Tungsten prices continued to decline, with all segments of the industry chain still in a bottoming-out and adjustment phase, although overall price spreads narrowed. Large tungsten producers' long-term contract purchase prices converged towards lower prices for spot goods, while the spot market, after continuous declines and erasing all year-to-date gains, showed a further weakening willingness to offer lower prices. Although the overall market weakness has not yet reversed, panic selling sentiment has eased somewhat.

Tungsten concentrate and ammonium paratungstate (APT) prices continued their downward trend, with a slight contraction in the circulation of low-priced goods. However, due to weak downstream consumption and some profit-taking in certain areas, prices remained under pressure, although the decline slowed.

The tungsten powder market showed a catch-up decline, mainly due to the lag in raw material cost transmission and cautious purchasing sentiment from downstream end-users. Compared to the decline in upstream prices, consumer expectations for powder prices remained weak, resulting in insufficient market participation. Weak demand continued to drag down market performance.

Confidence in the scrap tungsten market remained relatively cautious. Affected by the decline in virgin material prices and weak demand from the alloy sector, the market's bargaining power has been under pressure recently.

As of press time,

• 65% wolframite concentrate is priced at RMB 420,000/ton, down 60.0% from its peak and 8.7% from the beginning of the year.

• 65% scheelite concentrate is priced at RMB 419,000/ton, down 60.1% from its peak and 8.7% from the beginning of the year.

• Ammonium paratungstate (APT) is priced at RMB 660,000/ton, down 56.6% from its peak and 1.5% from the beginning of the year.

• European APT is priced at USD 3,000-3,280/mtu (equivalent to RMB 1.809-1.978 million/ton), up 241.3% from the beginning of the year.

• Tungsten powder is priced at RMB 1,300/kg, down 45.8% from its peak but up 20.4% from the beginning of the year.

• Tungsten carbide powder is priced at RMB 1,250/kg, down 46.6% from its peak but up 20.2% from the beginning of the year.

• Cobalt powder is priced at RMB 570/kg, down 2.6% from its peak, but up 8.7% from the beginning of the year.

• 70% ferrotungsten is priced at RMB 760,000/ton, down 46.5% from its peak, but up 16.9% from the beginning of the year.

• European ferrotungsten is priced at USD 260-270/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.

• Scrap tungsten rods are priced at RMB 630/kg, down 54.0% from its peak, but up 5.0% from the beginning of the year.

• Scrap tungsten drill bits are priced at RMB 580/kg, down 57.7% from its peak, unchanged from the beginning of the year.