The tungsten market remained weak, with increasingly divergent prices and an overall downward trend within a range. Trading was quiet, and market sentiment was cautious.

The downward pressure on tungsten raw material prices is unlikely to change in the short term. On the supply side, the scarcity of tungsten resources remains, but the current spot market is relatively loose due to factors such as the gradual release of speculative reserves and increased profit-taking. On the demand side, rigid demand is relatively stable; however, constrained by the overall weak market sentiment, buyers are not actively stockpiling or trading, resulting in quiet trading.

The tungsten scrap market experienced a significant sell-off, posing a dual test to participants' mentality and financial strength. There was considerable panic in the market, with some participants temporarily leaving, resulting in limited overall liquidity.

According to China Tungsten Online, assuming the strategic attributes of tungsten and potential geopolitical variables remain relatively stable for the time being, tungsten product prices are gradually returning to their supply and demand pricing logic. This rebalancing process will take time, and tungsten prices are expected to continue their weak adjustment in the short term. The extent of the bottom depends on the progress of speculative inventory clearing, the strength of raw material holders' confidence, the actual pace of consumption on the demand side, and changes in the macroeconomic and political environment and related sentiments.

As of press time,

• 65% wolframite concentrate is priced at RMB 920,000/ton, down 12.4% from its high, but up 100.0% from the beginning of the year.

• 65% scheelite concentrate is priced at RMB 919,000/ton, down 12.4% from its high, but up 100.2% from the beginning of the year.

• Ammonium paratungstate (APT) is priced at RMB 1,410,000/ton, down 7.2% from its high, but up 110.5% from the beginning of the year.

• European APT is priced at USD 2,800-3,280/mtu (equivalent to RMB 1.692-1.982 million/ton), up 230.4% from the beginning of the year.

• Tungsten powder is priced at RMB 2,280/kg, down 5.0% from its peak, but up 111.1% from the beginning of the year.

• Tungsten carbide powder is priced at RMB 2,220/kg, down 5.1% from its peak, but up 113.5% 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 1.482-1.577 million/ton), up 132.7% from the beginning of the year.

• Scrap tungsten rods are priced at RMB 910/kg, down 33.6% from its peak, but up 51.7% from the beginning of the year.

• Scrap tungsten drill bits are priced at RMB 880/kg, down 35.8% from its peak, but up 51.7% from the beginning of the year.