Entering the first week of March, the tungsten market continued its strong upward trend since February. This was driven by several factors: limited operating rates at mines exacerbated supply constraints, while escalating geopolitical risks and a revaluation of the strategic metal's worth dominated current market sentiment.
On February 28th, the US and Israel launched a large-scale military strike against Iran, prompting a retaliatory attack and the blockade of the Strait of Hormuz, a crucial oil transport route through the Middle East. This geopolitical tension in the Middle East led to a rapid rise in global risk aversion, triggering significant volatility in financial markets. On Monday's opening, gold, silver, and crude oil prices all surged, with London gold rising 2.14%, silver 2.80%, and Brent crude 12.59%. Although gains subsequently narrowed, the overall market volatility highlighted the amplifying effect of geopolitical risks on commodities. Against this backdrop, tungsten's strategic resource attributes were further amplified, supporting its relatively strong price performance. However, the trend of multiple-fold increases within a year has also led to accumulating resistance in trading volume.
- 65% wolframite concentrate is priced at RMB 830,000/ ton, up 80.4% from the beginning of the year.
- 65% scheelite concentrate is priced at RMB 829,000/ ton, up 80.6% from the beginning of the year.
- Ammonium paratungstate (APT) is priced at RMB 1,250,000/ton, up 86.6% from the beginning of the year.
- European APT is priced at USD 1,890-1,998/ton (equivalent to RMB 1,149,000-1,214,000/ton), up 111.3% from the beginning of the year.
- Tungsten powder is priced at RMB 1,990/kg, up 84.3% from the beginning of the year.
- Tungsten carbide powder is priced at RMB 1,930/kg, up 85.6% from the beginning of the year.
- Cobalt powder is priced at RMB 580/kg, up 11.5% from the beginning of the year.
- 70% ferrotungsten is priced at RMB 1,160,000/ton, up 78.5% from the beginning of the year.
- European ferrotungsten is priced at USD 209-230/kg W (equivalent to RMB 1.005-1.054 million per ton), up 59.6% from the beginning of the year.
- Scrap tungsten rods are priced at RMB 1240/kg, up 106.7% from the beginning of the year.
- Scrap tungsten drill bits are priced at RMB 1220/kg, up 110.3% from the beginning of the year.
