The long-term contract prices of a tungsten enterprise in Guangdong were raised in the first half of February compared to the previous month.

[SMM Magnesium Morning Meeting Minutes: Magnesium Market Holds Steady Pre-Holiday, Wait-and-See Sentiment Grows] February 10, Raw material side: Dolomite supply tightens as top-tier enterprises in Wutai area remain suspended, prices maintain a firm trend; ferrosilicon futures are in the doldrums, spot transactions sluggish, prices expected to continue consolidating narrowly. Magnesium ingot market offers hold steady, mainstream transaction prices in Fugu area remain at 16,350-16,450 yuan/mt, transactions mainly supported by domestic trade rigid demand and foreign trade March order stockpiling, market expectations for price declines weaken, recent market likely to continue fluctuating rangebound. Magnesium alloy market benchmark prices and processing fees both hold steady, downstream pre-holiday procurement pace slows down, supply-demand tight balance supports processing fees remaining firm. Magnesium powder market operates steadily, enterprises' pre-holiday stockpiling largely completed, both domestic and foreign trade demand show mediocre performance, transactions mainly rigid demand. Overall, pre-Chinese New Year, the market enters a stable wait-and-see phase, cost support and weakening demand counterbalance each other, prices across varieties are expected to see limited fluctuations before the holiday.

The tax-inclusive unit prices for Guangdong Xianglu Tungsten's long-term contracts in the first half of February 2026 are as follows: Unit price for black tungsten concentrate with a grade above 55%: 691,000 yuan per metric ton, up 135,000 yuan per metric ton MoM.