Tungsten prices saw a slight decline on Monday, with short-term profit-taking pressure on the supply side easing somewhat and market sentiment temporarily calming. However, a genuine recovery in prices still requires support from increased actual orders, improved funding conditions, or positive policy signals. Currently, buyer bargaining and a wait-and-see attitude still dominate, suppressing price movements.

On the supply side, tungsten concentrate and ammonium paratungstate (APT) prices have given back all gains since 2026, mitigating some of the risks from high levels and profit-taking pressure, strengthening the market's stability-oriented sentiment among participants. Furthermore, the continued decline itself is detrimental to the recovery of downstream purchasing confidence. To maintain supply chain stability and await follow-up from downstream sectors, some suppliers are controlling supply and stabilizing prices, resulting in some improvement in overall supply support.

On the consumption side, tungsten prices have experienced a rollercoaster ride this year, first doubling and then halving, leading to extremely cautious operations and low risk appetite among downstream enterprises. Currently, market entry is mainly focused on digesting inventory and making rigid purchases, with clear bargaining attitudes and few instances of proactive restocking or large-scale purchases, indicating insufficient support for market demand.

As of press time,

• 65% wolframite concentrate is priced at RMB 410,000/ton, down 61.0% from its high and 10.9% from the beginning of the year.

• 65% scheelite concentrate is priced at RMB 409,000/ton, down 61.0% from its high and 10.9% from the beginning of the year.

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

• European APT is priced at USD 3,000-3,140/mtu (equivalent to RMB 1.801-1.885 million/ton), down 2.2% from its high but up 233.7% from the beginning of the year.

• Tungsten powder is priced at RMB 1,200/kg, down 50.0% from its high but up 11.1% from the beginning of the year.

• Tungsten carbide powder is priced at RMB 1,150/kg, down 50.9% from its high but up 10.6% from the beginning of the year.

• Cobalt powder is priced at RMB 565/kg, down 2.6% from its peak, but up 8.7% from the beginning of the year.

• 70% ferrotungsten is priced at RMB 720,000/ton, down 49.3% from its peak, but up 10.8% from the beginning of the year.

• European ferrotungsten is priced at USD 255-257.5/kg W (equivalent to RMB 1.211-1.223 million/ton), down 21.2% from its peak, but up 86.4% 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.