Weak Demand Growth and Market Supply-Demand Imbalance [SMM Tungsten Daily Review]

Published: Mar 11, 2025 13:05

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[SMM Tungsten Daily Review: Weak Demand Growth, Supply-Demand Imbalance in the Market] Currently, tungsten ore supply is gradually recovering, but the limited number of new mine projects provides some support to the market. However, downstream demand recovery remains sluggish, and consumers show low willingness to restock, leading to a relatively subdued market trading atmosphere. In the short term, the supply-demand imbalance in the market is unlikely to improve quickly, and prices are still under certain downward pressure. In the long term, with the advancement of domestic economic policies and the gradual recovery of demand, the tungsten market is expected to stabilize progressively.

SMM, March 11:

Today, tungsten prices continued to weaken, with strong market sentiment of wait-and-see.

【Price Quotations】

65% Black Tungsten Concentrate: 139,000-140,000 yuan/mtu

55% Black Tungsten Concentrate: 137,000-138,000 yuan/mtu

APT: 207,000-207,500 yuan/mt

Tungsten Powder: 311-313 yuan/kg

Tungsten Carbide Powder: 306-308 yuan/kg

70% Ferro-Tungsten: 215,000-217,000 yuan/mt

80% Ferro-Tungsten: 219,000-221,000 yuan/mt

【Market Dynamics】

Currently, tungsten ore supply is gradually recovering, but the limited number of new mine projects has provided some support to the market. However, downstream demand recovery remains slow, and consumers show low willingness to restock, leading to a subdued market trading atmosphere. In the short term, the supply-demand imbalance in the market is unlikely to improve quickly, and prices are still under certain downward pressure. In the long term, with the implementation of domestic economic policies and the gradual recovery of demand, the tungsten market is expected to stabilize progressively.

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Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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