Analysis of Latest Tungsten Market from Chinatungsten Online

Tungsten prices continue to weaken, with the market in a state of flux between oversupply and differing market expectations, and the bottom of prices remains unclear.

According to China Tungsten Online, there is significant divergence in current tungsten raw material market quotations, mainly due to: (1) differences in supplier holding costs, with some low-cost suppliers still having room for profit-taking, while some higher-cost holders are conservatively pricing; (2) disparities in the financial strength of holders, with some facing turnover pressure and having a certain willingness to sell, while those with relatively abundant funds are more inclined to wait and see; and (3) divergent market expectations among participants, with some focusing on the metallic commodity attributes of tungsten and tending to price based on supply and demand fundamentals, while others emphasize the strategic resource premium of tungsten, showing a relatively optimistic medium- to long-term sentiment.

Downstream cemented carbide producers and end-user applications are generally cautious in their purchasing behavior, typically replenishing inventory in small batches as needed, and showing a strong willingness to lower prices. The sluggish demand further exacerbates the pressure on tungsten raw material prices to adjust.

As of press time,

• 65% wolframite concentrate is priced at RMB 600,000/ton, down 42.9% from its peak, but up 30.4% from the beginning of the year.

• 65% scheelite concentrate is priced at RMB 599,000/ton, down 42.9% from its peak, but up 30.5% from the beginning of the year.

• Ammonium paratungstate (APT) is priced at RMB 920,000/ton, down 39.5% from its peak, but up 37.3% from the beginning of the year.

• European APT is priced at USD 3,000-3,280/mtu (equivalent to RMB 1.805-1.973 million/ton), up 241.3% from the beginning of the year.

• Tungsten powder is priced at RMB 1,700/kg, down 29.2% from its peak, but up 57.4% from the beginning of the year.

• Tungsten carbide powder is priced at RMB 1,630/kg, down 30.3% from its peak, but up 56.7% from the beginning of the year.

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

• 70% ferrotungsten is priced at RMB 950,000/ton, down 33.1% from its peak, but up 46.2% from the beginning of the year.

• European ferrotungsten is priced at USD 270-290/kg W (equivalent to RMB 1.285-1.38 million/ton), down 13.9% from its peak, but up 103.6% from the beginning of the year.

• Scrap tungsten rods are priced at RMB 730/kg, down 46.7% from its peak, but up 21.7% from the beginning of the year.

• Scrap tungsten drill bits are priced at RMB 680/kg, down 50.4% from its peak, but up 17.2% from the beginning of the year.