Tungsten concentrate prices continue to rise, with downstream tungsten products following suit [SMM Tungsten Daily Review]

On July 17, the tungsten market maintained a generally strong and volatile trend. The supply of ore in the market was tight, and suppliers held onto their stocks in anticipation of price increases, leading to a continued rise in the center of spot order transactions. Downstream ammonium paratungstate (APT) producers faced significant cost pressures and were reluctant to sell at low prices, with most following the upward trend in quotes. Overall market transactions were moderate.

Ore Market: As of July 17, SMM's black tungsten concentrate (65%) closed at 179,000-180,000 yuan/mt, up 1,000 yuan/mt from the previous trading day. Market inventory remained low, with upstream suppliers primarily shipping under long-term contracts and downstream buyers restocking based on immediate needs. Overall transactions were stable.

Ammonium Paratungstate (APT): Today, SMM's APT (≥88.5%) was quoted at 260,000-263,000 yuan/mt, up 500 yuan/mt from the previous trading day. APT smelters were driven by strong cost pressures, leading to a rapid market price increase. Some companies suspended quoting, with sporadic spot order quotes reaching as high as 265,000-266,000 yuan/mt. Downstream powder producers primarily restocked based on immediate needs, with some APT producers not quoting and mainly delivering under long-term contracts.

In the short term, the ore market experienced significant price increases in the first half of July due to expectations of reduced supply, with strong cost drivers in the tungsten market. Additionally, the upward adjustment of long-term contract prices by mainstream enterprises in early July also helped stabilize and prop up the market. Downstream producers and traders were optimistic about the market outlook, with increased restocking intentions, leading to active market transactions and boosting market confidence.

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