Tungsten prices have shown a weakening trend; market activity is dominated by on-demand purchasing and the fulfillment of long-term contracts, with few spot transactions taking place. Sluggish demand combined with inventory pressure has put downward pressure on actual market negotiation prices.

According to research by Chinatungsten Online, tungsten prices gradually reached a historical peak in mid-to-late March before pulling back, nearing the bottom of this adjustment cycle by mid-May. During this period, the release of downstream orders was sluggish, leading to some inventory accumulation across the supply chain. From late May to early June, market activity picked up slightly as some downstream enterprises engaged in cyclical restocking, providing support for the market to bottom out and rebound. However, since mid-to-late June, weakness in downstream end-user consumption has re-emerged, causing the tungsten market to enter a stalemate with little spot trading. Amidst this ongoing tug-of-war, suppliers have made some price concessions due to inventory pressure and a desire to lock in profits, thereby putting downward pressure on market price levels. Tungsten and cobalt products newly prices as followings.

• 65% wolframite concentrate is RMB 510,000/ton, down 51.4% from the peak, up 10.9% since the start of the year.

• 65% scheelite concentrate is RMB 509,000/ton, down 51.5% from the peak, up 10.9% since the start of the year.

• Ammonium paratungstate (APT) is RMB 760,000/ton, down 50.0% from the peak, up 13.4% since the start of the year.

• The European APT is USD 2,900-3,210/mtu (equivalent to RMB 1.738-1.924 million/ton), down 2.7% from the peak, up 232.1% since the start of the year.

• Tungsten powder is RMB 1,230/kg, down 48.8% from the peak, up 13.9% since the start of the year.

• Tungsten carbide powder is RMB 1,180/kg, down 49.6% from the peak, up 13.5% since the start of the year.

• Cobalt powder is RMB 515/kg, down 11.2% from the year's high, down 1.0% since the start of the year.

• 70% ferrotungsten is RMB 780,000/ton, down 45.1% from the peak, up 20.0% since the start of the year.

• European ferrotungsten is USD 200-240/kg W (equivalent to RMB 948,000-1,138,000/ton), down 2.3% from the peak, up 60.0% since the start of the year.

• Tungsten scrap carbide rod is RMB 750/kg, down 45.3% from the peak, up 25.0% since the start of the year.

• Tungsten scrap carbide drill bit is RMB 700/kg, down 48.9% from the peak, up 20.7% since the start of the year.