Tungsten prices continued their weak trend on Monday, pressured by supply-demand imbalances and a lack of confidence. Overall trading was subdued with low volume, and the market lacked upward momentum in the short term.

The cumulative price increases of 2026 have been fully reversed, but market pressure has not yet been completely cleared. Downstream end-users showed little interest in purchasing, and the market continued its weak performance.

• 65% wolframite concentrate was priced at RMB 460,000/ton, down 56.2% from its high, unchanged from the beginning of the year.

• 65% scheelite concentrate was priced at RMB 459,000/ton, down 56.2% from its high, unchanged from the beginning of the year.

The release of some low-priced resources significantly impacted long-term contract pricing and trade confidence. Current market price differentials exceed 100,000/ton, exacerbating divergent sentiment among traders and increasing market liquidity pressure.

• Domestic APT was priced at RMB 700,000/ton, down 54.0% from its high, but up 4.5% from the beginning of the year.

• European APT was priced at USD 3000-3280/mtu (equivalent to RMB 1.809-1.978 million/ton), up 241.3% from the beginning of the year.

Upstream raw material cost support is gradually weakening, while downstream end-user demand, such as cemented carbide, is slowing. Most participants are adopting a wait-and-see attitude, and the market is in a downward pressure cycle.

• Tungsten powder was priced at RMB 1500/kg, down 37.5% from its high, but up 38.9% from the beginning of the year.

• Tungsten carbide powder was priced at RMB 1430/kg, down 38.9% from its high, but up 37.5% from the beginning of the year.

• Cobalt powder was priced at RMB 570/kg, down 1.7% from its high, but up 9.6% from the beginning of the year.

There is a lack of upward momentum on the cost side, and few new orders on the demand side. The stalemate between buyers and sellers continues, and prices remain weak.

• 70% ferrotungsten was priced at RMB 800,000/ton, down 43.7% from its peak, but up 23.1% from the beginning of the year.

• European ferrotungsten was priced at USD 265-275/kg W (equivalent to RMB 1.264-1.312 million/ton), down 14.6% from its peak, but up 96.4% from the beginning of the year.

Affected by the continued low price of virgin raw materials and occasional breaches of contract, recyclers are increasingly panicked, making transactions more cautious and lowering prices.

• Scrap tungsten rods were priced at RMB 670/kg, down 51.1% from its peak, but up 11.7% from the beginning of the year.

• Scrap tungsten drill bits were priced at RMB 620/kg, down 54.7% from its peak, but up 6.9% from the beginning of the year.