Tungsten prices remain on a downward trajectory; while this week saw some inquiries and demand for restocking at lower price points—leading to a slight uptick in trading volume—overall positive drivers remain limited. Suppliers are leaving room for negotiation to facilitate deals, whereas buyers maintain a cautious stance, pressing for lower prices; consequently, the market continues to undergo a weak adjustment phase.

Current procurement patterns in the tungsten market are dominated by "back-to-back" operations. Producers and traders typically initiate upstream purchasing only after confirming downstream orders to mitigate risks associated with cost fluctuations and inventory accumulation. This approach reflects a conservative outlook among market participants regarding short-term trends and objectively suppresses restocking demand within the intermediate sector. Confidence in market stability requires further consolidation, and the shifting dynamics of supply and demand warrant continued monitoring. Tungsten and cobalt products newly prices as followings.

• 65% wolframite concentrate price: RMB 405,000/ton, down 61.4% from its peak and 12.0% since the beginning of the year.

• 65% scheelite concentrate price: RMB 404,000/ton, down 61.5% from its peak and 12.0% since the beginning of the year.

• Ammonium Paratungstate (APT) price: RMB 600,000/ton, down 60.5% from its peak and 10.5% since the beginning of the year.

• European APT price: USD 3,000-3,265/mtu (equivalent to RMB 1.799–1.958 million/ton), down 0.2% from the peak but up 240.5% since the beginning of the year.

• Tungsten powder price: RMB 970/kg, down 59.6% from its peak and 10.2% since the beginning of the year.

• Tungsten carbide powder price: RMB 920/kg, down 60.7% from its peak and 11.5% since the beginning of the year.

• Cobalt powder price: RMB 485/kg, down 16.4% from its high and 6.7% since the beginning of the year.

• 70% ferrotungsten price: RMB 660,000/ton, down 53.5% from its peak but up 1.5% since the beginning of the year.

• European ferrotungsten price: USD 200-210/kg W (equivalent to RMB 949,000–996,000 per ton), down 36.9% from its peak but up 49.1% since the beginning of the year.

• Scrap tungsten carbide rod price: RMB 712/kg, down 54.1% from its peak but up 4.7% since the start of the year.