctioned off shipments, with high transaction prices, driving the spot order market to follow the upward trend. Today, SMM 45% molybdenum concentrates closed at 5,130-5,160 yuan/mtu, up 130 yuan/mtu from yesterday. Some mines adopted a wait-and-see approach with limited selling. The ferromolybdenum market saw strong cost support, with ferro plants passively following the price increases, and some enterprises temporarily suspending quotations. Recently, the steel mill tender price center shifted up to around 313,000 yuan/mt, with steady demand. Today, SMM ferromolybdenum closed at 315,000-325,000 yuan/mt, raised 6,000 yuan/mt from yesterday.