TiO2 Output in China Declined 1.06% MoM in July 2025 Amid Production Cuts

[Tungsten Brief] SMM reported on May 25 that the tungsten market underwent weak consolidation today. Transactions in the tungsten concentrates market were scarce. Some spot order transaction prices remained lower than long-term contract prices, but sellers had limited room for price concessions. The market showed signs of consolidating at lows and stabilizing. The negotiation range for grades above 55% was concentrated at 390,000-400,000 yuan/standard tonne (65%WO3 basis), while transaction price spreads for medium- and low-grade ore were relatively large. SMM 65% wolframite concentrates closed at 400,500 yuan/standard tonne (65%WO3 basis) today, down 10,000 yuan/standard tonne (65%WO3 basis) WoW. APT market prices mainly remained stable today. The industry implemented production cuts to support prices. Mainstream enterprises primarily issued long-term contracts, with some spot order transactions concentrated around 600,000 yuan/mt. Downstream enterprises mainly restocked on a just-needed basis.

As a key fundamental material supporting the stainless steel and new energy battery industries, electrolytic manganese is standing at a critical industrial transformation stage. Driven by tightening environmental policies, accelerating technological iteration, steady traditional demand and booming new energy consumption, the industry features shrinking supply, structural optimization and rising price center, with its strategic value growing increasingly prominent.

SMM News, May 21： Since mid-March, China's tungsten market has ended a year-long sharp rally and entered a high-level correction phase with prices trending steadily lower. Market sentiment has shifted from exuberance to caution, with periodic supply-demand adjustments and fading market mood becoming core drivers of price movements.