[Tungsten News Flash] SMM May 6: A tungsten industry group in Jiangxi released long-term contract prices for the first half of May. The guidance price for national standard grade-one wolframite concentrates for the first half of May 2026 was 720,000 yuan/standard tonne (65%WO3 basis) (long-term contract), down 190,000 yuan/standard tonne (65%WO3 basis) from the second half of April.

[Pre-Holiday Surplus Inventory Dragged Down Purchasing, Magnesium Market Trading Sluggish with Short-Term Downward Pressure on Prices] Today, the overall magnesium market trading was sluggish. Smelters maintained firm quotes but offered concessions in some cases. Downstream stocking inventory was sufficient, and the willingness to purchase on demand was weak, leaving short-term magnesium prices under pressure.

[SMM Tungsten Daily Review: Tungsten Market Trading Sluggish, Awaiting Tomorrow's Long-Term Contract to Set the Tone] SMM May 6 News: On the first day after the holiday, China's tungsten market continued its weak consolidation trend. The upstream raw material market was waiting for tomorrow's long-term contract guidance price, with very few transactions in the market. Downstream powder and cemented carbide intermediate products showed a catch-up decline. Wait-and-see sentiment pervaded the market, with transactions across all segments dominated by scattered small orders for rigid demand, lacking support from bulk transactions.