Tungsten prices fell significantly on Monday, mainly due to a clear downward revision of long-term contract prices issued by listed tungsten companies in Guangdong over the weekend. This severely dampened market confidence, making it difficult for previously high-level prices, lacking transaction support, to sustain, leading to a decline in overall tungsten product prices.

From the raw material side, increased supply caused by some profit-taking, coupled with a lack of effective demand, resulted in lower prices. From the consumption side, the current market downturn has weakened buyer enthusiasm, with few new orders and continued pressure on price negotiations. In the recycled materials market, retail investors are emotionally vulnerable. Faced with multiple negative factors such as long-term contract price reductions, easing raw material prices, and weak end-user demand, panic has intensified, exacerbating downward pressure on prices.

As of press time,

• 65% wolframite concentrate was priced at 800,000/ton, down 23.8% from its high, but up 73.9% from the beginning of the year.

• 65% scheelite concentrate was priced at 799,000/ton, down 23.8% from its high, but up 74.1% from the beginning of the year.

• Ammonium paratungstate (APT) was priced at RMB 1,280,000/ton, down 15.8% from its peak, but up 91.0% from the beginning of the year.

• European APT was priced at USD 2,800-3,320/mtu (equivalent to RMB 1.692-2.006/ton), up 232.6% from the beginning of the year.

• Tungsten powder was priced at RMB 2,100/kg, down 12.5% from its peak, but up 94.4% from the beginning of the year.

• Tungsten carbide powder was priced at RMB 2,020/kg, down 13.7% from its peak, but up 94.2% from the beginning of the year.

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

• 70% ferrotungsten was priced at RMB 1.18/ton, down 16.9% from its peak, but up 81.5% from the beginning of the year.

• European ferrotungsten was priced at USD 290-305/kg W (equivalent to RMB 1.386-1.458 million per ton), down 8.5% from their peak but up 116.4% year-to-date.

• Scrap tungsten rods were priced at RMB 780/kg, down 43.1% from their peak but up 30.0% year-to-date.

• Scrap tungsten drill bits were priced at RMB 730/kg, down 46.7% from their peak but up 25.9% year-to-date.