Tungsten prices remain in a weak stalemate, with pressure mainly from the demand side. End-user consumption recovery has underperformed expectations. Combined with the “buy the rise, not the fall” mentality, downstream buyers have grown increasingly cautious on essential procurement, and some orders have been deferred. On the supply side, while the metal’s strategic resource attributes and compliant capacity constraints provide a floor, funding turnover pressures and the need to destock inventories are still prompting some holders to cash out. Overall support remains limited and is insufficient to reverse the current weak tone. With the Mid-Autumn Festival and National Day holidays approaching, wait-and-see sentiment is intensifying and trading activity is cooling.
55% tungsten concentrate prices are holding in the range of RMB 380,000-400,000/standard ton. Resource scarcity lends the material some resistance to price drops, yet the expected “Golden September” rally failed to materialise. Downstream feedback remains soft, high-priced material is difficult to pass through, and most deals are negotiated on a case-by-case basis.
Ammonium paratungstate (APT) is quoted at approximately RMB 570,000-580,000 /ton. Spot transactions are scarce and long-term contract volumes have contracted to some extent. Circulation in the midstream of the supply chain is obstructed, inversion pressure is pronounced, and smelters are proactively cutting or suspending production to reduce inventories while adopting a wait-and-see stance.
Tungsten powder is quoted at about RMB 850-880/kg and tungsten carbide powder at about RMB 820-840/kg. Demand from cemented carbide and further downstream remains passive, with purchases largely made on an as-needed basis. Overall trading is subdued, the market is clearly buyer-driven, and prices are under relative pressure.
The scrap tungsten market is gradually returning to rationality, with both buying and selling conducted cautiously. Buyers are picking up material on dips and turning over inventory quickly to manage risk, while holders mainly adopt a wait-and-see approach or selectively cash out. Market drivers remain insufficient; under the combined influence of the upcoming holidays, capital constraints, and cautious sentiment, the market is expected to stay in a weak stalemate in the near term.
