While the overall tungsten market maintains a stable, stagnant pattern, underlying tensions are brewing.
Suppliers' previous reluctance to sell has eased somewhat, while buyers are maintaining a restrained purchasing pace. Upward pressure on tungsten product prices is evident, while downward potential is constrained by costs and supply elasticity. Before the Dragon Boat Festival, many participants are adopting a wait-and-see approach, awaiting directional catalysts. The deviation between current spot prices and transaction volumes has widened somewhat. On the supply side, mines, smelters, and intermediate traders remain reluctant to sell at low prices. However, considering capital and inventory levels, some holders who previously bought at lower prices are choosing to secure profits given the stagnant prices and still reasonable profits.
On the demand side, the market is in a period of rational contraction driven by risk aversion. Following the significant fluctuations in raw material prices, downstream cemented carbide and related product manufacturers have noticeably lowered their risk appetite. Coupled with the current complex and volatile macroeconomic and political environment, companies are generally facing order uncertainty and cost transmission pressures, thus lacking the confidence to proactively accept premiums. The market is largely maintaining a sales-driven procurement model, suppressing transaction activity.
As of press time,
65% black tungsten concentrate price is RMB 525,000/standard ton, down 50.0% from its peak, but up 14.1% from the beginning of the year.
65% white tungsten concentrate price is RMB 524,000/standard ton, down 50.1% from its peak, but up 14.2% from the beginning of the year. Ammonium paratungstate (APT) price is RMB 800,000/ton, down 47.4% from its peak, but up 19.4% from the beginning of the year.
European APT price is USD 2,900-3,180/ton (equivalent to RMB 1.735-1.902 million/ton), down 3.2% from its peak, but up 230.4% from the beginning of the year.
Tungsten powder price: 1280 yuan/kg, down 46.7% from its peak, up 18.5% from the beginning of the year. Tungsten carbide powder price: 1230 yuan/kg, down 47.4% from its peak, up 18.3% from the beginning of the year.
Cobalt powder price: 530 yuan/kg, down 8.6% from its high this year, up 1.9% from the beginning of the year. 70% ferrotungsten price: 780,000 yuan/ton, down 45.1% from its peak, up 20.0% from the beginning of the year.
European ferrotungsten price: 200-235 USD/kg tungsten (equivalent to 946,000-1,112,000 yuan/ton), down 33.1% from its peak, up 58.2% from the beginning of the year.
Scrap tungsten rod price: 780 yuan/kg, down 43.1% from its peak, up 30.0% from the beginning of the year.
Scrap tungsten drill bit price: 730 yuan/kg, down 46.7% from its peak, up 25.9% from the beginning of the year.
