Tungsten prices continued their stagnant trend, with limited recent news and ongoing supply-demand dynamics. Market participants maintained a conservative wait-and-see attitude, limiting directional variables.

Supply has tightened somewhat, mainly due to the willingness of holders to bottom out and rebound, reducing the number of low-priced resources available for circulation and supporting a slight upward trend. Furthermore, total mining volume controls and compliant circulation restrictions impose some constraints on medium- to long-term supply. However, regarding inventory, after this year's rapid doubling and subsequent halving of prices, market sentiment is generally cautious, and destocking is proceeding slowly. The inability to fully release inventory pressure has somewhat limited the potential for price increases.

Yesterday, a Guangdong mining company auctioned off six batches totaling 330 tons of scheelite concentrate. Of these, 43 tons of 23.52% tungsten concentrate were sold at RMB 366,500/ton, and 29 standard tons of 18.58% tungsten concentrate were sold at RMB 338,100/ton.

Demand remains weak, with limited active purchasing by downstream end-users. Market orders are still mainly for immediate needs. Continued cost pressures, coupled with the impact of high temperatures and heavy rainfall on the progress of some projects, have resulted in a relatively restrained overall market consumption pace. However, with raw material prices stabilizing, some restocking demand has been released.

On the macro level, market premiums and discounts will continue to be constrained by external factors such as international geopolitical conflicts and the risk of global economic stagflation, with potential support and risks coexisting. Tungsten and cobalt products newly prices as followings.

• 65% wolframite concentrate price: RMB 415,000/ton, down 60.5% from its peak and 9.8% from the beginning of the year.

• 65% scheelite concentrate price: RMB 414,000/ton, down 60.5% from its peak and 9.8% in 2026.

• Ammonium paratungstate (APT) price: RMB 610,000/ton, down 59.9% from its peak and 9.0% in 2026.

• European APT price: USD 3,000-3,279/mtu (equivalent to RMB 1.796-1.963 million/ton), down 0.02% from its peak but up 241.3% in 2026.

• Tungsten powder price: RMB 975/kg, down 59.4% from its peak and 9.7% in 2026.

• Tungsten carbide powder price: RMB 925/kg, down 60.5% from its peak and 11.1% in 2026.

• Cobalt powder price: RMB 470/kg, down 19.0% from its high and 9.6% in 2026.

• 70% ferrotungsten price: RMB 660,000/ton, down 53.5% from its peak but up 1.5% in 2026.

• European ferrotungsten price: USD195-210/kg W (equivalent to RMB 923,000-995,000/ton), down 37.7% from its peak but up 47.3% in 2026.

• Scrap tungsten carbide rod price: RMB 760/kg, down 51.0% from its peak but up 11.8% in 2026.