Following the May Day holiday, the tungsten market remained relatively stable with a wait-and-see attitude, as buying and selling stalled, awaiting new price forecasts from industry institutions and guidance prices from major tungsten producers. According to Chinatungsten Online, the current atmosphere on the raw material side remains weak. While holders of inventory are willing to stabilize the market, downstream end-users are generally adopting a wait-and-see approach, with procurement strategies trending towards contraction, resulting in fewer new orders. In the scrap tungsten sector, there is a coexistence of reluctance to sell at low prices and attempts to buy at rock-bottom prices, making it difficult for the market to reach a consensus, and transactions remain stagnant.

The market is still affected by some low-priced resources, while downstream purchasing initiative is weak, leading to cautious buying and selling and a stalemate as buyers await further news.

• 65% wolframite concentrate is priced at RMB 710,000/ton, down 32.4% from its high, but up 54.4% from the beginning of the year.
• 65% scheelite concentrate is priced at RMB 709,000/ton, down 32.4% from its high, but up 54.5% from the beginning of the year.

Export channels are obstructed, domestic market liquidity is poor, and spot transactions are rare, with investors observing the cost side.

• Domestic APT is priced at RMB 1,150,000/ton, down 24.3% from the high, but up 71.6% from the beginning of the year.
• European APT is priced at USD 2,800-3,320/mtu (equivalent to RMB 1.69-2.004 million/ton), up 232.6% from the beginning of the year.

Post-holiday buyer sentiment remains uncertain, with a wait-and-see attitude dominating. New orders are scarce, with only rigid demand maintaining flow, putting pressure on transactions.

• Tungsten powder is priced at RMB 1,960/kg, down 18.3% from the high, but up 81.5% from the beginning of the year.
• Tungsten carbide powder is priced at RMB 1,890/kg, down 19.2% from the high, but up 81.7% from the beginning of the year.
• Cobalt powder is priced at RMB 575/kg, down 0.9% from their high, but up 10.6% from the beginning of the year.

Downstream steel mills' purchasing sentiment was generally weak, with spot transactions mainly based on immediate needs. Coupled with stabilizing cost support, the market remained sluggish.

• 70% ferrotungsten is priced at RMB 1,060,000/ton, down 25.4% from their high, but up 63.1% from the beginning of the year.
• European ferrotungsten is priced at USD 290-300/kg W (equivalent to RMB 1.384-1.432 million/ton), down 9.2% from their high, but up 114.6% from the beginning of the year.

There was a significant divergence in price expectations between buyers and sellers. Market transactions were cautious, and prices remained stable with limited trading activity.

• Scrap tungsten rods are priced at RMB 680/kg, down 50.4% from their high, but up 13.3% from the beginning of the year.
• Scrap tungsten drill bits are priced at RMB 630/kg, down 54.0% from its peak, but up 8.6% from the beginning of the year.