On June 20, major domestic tungsten enterprises successively finalized long-term supply prices for tungsten concentrate and APT products. Among them, the long-term contract price of national standard black tungsten concentrate was locked in the high range of 171,000-172,000 RMB/metric ton-degree, and the APT long-term price was anchored at 251,000 RMB/ton.

[SMM Analysis: Long-term Contracts Finalised in the Second Half of June - How Will the Tungsten Market Perform in the Future?] On June 20, major domestic tungsten enterprises successively finalised the long-term contract prices for tungsten concentrate and APT products. Among them, the long-term contract prices for black tungsten concentrate conforming to national standards were locked in the high range of 171,000-172,000 yuan/metric tonne, while the long-term contract price for APT was anchored at 251,000 yuan/mt. The implementation of long-term contracts at high prices by major producers has provided solid support for the "fluctuation at highs" of the tungsten market in the second half of June. The market situation has become clearer, and prices are expected to hover at highs in the short term.

Reviewing China's magnesium market in H1 2025, the long-term concentrated production halts at magnesium plants quietly reversed the supply-demand imbalance. Tight spot supply and low inventory levels created a solid foundation for periodic price increases in the magnesium ingot market. Market sentiment was frequently disrupted by news such as "solid waste burial," "dolomite mine shutdowns in the Wutai region," and "environmental protection checks deployment," leading to frequent price fluctuations.