The tungsten market remained largely stable on Monday, characterized by a tug-of-war between cost-side support and a wait-and-see approach from the demand side. Suppliers of raw materials generally maintain a firm stance, showing little willingness to sell at lower prices. On the demand side, buyers are cautiously monitoring cost trends, with transactions primarily driven by immediate, essential needs. Overall market activity remains limited as participants await clearer signals regarding future direction.
Suppliers in the tungsten ore segment maintained optimistic pricing, with tungsten concentrate (WO3≥55%) priced at approximately RMB 350,000/standard ton, a reflection of a reluctance to sell at lower price points. Buyers continued to procure strictly according to their immediate requirements, resulting in limited overall transaction volumes.
In the ammonium paratungstate (APT) market, producers continued to hold back supply to support prices, with quotes hovering around RMB 550,000/ton. Downstream demand remained cautious, with activity largely confined to essential need orders, leading to limited market liquidity.
Prices for tungsten powders remained firm, largely adjusted in response to upstream cost pressures. Tungsten powder prices climbed above RMB 800/kg, while tungsten carbide powder was priced at approximately RMB 780/kg. Manufacturers of cemented carbides and their end-users showed little appetite for chasing higher prices, reflecting a lack of confidence in the current market trend; procurement was focused primarily on maintaining production cycles, with a cautious approach toward inventory accumulation.
In the tungsten scrap market, sentiment among recyclers has become more rational following previous periods of sharp, volatile price jumps. Both quoting and trading have become more measured, with most participants preferring to base their decisions on the price trends of virgin raw materials. Consequently, scrap tungsten prices are currently undergoing a period of narrow-range consolidation.
Internationally, the price of APT in Europe stands at USD 2,450-2,900/mtu (equivalent to RMB 1.443-1.708 million/ton). While this represents a 14.8% decline from recent highs, it remains 190.8% higher than the levels seen at the beginning of the year. The price of ferrotungsten in Europe is currently USD 145-155/kg W (equivalent to RMB 675,000-722,000/ton), a 53.9% drop from its peak, yet still 9.1% higher than at the start of the year.
