Raw Material Market Remains Stable, Tungsten Prices Rebound Mildly [SMM Analysis]

SMM, December 27:

Recently, the tightening supply of tungsten concentrate has strengthened suppliers' sentiment to raise prices. However, buyers still feel significant cost pressure, resulting in a tug-of-war where "low-priced tungsten concentrate is hard to find, and high-priced transactions are sluggish."

In the APT market, as a new round of long-term contract deliveries begins, suppliers are showing reluctance to sell due to a slight mismatch between raw material prices and their spot prices, with low enthusiasm for actively quoting in the bulk market. Meanwhile, as the year-end stocking period approaches, APT smelters are gradually increasing their operating rates, with expectations of follow-up demand for raw material procurement.

In the tungsten powder market, inquiries have increased, but since most hard alloy restocking plans are scheduled for January, the recent slight rise in tungsten prices has not effectively boosted the circulation of tungsten powder in the market.

In summary, under the current situation where raw material prices in the tungsten market remain firm and downstream demand awaits follow-up, tungsten prices still have room for a slight increase.

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