Price Adjustment of Long-term Contracts and Weak Supply and Demand Suppress Market Sentiment, Tungsten Market Remains Cautious [SMM Tungsten Daily Review]

Published: Jun 26, 2025 14:33

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[SMM Tungsten Daily Review: Long-term Contract Price Adjustments and Weak Supply and Demand Suppress Market Sentiment, Tungsten Market Remains Cautious] On June 26, the tungsten market was mainly in a stalemate. Upstream ore mines had low inventory levels and maintained firm quotes. Downstream industries such as APT production were operating at a loss, and demand needed to be stimulated. Rushing to buy amid continuous price rise was not feasible. There was evident back-and-forth negotiations between upstream and downstream, and the market sentiment remained cautious.

On June 26, the tungsten market remained in a stalemate. Upstream ore inventory was low, and prices were 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 evident back-and-forth negotiations between upstream and downstream, and the market atmosphere was cautious.

Ore 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 restocked based on immediate needs, 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 of tungsten (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 rose significantly. Downstream cemented carbide plants faced prominent cost pressures, and enterprises were reluctant to take orders.

In the short term, macro factors such as the ceasefire between Israel and Iran have alleviated geopolitical risks and reduced the demand for capital hedging, which is short-term bearish for the tungsten market. 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, ore supply and prices remain the dominant factors in the industry chain pricing, and short-term prices are expected to remain high and range-bound.

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