Latest Update in the SMM Tungsten Market

Three critical minerals - gallium, germanium, and antimony - have been banned from being exported to the United States by China in an escalation of trade tensions. The decision, unveiled on December 3, 2024, comes just a day after Washington imposed new restrictions targeting China’s semiconductor sector, signalling an intensifying rivalry between the world’s two largest economies.

Since the National Day holiday, domestic magnesium prices have officially entered a downward trend.

Today, the SM2501 contract opened at 6,362 yuan/mt, fluctuated downward after the morning session, and finally closed at 6,296 yuan/mt, down 0.76%.

Today, in the northern market, SiMn alloy 65/17 was priced at 6,000-6,100 yuan/mt (cash), flat WoW.

Last week, the magnesium market continued the sluggish trend, with a generally bearish sentiment prevailing.

As year-end approaches, the raw material market for silicon metal has been relatively stable.

In November, high-carbon ferrochrome prices continued to decline, and for the first time in two years, the procurement prices of major stainless steel mills diverged.

According to SMM statistics, as of November 29, the national social inventory of silicon metal totaled 514,000 mt, down 4,000 mt WoW.