Tungsten Market Update

Tungsten Market Update 

Tungsten prices continue to decline, weighed down by cautious and shrinking demand that struggles to absorb profit-taking selling pressure. Market sentiment remains bearish, but as prices retreat and selling pressure eases, the room for further downside is narrowing.

Tungsten Concentrates

The speculative premium has largely deflated, panic selling has subsided, and price spreads are tightening. Bottoming sentiment is gradually building, but a meaningful recovery still requires either a clear demand recovery or voluntary production cuts.

· 65% wolframite concentrate: RMB 430,000/mt, down 59.1% from its high and down 6.5% year-to-date.

· 65% scheelite concentrate: RMB 429,000/mt, down 59.1% from its high and down 6.5% YTD.

APT (Ammonium Paratungstate)

The domestic market remains constrained by cost pressures and persistently weak demand, resulting in low liquidity. Participants are closely watching the upcoming long-term contract prices from major Chinese producers for direction.

· Domestic APT: RMB 670,000/mt, down 55.9% from the peak and roughly flat YTD.

· European APT: USD 3,000–3,280/mtu (equivalent to RMB 1.809–1.978 million/mt), surging 241.3% YTD.

The stark price gap between domestic and international APT has widened further due to supply-chain divergences and differing expectations. An export window has temporarily opened, but actual transactions remain subject to export policy restrictions and real demand.

Tungsten Powder

Prices are trending lower in line with upstream raw materials, while downstream hardmetal and cemented carbide demand remains sluggish, keeping new orders scarce.

· Tungsten powder: RMB 1,370/kg, down 42.9% from the peak but up 26.9% YTD.

· Tungsten carbide powder: RMB 1,300/kg, down 44.4% from the peak but up 25.0% YTD.

Ferro-tungsten

Market activity is subdued due to weakening raw material costs, with trading cautious and largely stalled.

· 70% domestic FeW: RMB 780,000/mt, down 45.1% from the peak but up 20.0% YTD.

· European FeW: USD 265–275/kg (RMB 1.264–1.312 million/mt), down 14.6% from its high but up 96.4% YTD.

Tungsten Scrap

The soft raw-material market is dominating sentiment, leading to weak and volatile conditions. Merchants holding high-priced inventory from earlier in the year are under significant pressure: some are forced to sell at a loss, while others refuse to accept lower bids, resulting in a heavy stalemate.

· Waste tungsten bars: RMB 630/kg, down 54.0% from the peak but up 5.0% YTD.

· Waste tungsten drill bits: RMB 580/kg, down 57.7% from the peak and flat YTD.

Summary

The key tension in the current market lies in the combination of contracting demand and the pressure from profit-taking on the supply side. Although prices are showing signs of tentative stabilization, a meaningful rebound still hinges on either a recovery in demand or voluntary supply cuts. It is particularly worth noting that the abnormally high European APT price may reflect the impact of geopolitical factors on supply chains, while the stalemate in China’s domestic tungsten scrap market reveals the ongoing tug-of-war between industry inventory pressure and price expectations.

Note: All price changes reference the respective all-time or cyclical highs unless otherwise stated.