Tungsten prices continued their downward trend, with profit-taking on the supply side leading to increased supply, but weak demand exacerbated the supply-demand mismatch. Market participants held significantly differing opinions, with a widening gap between buying and selling price expectations. Recent market quotations were relatively disorderly, and spot trading sentiment was cautious and weak.

The consensus on value expectations stemming from resource scarcity and strategic attributes remains, but short-term price pressures from inventory releases and weak demand have pushed prices below the one million RMB mark per ton.

• 65% wolframite concentrate was priced at RMB 975,000/ton, down 7.1% from its peak, but up 112.0% from the beginning of the year.

• 65% scheelite concentrate was priced at RMB 974,000/ton, down 7.2% from its peak, but up 112.2% from the beginning of the year.

Prices adjusted in line with weaker costs, but the firm international market provided some support to the domestic market. Market sentiment remained volatile, with liquidity remaining sluggish.

• Domestic APT was priced at RMB 1,460,000/ton, down 4.0% from their peak, but up 117.9% from the beginning of the year.

• European APT was priced at USD 2,800-3,150/mtu (equivalent to RMB 1.706-1.919 million/ton), up 223.4% from the beginning of the year.

Cost pressures remain significant, with participants maintaining a purchasing pace based on rigid demand. With the reversal of the price inversion between domestic and international markets, some overseas orders previously lost due to rapidly rising costs have returned, providing some breathing room for powder metallurgy companies. However, market concerns about the risk of irrational panic selling persist, suppressing demand release, and a cautious wait-and-see attitude currently dominates.

• Tungsten powder was priced at RMB 2,350/kg, down 2.1% from their peak, but up 117.6% from the beginning of the year.

• Tungsten carbide powder was priced at RMB 2,290/kg, down 2.1% from their peak, but up 120.2% from the beginning of the year.

• Cobalt powder was priced at RMB 580/kg, up 11.5% from the beginning of the year.

Influenced by the decline in tungsten ore prices, market sentiment became cautious, prices remained under pressure, and trading activity was generally low.

• 70% ferrotungsten was priced at RMB 1,390,000/ton, down 2.1% from its peak, but up 113.9% from the beginning of the year.

• European ferrotungsten was priced at USD 310-330/kg W (equivalent to RMB 1.494-1.59 million/ton), up 132.7% from the beginning of the year.

The market was highly diverse and chaotic, exhibiting clear characteristics of competition and anxiety. Recyclers' quotations were inconsistent, trading sentiment fluctuated, and a strong wait-and-see atmosphere prevailed.

• Scrap tungsten rods were priced at RMB 1080/kg, down 21.2% from its peak, but up 80.0% from the beginning of the year.

• Scrap tungsten drill bits were priced at RMB 1,050/kg, down 23.4% from its peak, but up 81.0% from the beginning of the year.