Tungsten prices have been rising strongly. As of press time, tungsten concentrate prices reached RMB 420,000/ton, ammonium paratungstate prices reached RMB 620,000/ton, and tungsten powder prices broke the million RMB mark!
From the supply side, declining ore grades at mines, limited new mine replenishment both domestically and internationally, continued and in-depth environmental and safety inspections, and strict implementation of compliant mining control policies have supported a tight resource base. Year-end maintenance and production reductions at mines and smelters have further contracted spot market supply.
From the demand side, external capital inflows have significantly boosted speculative demand, but high prices have also accumulated certain risks. Actual consumption demand is showing divergence. Demand remains relatively stable in high-value-added sectors with lower tungsten raw material price sensitivity, and in sectors where there are currently no suitable alternatives. Some intermediate product and traditional alloy processing companies are cautious in their procurement and sales activities due to significant cost and financial pressures, often adhering to one-off negotiations, with some orders postponed or suspended.
Current market sentiment is complex and intertwined, with all parties operating with increasing caution. On the one hand, the fundamentals of tight supply and resilient demand, along with sentiment driven by strategic attributes and capital inflows, have fueled bullish sentiment. On the other hand, the risks associated with persistently high prices, suppressed real demand, external uncertainties, and year-end settlement pressures have prompted the market to remain rational and restrained.
As of press time,
65% wolframite concentrate is priced at RMB 420,000/ton, up 193.7% from the beginning of the year.
65% scheelite concentrate is priced at RMB 419,000/ton, up 195.1% from the beginning of the year.
Ammonium paratungstate (APT) is priced at RMB 620,000/ton, up 193.8% from the beginning of the year.
European APT is priced at USD 800-825/mtu (equivalent to RMB 499,000-514,000/ton), up 146.2% from the beginning of the year.
Tungsten powder is priced at RMB 1,000/kg, up 216.5% from the beginning of the year.
Tungsten carbide powder is priced at RMB 960/kg, up 208.7% from the beginning of the year.
Cobalt powder is priced at RMB 515/kg, up 202.9% from the beginning of the year.
70% ferrotungsten is priced at RMB 570,000/ton, up 165.1% from the beginning of the year.
European ferrotungsten is priced at USD 102.65-109.5/kg W (equivalent to RMB 506,000-540,000/ton), up 141.1% from the beginning of the year.
Scrap tungsten rods are priced at RMB 590/kg, up 168.2% from the beginning of the year.
Scrap tungsten drill bits are priced at RMB 550/kg, up 141.2% from the beginning of the year.
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