Tungsten prices remain in a tug-of-war between bullish and bearish forces, temporarily stabilizing. Market transactions are primarily driven by immediate needs, putting pressure on negotiating prices. Participants are cautious, awaiting price forecasts from industry institutions and the performance of long-term contract prices from major tungsten producers.
The tungsten concentrate market continues to exhibit a stalemate, with prices hovering around RMB 410,000/standard ton for ore with a grade of 55% or higher. Yesterday, a mining company in Guangdong auctioned 156 tons of tungsten concentrate, with 89 tons of 19.47% scheelite concentrate sold at RMB 349,000/standard ton and 67 tons of 17.46% scheelite concentrate sold at RMB 337,400/standard ton.
The ammonium paratungstate (APT) market remains supported by costs, but transactions are sluggish, leading to a decrease in smelter operating rates. Domestic prices continue to stagnate around the RMB 600,000/ton mark. The international market remains tight with high prices due to limited smelting capacity. European APT prices are quoted at USD 3000-3279/mtu (equivalent to RMB 1.792-1.959 million/ton). The supply and demand structures are diverging domestically and internationally, with significant price differences.
The tungsten powder market remains sluggish. Consumer confidence is weak, and downstream customers and traders are primarily making purchases for rigid demand with room for negotiation, limiting market activity.
Cobalt powder prices are currently quoted at RMB 460/kg. Demand momentum in the new energy and cemented carbide sectors is weak, and the market lacks incremental support, putting downward pressure on prices.
Domestic 70% ferrotungsten prices are hovering around RMB 660,000/ton, with low market activity and cautious supply and demand. The international market, influenced by seasonal factors and cautious consumer sentiment, has recently seen a price correction, with European ferrotungsten prices quoted at USD 180-195/kg W (equivalent to RMB 850,000-921,000/ton).
The tungsten waste and scrap sector is characterized by a strong wait-and-see attitude. On the one hand, the stalemate in the raw material market is spreading downwards, and on the other hand, those who held positions at high prices in the early stage are unwilling to digest their inventory at the current price level, while buyers are mostly purchasing on a per-order basis, making it difficult to increase transaction volume.
