Tungsten prices remained stagnant this week, lacking further positive drivers. Downstream purchasing activity was weak, with limited new orders, leading to a loosening of the actual bargaining space for tungsten raw materials. Recent auctions of low-grade tungsten concentrate have repeatedly failed, reflecting a lack of urgency among buyers and a weak willingness to accept sellers' floor prices. These failed auctions have exacerbated market sentiment pressure. With the Dragon Boat Festival approaching, market participants are largely adopting a wait-and-see strategy, awaiting further developments in market sentiment during the holiday and focusing on the long-term contract purchase prices of major tungsten companies in the second half of the month.

Cobalt prices continued their downward trend this week. On the one hand, cemented carbide companies generally adopt a sales-driven purchasing strategy, resulting in passive purchasing behavior and insufficient enthusiasm for cobalt raw material consumption. On the other hand, the rapid iteration of sodium-ion battery technology, while having a limited short-term impact on the market share of cobalt-containing batteries, is disrupting market expectations for long-term cobalt demand.

Tungsten and cobalt products newly prices as followings.

• 65% wolframite concentrate: RMB 520,000/ton, down 50.5% from its peak, but up 13.0% from the beginning of the year.
• 65% scheelite concentrate: RMB 519,000/ton, down 50.5% from its peak, but up 13.1% in 2026.
• Ammonium paratungstate (APT): RMB 790,000/ton, down 48.0% from its peak, but up 17.9% in 2026.
• European APT: USD 2,900-3,180/mtu (equivalent to RMB 1.735-1.902 million/ton), down 3.2% from its peak, but up 230.4% in 2026.
• Tungsten powder: RMB 1,280/kg, down 46.7% from its peak, but up 18.5% in 2026.
• Tungsten carbide powder: RMB 1,230/kg, down 47.4% from its peak, but up 18.3% in 2026.
• Cobalt powder: RMB 525/kg, down 9.5% from its high, but up 1.0% in 2026.
• 70% ferrotungsten: RMB 780,000/ton, down 45.1% from its peak, but up 20.0% in 2026.
• European ferrotungsten: USD 200-235/kg W (equivalent to RMB 946,000-1,112,000/ton), down 33.1% from its peak, but up 58.2% in 2026.
• Scrap tungsten carbide rod: RMB 780/kg, down 43.1% from its peak, but up 30.0% in 2026.
• Scrap tungsten carbide drill bit: RMB 730/kg, down 46.7% from its peak, but up 25.9% in 2026.