The tungsten market is in a sustained bull market, with prices steadily rising. This is mainly due to tight raw material supply, capital market intervention, and better-than-expected long-term contract purchase prices from tungsten companies at the beginning of the week. Downstream end-users remain reserved about the rapidly rising costs, and while they don't accept them, some rigid demand has forced them to passively accept them. Overall liquidity in the tungsten market is limited, with transactions concentrated on long-term contract fulfillment, and spot trading activity is low.
In the tungsten concentrate market, mining companies have seen significant inventory increases. Before facing substantial financial pressure, the market is cautious in its release of information, low-priced supplies are scarce, and bullish sentiment remains positive.
65% black tungsten concentrate is priced at RMB 347,000/standard ton, up 142.7% from the beginning of the year.
65% white tungsten concentrate is priced at RMB 346,000/standard ton, up 143.7% from the beginning of the year.
In the ammonium paratungstate (APT) market, benefiting from cost transmission and strong long-term contracts from major companies, prices continue to rise. Demand feedback was relatively cautious, with most transactions focused on long-term contracts, while spot market trading was sluggish.
Domestic prices were reported at 510,000 yuan/ton, up 141.7% from the beginning of the year.
European APT prices were reported at $735-780/ton (equivalent to 460,000-488,000 yuan/ton), up 129.6% from the beginning of the year.
In the tungsten powder market, reference raw material prices remained high, with suppliers unwilling to proactively quote prices, opting for negotiated deals on a case-by-case basis. Buyers mostly adopted a wait-and-see approach, with actual transactions mainly concentrated on small-batch, immediate-needs orders.
Tungsten powder prices were reported at 810 yuan/kg, up 156.3% from the beginning of the year.
Tungsten carbide powder prices were reported at 780 yuan/kg, up 150.8% from the beginning of the year.
Cobalt powder prices were reported at 510 yuan/kg, up 200% from the beginning of the year.
