Mine-end prices continue to rise, with the tungsten market fluctuating at highs in the short term [SMM Tungsten Daily Review]

Published: Jul 14, 2025 17:51

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[SMM Tungsten Daily Review: Ore Prices Continue to Rise, Tungsten Market Fluctuates at Highs in the Short Term] On July 14, the overall tungsten market held up well. The supply of ore in the market was relatively tight, and the center of transactions continued to show an upward trend. Downstream ammonium paratungstate enterprises mainly made just-in-time procurement. Driven by the rise in ore prices, the overall market presented an upward trend in the industry chain. The transactions in the powder segment were sluggish, and the transmission of market prices was slow.

On July 14, the overall performance of the tungsten market held up well. The supply of ore in the market was tight, and the center of transaction prices remained on an upward trend. Downstream ammonium paratungstate (APT) enterprises mainly engaged in just-in-time procurement. Driven by the price increase in the ore market, the entire industry chain showed an upward trend. However, the powder segment saw sluggish transactions, and the market price transmission was slow.
Ore Segment: As of July 14, SMM's black tungsten concentrate (65%) closed at 176,000-177,000 yuan/mt. This represented an increase of 1,000 yuan/mt compared to the previous trading day. Market inventory was low, with upstream suppliers mainly shipping according to long-term contracts. Downstream enterprises engaged in just-in-time restocking, and overall transactions were stable.
Ammonium Paratungstate (APT): Today, SMM's APT (≥88.5%) was quoted at 255,000-257,000 yuan/mt, an increase of 2,000 yuan/mt compared to the previous trading day. APT smelters were strongly driven by costs, with insufficient willingness to sell at low prices. Downstream enterprises were bullish, with increased inquiries, and the center of transaction prices shifted upward. The downstream powder segment entered the off-season, with demand decreasing MoM. Some enterprises mainly engaged in restocking at low prices.
In the short term, influenced by the expected supply reduction in the first half of July, ore prices surged significantly. The tungsten market was strongly driven by costs. Additionally, the increase in long-term contract prices by mainstream enterprises in early July also played a role in stabilizing and supporting prices. Downstream enterprises and traders were bullish about the market outlook, with increased willingness to restock. Market transactions were active, boosting market confidence.

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