Driven by persistent tightness in raw material supply, tightened domestic tungsten mining quotas, and sustained downstream demand, tungsten prices have repeatedly reached record highs since late October. As of December 9, the average price of black tungsten concentrate (≥65%) has reached 356,500 CNY/mt, surging nearly 150% year-to-date. In response to the supply constraints, major producers including Jiangxi Tungsten, Zhangyuan Tungsten, and the Ganzhou Tungsten Industry Association have further raised their long-term contract prices for December. The market outlook remains firm, with prices expected to maintain elevated levels through the end of the year.

SMM Steel, December 9 – According to SMM statistics, estimated total shipments to mainstream markets this week were 186,300 mt, down 7.73% WoW from last week’s shipment level. By market:  

On December 8, data from the General Administration of Customs showed that China exported 9.98 million mt of steel in November 2025, an increase of 198,000 mt MoM, up 2.0% MoM. Cumulative exports from January to November reached 107.717 million mt, up 6.7% YoY.

SMM Analysis: In November 2025, the operating rate of Chinese copper foil enterprises was 86.30%, up 2.08 percentage points MoM and up 10.82 percentage points YoY...

According to SMM, the comprehensive operating rate of the enamelled wire industry in November was 67.91%, up 3.44 percentage points MoM, but down 1.33 percentage points YoY. Among them, the operating rate of large enterprises was 68.38%, that of medium-sized enterprises was 66.05%, and that of small enterprises was 69.29%.

On December 5, APT CIF Rotterdam prices reached $780–820/mtu, up $40/mtu week-on-week, while ferrotungsten rose $8.5/kg to $98–99/kg W. European prices continue to be lifted by sustained strength in the Chinese market and robust downstream demand from the hard metal industry. Supply remains tight across the raw material chain, with tradable APT extremely scarce.