July's tungsten market rose on tight ore supply, with prices up ~25% for concentrates and downstream products. New mining laws raised costs, curbing supply. Military and overseas demand (amid China's export controls) supported the market, though traditional sectors weakened. Short-term high consolidation; long-term ore scarcity may boost concentration, shifting to emerging/military fields.

[SMM Analysis: Upstream Ore Supply Leads the Gains, Tungsten Market Climbs Again] Entering July, the tungsten market was once again driven by the positive impact of ore supply tightness, with prices climbing upwards. The circulation of tungsten concentrate in the market was tight, making it difficult for downstream players to restock. The center of transaction prices for spot orders rose steadily. As of today, SMM 65% black tungsten concentrate closed at 178,500 yuan/mt, up about 25% from the beginning of the year.

[SMM Tungsten Daily Review: Ore Prices Continue to Rise, Tungsten Market Fluctuates at Highs in the Short Term] On July 14, the overall tungsten market held up well. The supply of ore in the market was relatively tight, and the center of transactions continued to show an upward trend. Downstream ammonium paratungstate enterprises mainly made just-in-time procurement. Driven by the rise in ore prices, the overall market presented an upward trend in the industry chain. The transactions in the powder segment were sluggish, and the transmission of market prices was slow.

[SMM Molybdenum Daily Review: Molybdenum Market Stable at Mine End, Downstream Molybdenum Products Follow Suit with Price Increases] SMM reported on July 14: Today, the molybdenum market remained mainly in a high-level consolidation phase. The prices of upstream molybdenum concentrate fluctuated at highs. Most mines delivered goods based on orders, with the price center of spot orders moving upwards. The volume of downstream molybdenum-iron steel tenders decreased slightly, driven by strong costs. Molybdenum-iron transactions maintained an upward trend.

Indonesian RKAB quota approved by 364 million tons. Downstream companies are still under pressure

Affected by the tight supply of tungsten prices, multiple tungsten enterprises have raised their long-term contract quotes for the first half of July. Since entering July, the prices of products related to the tungsten industry chain have generally been on the rise. Bao Gang United Steel and China Northern Rare Earth announced an increase in the associated transaction price of rare earth concentrate for Q3 2025. This marks the fourth consecutive quarter of QoQ price increases for rare earth concentrate since Q4 2024. The upward adjustment of rare earth prices, coupled with the positive performance outlook of China Northern Rare Earth, which is expected to see a significant increase in earnings, and the market's generally optimistic expectations for future rare earth demand, have driven strong performance in rare earth stocks. These factors have fueled the surge in the minor metal sector. As of 13:37 on July 11, the minor metal sector rose by 4.59%. Among individual stocks: China Northern Rare Earth continued to hit the daily limit, Huayang New Materials hit the daily limit, Shenghe Resources hit the daily limit, Zhongke Magnetic Industry rose by over 15%, Earth-Panda, China Rare Earth, JL MAG Rare-Earth, Zhenghai Magnetic Material, Yunnan Germanium Industry, as well as Xiamen Tungsten and China Tungsten and High-Tech Materials, were among the top gainers.

[SMM Tungsten Daily Review: Limited Room for Concession in Raw Material Sector, Tungsten Market to Fluctuate at Highs in Short Term] On June 27, the overall tungsten market showed a consolidation trend at highs. The inventory levels of mainstream ore suppliers in the market were low, and they were reluctant to offer discounts, resulting in limited declines in ore prices and maintaining high quotation levels. Downstream APT enterprises faced poor profitability, with some smelters cutting production and undergoing maintenance.

[SMM Molybdenum Daily Review: Molybdenum Market Decline Slows Down, Market Still Under Pressure] SMM reported on June 27: Today, the molybdenum market operated steadily for the most part. There were few spot orders for molybdenum concentrate, and market offers were scarce. Mines primarily shipped under long-term contracts. The steel bidding prices in the ferromolybdenum market remained low, but with high industry costs, manufacturers were reluctant to lower prices further. Market quotes were relatively stable today.

[SMM Daily Molybdenum Review: Molybdenum Market Continues to Decline Amid Dual Pressures of Off-Season in Stainless Steel Sector and Price-Driving Down in Steel Tenders] SMM News on June 26: The molybdenum market was mainly in the doldrums today. Demand for ferromolybdenum in the stainless steel market declined, leading to a significant drop in tender prices for ferromolybdenum. Suppliers of ferromolybdenum were actively selling their stocks, with quotes noticeably loosening. Prices of downstream molybdenum products were weak, driving down ore prices.

[SMM Tungsten Daily Review: Long-term Contract Price Adjustments and Weak Supply and Demand Suppress Market Sentiment, Tungsten Market Remains Cautious] On June 26, the tungsten market was mainly in a stalemate. Upstream ore mines had low inventory levels and maintained firm quotes. Downstream industries such as APT production were operating at a loss, and demand needed to be stimulated. Rushing to buy amid continuous price rise was not feasible. There was evident back-and-forth negotiations between upstream and downstream, and the market sentiment remained cautious.