[Multiple Bearish Factors Stall the Uptrend; China’s Tantalum Market Undergoes Short-Term Adjustment While Medium and Long-Term Support Remains Solid] Recently, the sustained upward momentum in China’s tantalum products market came to a halt, with the overall market entering a phase of temporary consolidation and adjustment. Upward momentum slowed markedly in the short term, mainly due to three core factors: the transmission of macro sentiment, changes in circulating supply, and weakening raw material costs.

Russia’s Solikamsk Magnesium Works recently launched industrialised production of magnesium alloys containing rare earth elements such as neodymium, cerium, and lanthanum. The products combine lightweight properties with high strength and are mainly targeted at sectors including aerospace and automotive manufacturing. The plant accounts for 100% of Russia’s rare earth compound production and 75% of its magnesium capacity, and this capacity expansion further consolidates its position in the strategic metals sector. Meanwhile, the “magnesium-based hydrogen slurry” technology developed by Germany’s Fraunhofer Institute has sparked controversy. Independent analysis indicated that the technology’s overall system efficiency is only about 10, its energy density is comparable to that of lithium batteries, its cost is far higher than expectations, and its recycling chain has yet to form a closed loop. It is only suitable for demonstration scenarios at the hundred-watt level and is unlikely to achieve commercial application. The two pieces of news reflect the different technological pathways and industrialisation prospects of magnesium-based materials in high-end manufacturing and energy storage.

Recently, the domestic tantalum market, driven by a significant rise in raw material costs, has shown an overall upward trend. Although the pace of price increases for tantalum ingots has lagged slightly, the medium-term upward logic remains clear. Tantalum ore prices have experienced a substantial increase, with the CIF China price quoted at $160–165 per pound, up 17.32% from pre-holiday quotes. This rise is primarily driven by two factors. On one hand, landslides and production halts at core mining areas have directly led to a tangible contraction in global supply, rapidly tightening the availability of spot cargo. On the other hand, downstream electronics manufacturers and traders, driven by bullish sentiment, have engaged in concentrated stockpiling and price locking, further exacerbating the supply-demand mismatch in the circulation chain and collectively pushing up transaction prices for ore. Boosted by strong raw material performance, tantalum product quotes have gradually risen. Transactions for 99.5% tantalum oxide have reached 3,900 yuan/kg, with manufacturers raising prices slightly MoM from pre-holiday levels. For 99.95% tantalum ingot, transactions have occurred at 5,500 yuan/kg, while some manufacturers quote 6,000 yuan/kg, showing minimal increase from pre-holiday quotes. Specifically, some traders are offloading tantalum ingots, creating interference in the upward movement of spot prices and causing a temporary lack of momentum for ingot price hikes. However, with strong cost support from the sharp rise in tantalum ore, downstream procurement demand is expected to be released quickly. Short-term disruptions are unlikely to alter the medium-term upward trend, and tantalum ingot quotes are anticipated to soon catch up with the increases, maintaining the overall strong performance of the tantalum market.

[Supply Contraction Drives Up Tantalum Ore Prices, Smelting End Price Increases Temporarily Hindered] Recently, tantalum ore prices have surged significantly due to mine collapses, overseas recovery, and stockpiling with price locking, with the China landed price reaching $160–165 per pound, indicating strong cost support. Tantalum oxide transactions are smooth at 3,900 yuan per kg, with offers following suit. Although tantalum ingots have traded at 5,500 yuan per kg and some manufacturers offer 6,000 yuan per kg, upward momentum is temporarily insufficient due to trader sell-offs. Short-term disruptions do not alter the medium-term upward trend, and tantalum ingots are expected to catch up quickly.

Andrada Mining Limited has announced that the first phase of drilling at its Lithium Ridge project in Namibia has yielded high-grade lithium intercepts, confirming the continuity, depth extension, and polymetallic potential of the lithium mineralisation. Initial drill holes indicate lithium mineralisation from the surface down to 160 meters, accompanied by tin and tantalum mineralisation. Key high-grade intercepts include 9.63 meters at 2.12% Li₂O in drill hole LRD003 (including 5.74 meters at 3.02% Li₂O), 24.44 meters at 1.38% Li₂O in LRD010, and 16.81 meters at 1.51% Li₂O in LRD011, with lithium mineralisation present in most of the reported holes.

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.