Upstream and downstream transactions in the tungsten market remain at a stalemate [SMM Tungsten Daily Review]

Published: Jun 25, 2025 17:36

Save

[SMM Tungsten Daily Review: Stalemate in Tungsten Market Transactions Between Upstream and Downstream] On June 25, the tungsten market was mainly characterized by a stalemate. Upstream mine inventory was low, and prices remained firm. Downstream industries such as APT were operating at a loss, and demand needed to be stimulated, making it difficult to rush to buy amid continuous price rise. There was obvious back-and-forth negotiations between upstream and downstream, and the market atmosphere was cautious.

On June 25, the tungsten market was mainly characterized by a stalemate. Upstream mine inventory was low, and quotes remained firm. Downstream industries such as APT were operating at a loss, and demand needed to be boosted, with the market unable to keep up with the price rise. There was a clear back-and-forth negotiation between upstream and downstream, and the market atmosphere was cautious.

Mine side: As of June 25, SMM's black tungsten concentrate (65%) closed at 172,000-173,000 yuan/mtu, unchanged from the previous trading day. Market inventory was low, with upstream shipments mainly under long-term contracts. Downstream demand was met through restocking, and overall transactions were stable.

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. Some spot orders in the market showed a slight decline. The overseas tungsten market was generally stable today, with European ferrotungsten priced at 51.75-52 US dollars/kg (equivalent to 260,000-261,000 yuan/mtu in RMB) and European APT at 430-475 US dollars/mtu (equivalent to 273,000-302,000 yuan/mt in RMB). This week, influenced by the three-month extension of the export ban in the DRC, the spot price of cobalt powder has risen significantly. Downstream cemented carbide factories are facing prominent cost pressures, and enterprises are reluctant to take orders.

In the short term, from a macro perspective, the ceasefire between Israel and Iran has alleviated geopolitical risks and reduced the demand for capital hedging, which is short-term bearish for the tungsten market. On the fundamentals side, the domestic tungsten market is in a tight balance between upstream and downstream. Exports of intermediate tungsten products have declined, but export demand for terminal products has improved. The market is undergoing a restructuring of the industry chain. Currently, mine supply and prices remain the dominant factors in the industry chain's pricing, and short-term prices are expected to remain high and range-bound.

》Check SMM's tungsten and molybdenum product quotes, data, and market analysis

》Click to view SMM's molybdenum spot quotes

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

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

22 hours ago

A mine in Henan opened bids for a 300 mt tungsten concentrate auction on February 6.

[Tungsten Concentrate Tender Information] SMM February 7: A mine in Henan conducted an online tender on February 6 to sell 300 metric tons of low-grade tungsten concentrate. Lot A had an average WO3 grade of ≥25%, while Lots B and C had an average WO3 grade of ≥22%. The tender results for each lot are as follows: Lot A: 100 metric tons, tender price of 10,155 yuan/mtu. Lot B: 100 metric tons, tender price of 10,160 yuan/mtu. Lot C: 100 metric tons, tender price of 10,155 yuan/mtu.

22 hours ago

Ganzhou Tungsten Association Significantly Raises Tungsten Price Forecast for February 2026

[Ganzhou Tungsten Industry Association's February Tungsten Price Forecast] The Ganzhou Tungsten Industry Association's forecast prices for the tungsten market in February 2026 are as follows: 55% black tungsten concentrate at 670,000 yuan per metric ton unit, up 210,000 yuan per metric ton unit MoM from the January price, an increase of 45.65%; ammonium paratungstate at 970,000 yuan/mt, up 300,000 yuan/mt MoM, an increase of 44.78%; medium-grain tungsten powder at 1,630 yuan/kg, up 480 yuan/kg MoM, an increase of 41.74%.

22 hours ago

Tungsten Market Rallies Strongly, Long-Term Contract Prices Surge & Domestic-Overseas Markets Link Up

Driven by tight spot raw material supply, a sharp hike in corporate long-term contract prices and festive effects, the tungsten market saw price rises on shrinking volumes this week with domestic and overseas markets moving up in tandem; the strong short-term trend is set to continue, and attention should be paid to the resumption of cemented carbide production, scrap tungsten supply and downstream demand release after the Spring Festival.

22 hours ago