High-priced Tungsten Conduction Hindered, Short-term Volatile Operation Predominates [SMM Tungsten Daily Review]

SMM News on June 17:

Today, the tungsten market was mainly in the doldrums, with ore prices showing a slight easing and declining compared to the previous period. There were no significant fluctuations in downstream products such as APT, but market transactions tended to be mediocre. Follow-up attention should still be paid to end-user demand.
Ore: As of June 17, SMM's wolframite concentrate (65%) closed at 172,000-173,000 yuan/standard mt, down 1,000 yuan/mt from the previous trading day. There were no reports of increased ore production, and market inventory levels remained relatively low, with limited room for overall market conditions to ease.
Ammonium Paratungstate: Today, SMM's ammonium paratungstate (≥88.5%) was quoted at 250,000-254,000 yuan/mt, with an average price of 252,000 yuan/mt, unchanged from the previous trading day. Affected by factors such as some suppliers realizing profits through arbitrage, the market liquidity of ammonium paratungstate improved. Coupled with weakening orders from downstream enterprises, the market was under pressure, and prices showed a slight decline. However, due to poor industry profitability at present, cost support from enterprises remained strong.
In the short term, the tungsten market is consolidating at high levels on the cost side, but poor end-use demand is suppressing price increases. In the short term, there is a tug-of-war between longs and shorts, with consolidation at high levels being the main trend.

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