The overall tungsten market remained stable today. From January to May, tungsten product exports decreased by nearly 30% YoY [SMM Tungsten Daily Review]

SMM News on June 8:

Today, the tungsten market is mainly operating steadily. Upstream suppliers are mostly shipping under long-term contracts. Downstream smelters and alloy enterprises have seen a weakening in their operations, primarily replenishing raw materials on a need-based basis.
Ore side: As of June 18, SMM's black tungsten concentrate (65%) closed at 172,000-173,000 yuan/metric ton, unchanged from the previous trading day. There are no reports of increased production at the ore side, and market inventory levels remain low, limiting the potential for significant price adjustments.
Ammonium paratungstate: Today, SMM's ammonium paratungstate (≥88.5%) is 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 some suppliers' cashing out for arbitrage, the market liquidity of ammonium paratungstate has improved. Coupled with weakening orders from downstream enterprises, the market is under pressure, and prices have shown a slight decline. However, given the current poor industry profitability, cost support from enterprises remains strong.
In the short term, geopolitical instability on the macro front and expectations of increased demand from overseas military sectors are strengthening. From a fundamental perspective, domestic tungsten product exports are still under restrictions, with a significant decline in tungsten product exports. According to the latest customs data, in May 2025, China's total tungsten product exports were approximately 968 mt, a year-on-year decrease of 32%. From January to May 2025, China's total tungsten product exports reached around 4,544 mt, a year-on-year decrease of 29.9%. In the short term, the tungsten market is expected to see high-level consolidation in costs, but weak end-use demand is suppressing price increases. The tug-of-war between longs and shorts is likely to maintain high-level consolidation.

[Quotation Status]

》View SMM's tungsten and molybdenum product quotations, data, and market analysis

》Click to view SMM's molybdenum spot quotations

》Subscribe to view SMM's historical price trends for metal spot products