Analysis of Tungsten and Molybdenum Market

Release time:

2024-11-04

Tungsten and molybdenum (Tungsten and Molybdenum) as a rare metal, widely used in aerospace, electronics, electricity and military and other fields, the market is affected by supply and demand, policy, geopolitics and other factors. In recent years, the tungsten and molybdenum market has shown dynamic changes due to rising demand from emerging industries and supply chain challenges. The following is a brief analysis of the market of tungsten and molybdenum:

1.Global Supply and Demand

Tungsten MarketTungsten is mainly used in cemented carbide tools, superalloys and electronic equipment. China is the world's most abundant tungsten resources, accounting for more than 80% of global production. In recent years, with the rapid development of new energy and high-end manufacturing, the demand for high-performance tungsten products has increased, especially in the application of electric vehicles and 5G equipment.
Molybdenum MarketMolybdenum is mainly used in the steel industry, especially in alloy steel, stainless steel and high temperature alloys. The supply and demand of molybdenum is relatively stable, but its demand is also increasing, driven by energy and infrastructure demand. With the advancement of global carbon neutrality targets, molybdenum is widely used in energy conservation and emission reduction equipment and clean energy industries, which has promoted the growth of market demand.

2.price fluctuation

tungsten price: In 2023, the price of tungsten concentrate rose sharply, partly due to the adjustment of export policies and the increase of environmental protection requirements, which led to the increase of production costs. In addition, some countries to increase the strategic reserve of tungsten, exacerbated the market supply tension. In 2024, tungsten concentrate prices are expected to continue to operate at high levels, but the volatility is likely to decrease.
molybdenum price: Molybdenum prices have maintained a steady upward trend since 2022, especially in the case of strong demand for stainless steel market. In 2024, the molybdenum market may be affected by the dual impact of production cuts in the steel industry and the growth of new energy applications, and prices are expected to remain high.

3.Policy and Geopolitical Implications

Export RestrictionsThe Chinese government strictly controls the export of tungsten products, especially high value-added products. In addition, the dependence of the United States and Europe on key mineral resources has triggered import control and supply chain diversification strategies, which has supported the international price of tungsten.
Environmental protection and green production: With the improvement of global environmental protection standards, the production of tungsten and molybdenum mines is facing higher environmental protection requirements, which may lead to the closure of some small and medium-sized mines. The requirement of green production also promotes large enterprises to increase investment in environmental protection equipment, which in turn raises production costs.

4.Future market outlook

It is expected that the demand for tungsten and molybdenum will continue to grow in the next few years, especially driven by aerospace, new energy and high-tech industries. With the global emphasis on mineral resources, the market supply will also tend to diversify. However, in view of its rarity and complexity of the production process, the price of tungsten and molybdenum still has upward pressure in the medium and long term.
At the same time, the development of new materials and alternative technologies may have a certain impact on the demand for tungsten and molybdenum. Governments and companies are seeking ways to reduce dependence on key minerals, such as the development of new alloys and alternative materials, which may affect the market demand for tungsten and molybdenum in the future.

To sum up, the tungsten and molybdenum market may face the challenges of high prices, strengthened policy regulation and changes in demand structure in the next few years.

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