On June 23, the overseas tungsten market surged, while the domestic market remained in a stalemate. Today, major domestic manufacturers announced the APT prices for the second half of June, which remained flat compared to the first half. The contradiction between the low inventory of raw materials across the entire industry and the slow pace of end-use demand growth was prominent, leading to a cautious market sentiment.
Ore side: As of June 23, SMM's black tungsten concentrate (65%) closed at 172,000-173,000 yuan/metric ton (standard grade), unchanged from the previous trading day. With low market inventory, upstream suppliers primarily shipped according to long-term contracts, while downstream buyers restocked based on immediate needs, resulting in stable overall transactions.
Ammonium paratungstate (APT): Today, SMM's APT (>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. The cost side of APT provided strong support, and downstream buyers restocked primarily based on immediate needs. Due to geopolitical instability overseas, the tungsten market surged again. As of June 20, European ferrotungsten (+0.05) was priced at 51.75-52 US dollars/kg of tungsten (equivalent to 260,000-261,000 yuan/mtu in RMB), and European APT (+20) was priced at 430-475 (+25) US dollars/mtu (equivalent to 273,000-302,000 yuan/mt in RMB), further widening the price spread between domestic and overseas markets.
In the short term, from a macro perspective, the escalation of the situation in the Middle East is expected to drive growth in overseas military demand, boosting the tungsten market. On the fundamentals side, the domestic tungsten industry is in a tight balance between upstream and downstream. While exports of intermediate tungsten products have declined, export demand for end-use products has improved. The market is undergoing a restructuring of the industry chain. Currently, the supply and price of ore remain the dominant factors influencing the industry chain's pricing, with prices expected to maintain high levels in the short term
and consolidate mainly.
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