






March 10-14, 2025
This week, the average cost in the APT industry was 208,836 yuan/mt, the average profit was -1,586 yuan/mt, and the average profit margin was -0.77%.
Currently, mines are gradually resuming production. Although the slow pace of raw material supply provides some support to the market, tungsten prices have continued to decline due to persistently weak downstream demand. Confidence among raw material traders has weakened, and their quotations have gradually decreased. This trend has significantly reduced the production costs of APT smelters. Although the issue of price inversion has not yet been resolved, profit margins have increased substantially as a result.
For queries, please contact Lemon Zhao at lemonzhao@smm.cn
For more information on how to access our research reports, please email service.en@smm.cn