Favourable macro front coupled with fundamental support keeps the short-term tungsten market holding up well [SMM Tungsten Daily Review]

SMM June 12 News:

Today, the tungsten market is mainly characterized by a sideways trend at highs. The Sino-US consultation meeting is expected to ease the trade war, and the market's outlook for tungsten demand is positive.

Ore Segment: Today, the price of tungsten concentrate remains fluctuating at highs. There has been some relaxation in ore supply, and market liquidity has improved. However, the mainstream transaction prices in the market are still at high levels. Downstream inventory levels are low, and the willingness to restock has strengthened somewhat. However, due to the high prices, restocking is mainly driven by just-in-time needs. As of June 12, SMM's wolframite concentrate (65%) closed at 173,000-174,000 yuan/mt, unchanged from the previous trading day.

Ammonium Paratungstate (APT): Today, SMM's APT (≥88.5%) is quoted at 251,000-255,000 yuan/mt, with an average price of 253,000 yuan/mt, unchanged from the previous trading day. The APT sector has strong cost support, but corporate profits are poor. Downstream fear of high prices persists, and transactions are average today.

Powder Segment: Today, SMM's tungsten carbide powder is quoted at 368-373 yuan/kg, with an average price of 370.5 yuan/kg, unchanged from the previous trading day. Suppliers are actively selling, but downstream orders from enterprises such as cemented carbide manufacturers are average, with most procurement driven by just-in-time needs.

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