February Ends with a Downward Fluctuation, Resistance Remains in March [SMM Analysis]

SMM March 2 News: With the conclusion of February, the tungsten market experienced significant fluctuations throughout the month. Influenced by various factors, the overall market trend was bearish, though the decline was relatively cautious.

The main factors affecting tungsten market prices this month included policy adjustments, the supply-demand relationship, and uncertainties in the international trade environment. On February 4, China implemented export control policies on tungsten-related items, which extended the short-term export certification process and slowed overall market exports. This policy change had a significant impact on market sentiment, intensifying the bearish atmosphere.

Post-Chinese New Year resumption of work slightly eased industry supply, but demand weakness remained unresolved. The increased pressure on market fundamentals further affected tungsten product prices. The downward adjustment of long-term contract quotations by major tungsten enterprises not only confirmed the bearish market condition but also exacerbated pessimism among some traders.

Nevertheless, the overall decline in tungsten prices remained relatively cautious. This was mainly due to the tightness of tungsten ore resources and the stable market strategies adopted by suppliers. Against the backdrop of instability in the international political and economic environment, market participants generally adopted cautious strategies, avoiding panic-driven actions.

Specifically, the average prices of 65% black tungsten concentrate and 65% white tungsten concentrate showed slight declines in February. Prices of ammonium paratungstate (APT), tungsten powder, and tungsten carbide powder were also affected by the downward market trend, but the month-end quotations showed smaller decreases compared to the beginning of the month, indicating a certain degree of market stability.

Looking ahead, the main driver of market trends will continue to depend on changes in the supply-demand relationship. SMM will closely monitor the recovery of effective domestic demand and the challenges posed by international trade risks.

In summary, the tungsten market in February 2025 exhibited a bearish trend under the influence of multiple factors, but cautious strategies by market participants and policy impacts limited the extent of the decline. Future market trends will depend on further developments in the supply-demand relationship and the stability of the international trade environment.

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