SMM Analysis: Tungsten Prices Consolidate Amid Rising Long-Term Contract Prices and Limited Demand

[SMM Analysis: Long-term Contract Prices Continue to Rise, Is There Still Upside Room for Tungsten Prices?] Tungsten concentrate prices have been continuously rising, driven by suppliers' reluctance to sell. Meanwhile, smelters have delayed purchases and reduced procurement volumes due to the mismatch between ore prices and APT prices. Tungsten powder prices are slightly higher than actual transaction prices, with demand still lagging behind. Recently, new orders for hard alloys have been limited, and some companies are planning a new round of price increases.

Currently, the rise in tungsten prices mainly relies on the support of tungsten concentrate prices. As year-end approaches, the market is expected to see a new round of stockpiling plans, making it difficult for tungsten market prices to fall. Caution is advised regarding potential price pressure due to insufficient end-use demand. In the short term, tungsten prices are expected to continue consolidating after a slight increase.