Cost-driven tungsten products such as ammonium paratungstate and tungsten powder continue to rise [SMM Tungsten Daily Review]

SMM June 4 News:

On June 4, the tungsten market exhibited a cautious stance overall. The upstream ore sector saw limited supply, and the market remained largely stable. The cost side of downstream products drove a strong upward performance.

On June 4, the price quotations for tungsten concentrate were largely stable. SMM's wolframite concentrate (≥65%) closed at 171,000-172,000 yuan/mt (metric ton), with an average closing price of 171,500 yuan/mt. Recently, there has been limited supply of tungsten ore resources. The decline in ore mining grade and the resource attributes provide strong support for the future market. Mine traders continue to test higher price levels, while downstream just-in-time procurement is conducted cautiously. On June 4, SMM's ammonium paratungstate (APT) prices increased. The mainstream quotations ranged from 249,000 to 253,000 yuan/mt, with an average price of 251,000 yuan/mt, up 1,000 yuan/mt from the previous day. The sodium tungstate industry is facing poor profitability, and enterprises are reluctant to operate at low prices. Cost-driven price increases have been observed. Downstream demand remains sluggish, with few spot orders concluded today, and long-term contracts dominating. Downstream products such as tungsten carbide powder and cemented carbide have slightly followed the upward trend today. On June 4, SMM's ferrotungsten quotations increased. SMM ferrotungsten (≥70%) was quoted at 249,000-252,000 yuan/mt, up 1,000 yuan/mt from the previous working day. The cost side of ferrotungsten is strong, and prices are being transmitted to the ferrotungsten market. However, downstream consumption of ferrotungsten is limited, and trading activities are conducted with caution.

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