News

[Chongyi Tungsten Enterprise First-Half February Long-Term Contract Information] SMM, February 5: A tungsten enterprise in Chongyi raised its long-term contract purchase prices for the first half of February: 1) 55% black tungsten concentrate: 670,000 yuan/mt, up 147,000 yuan/mt MoM; 2) 55% white tungsten concentrate: 669,000 yuan/mt, up 147,000 yuan/mt MoM; 3) ammonium paratungstate (national standard zero-grade): 970,000 yuan/mt, up 300,000 yuan/mt MoM. Note: The above unit prices include 13% VAT.

[Accelerated Improvement of the Magnesium Industry Standard System: Multiple Key Standards Released and Implemented in Quick Succession] Recently, multiple policies and standards for the magnesium industry have been released in quick succession, covering key areas such as data standardization and carbon footprint accounting, with continuous acceleration in the construction of the industry's standard system.

[SMM Magnesium Weekly Review: High Costs and Demand Wait-and-See Game, Magnesium Market Continued Rangebound Fluctuations Before the Holiday] This week, the magnesium market overall exhibited a pattern of stable supply and demand alongside strengthening cost support. The price of raw material dolomite remained firm due to tightening supply in the main production areas and rising logistics costs. Influenced by losses in semi coke, the cost of magnesium ingot increased significantly. However, affected by increased willingness among small and medium-sized producers to recoup funds and sluggish transactions, the price dropped back slightly to around 16,400 yuan/mt. Both domestic and international markets were dominated by forward orders, with downstream players generally adopting a wait-and-see attitude. Trading in the magnesium powder and magnesium alloy markets was stable, with magnesium alloy processing fees remaining firm amid cost fluctuations. Overall, the current market is fluctuating rangebound between cost support and demand wait-and-see, and it is expected to continue consolidating before the holiday.

[SMM Tungsten Express] Masan High-Tech Materials (MSR) of Vietnam reported a return to profitability in its 2025 financial results, driven primarily by tungsten products. Revenue reached VND 74.4 trillion, up 19% year-on-year; full-year net profit was $423,000, with Q4 net profit surging to $8.5 million, a multi-quarter high. Tungsten product revenue rose 33% to $171.5 million, boosted by APT prices hitting 14-year highs. The company's Nui Phao mine, the largest outside China, underscores its strategic value. The market has revalued MSR's position in the global tungsten supply chain, with its share price rising in anticipation.

[SMM Titanium Express] A Xinjiang CPPCC member proposed systematically developing the titanium industry as a new engine for high-quality development. Xinjiang has established a globally leading full industrial chain from titanium ore to sponge titanium and titanium materials, providing a solid foundation for producing high-value aerospace and medical products. The suggestion includes supporting leading firms to collaborate with research institutions on core technologies and leveraging Xinjiang's geographic advantage to export titanium products via the China-Europe Railway Express to Central Asia and Europe. Related enterprises plan to invest in a vanadium-titanium industrial chain project in southern Xinjiang, expected to create substantial employment.

[SMM Titanium Express] European Lithium plans to acquire U.S. Velta Holding's titanium assets in Ukraine for A$52 million, including the Burzulivsky integrated processing plant and Likarivskoye deposit, which account for about 2% of global titanium feedstock output.

[SMM Titanium Express] Jintian Titanium's testing center obtained a COMAC test qualification certificate, indicating its titanium alloy R&D and testing system meets standards, facilitating deeper involvement in material support for domestic large aircraft.

[SMM Magnesium Morning Conference Notes: Magnesium Market Under Pressure Amid Tight Raw Material Supply and Sluggish Demand] February 4, cost side, dolomite supply tightened as leading producers in Wutai suspended production, with prices expected to hold up well; ferrosilicon futures dropped slightly, while spot transactions remained neutral, with downstream users mainly making just-in-time procurement. The magnesium ingot market continued its weakness, with offers in Fugu County lowered to 16,400-16,500 yuan/mt, sluggish transactions, and strong wait-and-see sentiment among downstream users. Foreign trade was mainly focused on fulfilling previous orders, with few new orders. The benchmark price of magnesium alloy was under pressure due to declining magnesium ingot prices on the cost side, but processing fees held steady. As the Chinese New Year approached, some end-users began holidays, leading to a slight decrease in orders, with the market maintaining a tight balance. The magnesium powder market remained generally stable, though the center shifted slightly downward due to falling raw material prices. On the demand side, domestic trade involved purchasing as needed, while foreign trade saw limited new orders. Overall, the magnesium industry chain faced partial supply tightness providing support in the short term, but sluggish demand remained the core factor driving price trends, with the market expected to stay in the doldrums.

SMM News on February 4: According to market rumors, a major plant in East China recently conducted a public sales tender for 32 tons of crude selenium, which has attracted considerable market attention. It is reported that the entire batch was successfully sold, though the specific transaction price was not officially disclosed. According to some market participants involved in the bidding, the final actual transaction price was around 185 yuan per kilogram. Market analysts noted that the results of the selenium tender once again set a new recent high, indicating that the upward trend in selenium prices continues unabated. Despite the year-end approaching, buying interest from end-users and speculative buyers in the crude selenium market has not weakened in any way.

[Transaction Information for Molybdenum Concentrates] SMM, February 3: It is reported that a mine in Yunnan auctioned and sold 96 mt of 40% molybdenum concentrates (copper 1–3%) on February 3, with the final transaction price at 4,115 yuan/mtu.

From January 28 to 29, 2026, the Rubaya coltan mining area in North Kivu Province, eastern Democratic Republic of the Congo (DRC), was hit by massive landslides triggered by persistent heavy rainfall. The disaster caused the collapse of multiple artisanal mining tunnels. All mining operations at the affected mining area have been fully suspended, and nearby residents have completed emergency evacuation.

SMM News, February 3: According to an official announcement from Jinguan Copper, a subsidiary of Tongling Nonferrous Metals Group Co., Ltd., the company will begin public sales of 32 tons of crude selenium starting today. The base price has not been disclosed. The deadline for submitting quotation letters is before 11:30 a.m. on February 3, 2026.

[SMM Magnesium Morning Meeting Minutes: Weak Magnesium Ingot Demand Leads to Price Decline, Short-Term Weakness Unlikely to Deepen] Fugu magnesium ingot prices were lowered by 200 yuan/mt, with weak demand driving the decline; short-term weakness is expected, but downside room is limited.