Tungsten prices are trending downwards, primarily due to a phased adjustment in market supply and demand, and a rational correction of previous sentiment-driven premiums.

Firstly, the tight supply pressure has eased. With mines fully resuming production, coupled with profit-taking, the number of tradable resources in the market has increased. Secondly, demand-side absorption capacity has weakened. Cost transmission pressures, combined with a wait-and-see attitude (buying high and not low), have further cooled downstream purchasing intentions. Thirdly, market sentiment and liquidity have cooled. Speculative funds are gradually withdrawing, and risk aversion has spilled over into the spot market, somewhat suppressing liquidity; recently, large tungsten companies have lowered long-term contract purchase prices, reinforcing cautious market expectations.

China Tungsten Online believes that the current tungsten market is gradually returning to traditional supply and demand fundamentals, generally in a weak and volatile range with limited trading activity.

• 65% wolframite concentrate is priced at RMB 935,000/ton, down 11.0% from its peak, but up 103.3% from the beginning of the year.

• 65% scheelite concentrate is priced at RMB 934,000/ton, down 11.0% from its peak, but up 103.5% from the beginning of the year.

• Ammonium paratungstate (APT) is priced at RMB 1,430,000/ton, down 5.9% from its peak, but up 113.4% from the beginning of the year.

• European APT is priced at USD 2,800-3,190/mtu (equivalent to RMB 1,693,000-1,929,000/ton), up 225.5% from the beginning of the year.

• Tungsten powder is priced at RMB 2,310/kg, down 3.8% from its peak, but up 113.9% from the beginning of the year.

• Tungsten carbide powder is priced at RMB 2,250/kg, down 3.9% from its peak, but up 116.3% from the beginning of the year.

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

• 70% ferrotungsten is priced at RMB 1,330,000/ton, down 6.3% from its peak, but up 104.6% from the beginning of the year.

• European ferrotungsten is priced at USD 310-330/kg W (equivalent to RMB 1.483-1.579 million/ton), up 132.7% from the beginning of the year.

• Scrap tungsten rods are priced at RMB 1020/kg, down 25.6% from its peak, but up 70.0% from the beginning of the year.

• Scrap tungsten drill bits are priced at RMB 1000/kg, down 27.0% from its peak, but up 72.4% from the beginning of the year.