Tungsten prices remained weak, with limited market activity. From a macro perspective, while uncertainties in the international political and economic situation persist, their impact on market sentiment and price trends has diminished. Returning to fundamental factors, based on actual supply and demand adjustments and accumulated profit margins in the raw material sector, the market generally expects prices to remain under pressure.

The supply of tungsten raw materials increased due to the resumption of production at mining and smelting enterprises and profit-taking by speculators. On the consumer side, cautious, on-demand purchasing was maintained, and bargaining sentiment strengthened significantly. As a result, overall negotiated prices in the tungsten market declined.

The tungsten scrap market saw relatively sluggish sales. Holders, especially those who had previously accumulated positions at high prices, found it difficult to accept the recent 30% price drop over the past month. Compared to the relatively rational and moderate downward trend in raw materials, the scrap tungsten market was unwilling to continue selling at lower prices. Meanwhile, recyclers showed some willingness to replenish their inventories at lower prices. The market tug-of-war intensified, and prices remained stagnant in the short term.

As of press time,

• 65% wolframite concentrate is priced at RMB 910,000/ton, down 13.3% from its peak, but up 97.8% year-to-date.

• 65% scheelite concentrate is priced at RMB 909,000/ton, down 13.4% from its peak, but up 98.0% year-to-date.

• Ammonium paratungstate (APT) is priced at RMB 1,390,000/ton, down 8.6% from its peak, but up 107.5% year-to-date.

• European APT is priced at USD 2,800-3,280/mtu (equivalent to RMB 1.69-1.98 million/ton), up 230.4% year-to-date.

• Tungsten powder is priced at RMB 2,250/kg, down 6.3% from its peak, but up 108.3% year-to-date.

• Tungsten carbide powder is priced at RMB 2,190/kg, down 6.4% from its peak, but up 110.6% year-to-date.

• Cobalt powder is priced at RMB 575/kg, down 0.9% from its peak, but up 10.6% from the beginning of the year.

• 70% ferrotungsten is priced at RMB 1,300,000/ton, down 8.5% from its peak, but up 100.0% from the beginning of the year.

• European ferrotungsten is priced at USD 310-330/kg W (equivalent to RMB 1.48-1.575 million/ton), up 132.7% from the beginning of the year.

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