On Monday, the tungsten market maintained a stable trend amidst a standoff between supply and demand. Sellers were generally inclined to hold firm on prices and showed little enthusiasm for selling at lower rates, while buyers remained highly cautious, limiting procurement to immediate needs and negotiations, resulting in a slow pace of actual transactions. Over the weekend, a listed tungsten company in Guangdong kept its long-term contract purchase prices largely unchanged, reinforcing the current market stability.

Regarding tungsten raw materials, the price of tungsten concentrate (WO3≥55%) found a support floor at RMB 410,000/ton; Ammonium Paratungstate (APT) prices remained deadlocked at RMB 610,000/ton; and tungsten powder prices held steady at approximately RMB 975/kg. Both mines and traders showed a clear reluctance to sell at low prices, while smelters had limited tolerance for high-cost raw materials, leading to small-batch, order-specific purchasing and insufficient market liquidity. A standoff persisted between rigid cost support and weak downstream demand (such as in powder metallurgy). A gap in price expectations remained between buyers and sellers, with no signs of large-scale restocking or concentrated selling, and the market deadlock continued.

The tungsten scrap sector was similarly characterized by a "wait-and-see" standoff. Holders of high-cost inventory were unwilling to make significant price concessions, while recycled smelting and cemented carbide enterprises maintained a cautious purchasing stance. In the short term, the market remained range-bound and deadlocked, with limited trading activity. Quotes for cemented carbide scrap tracked the stability of primary raw materials, with domestic inserts attracting relatively high interest recently due to their cost-performance advantage. 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% since the start of the year.

• 65% scheelite concentrate price: RMB 414,000/ton, down 60.5% from its peak and 9.8% since the start of the year.

• Ammonium paratungstate (APT) price: RMB 610,000/ton, down 59.9% from its peak and 9.0% since the start of the year.

• 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% since the start of the year.

• Tungsten powder price: RMB 975/kg, down 59.4% from its peak and 9.7% since the start of the year.

• Tungsten carbide powder price: RMB 925/kg, down 60.5% from its peak and 11.1% since the start of the year.

• Cobalt powder price: RMB 465/kg, down 19.8% from its high and 10.6% since the start of the year.

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

• 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% since the start of the year.

• Scrap tungsten carbide rod price: RMB 760/kg, down 51.0% from its peak but up 11.8% since the start of the year.