March 17-21, 2025, the average cost in the APT industry was 208,695 yuan/mt, with an average profit of -1,695 yuan/mt and an average profit margin of -0.82%. Recently, due to a decline in concentrate prices, smelting costs have decreased, and the extent of losses for enterprises has narrowed. However, as downstream demand remains weak, support for APT prices is relatively small, and smelters continue to operate at a loss. Additionally, tungsten prices remained largely stable this week, with relatively small fluctuations, leading to a relatively small change in smelter profits WoW.