SMM, October 17: This week, China's domestic tungsten market showed an overall stable performance. On the upstream side, most spot mine transactions were conducted around long-term contract prices, but trading volume was limited. After months of consecutive declines in the operating rate of the ammonium paratungstate (APT) industry, the market's hidden inventory remained low. Additionally, enterprises mainly delivered goods according to long-term contracts, which further intensified the tight circulation of spot orders. Manufacturers maintained firm quotations, and market transaction prices moved upward during the week.

[SMM Tungsten Daily Review: Tightened Spot Orders and Rising Prices for APT, Diverging Market Sentiment in Tungsten] This week, the domestic tungsten market generally remained stable. At the upstream mining end, spot transactions mostly revolved around long-term contract prices, but trading volume was limited. With the operating rate in the ammonium paratungstate (APT) industry declining for several consecutive months, invisible inventory in the market remained low. Additionally, as enterprises primarily shipped under long-term contracts, spot order circulation tightened further, leading to firm manufacturer quotations and a gradual upward trend in market transactions during the week. The scrap tungsten market also emerged from the pessimistic atmosphere caused by previous selling pressure. With recyclers' inventories at low levels, transaction prices were pushed upward, resulting in a rebound. After the holiday, overseas tungsten prices accelerated their rebound, rapidly narrowing the price spread with the domestic market, and the export window for ferrotungsten and ammonium paratungstate reopened.

[Molybdenum Concentrate Bidding Transaction Information] According to SMM, on October 15, a large molybdenum enterprise in Luoyang sold molybdenum concentrate through bidding, with 540 mt of over 45% molybdenum concentrate and 270 mt of 50% molybdenum concentrate transacted.

[ Molybdenum Concentrate Bidding Transaction Information ] On October 13, two domestic molybdenum concentrate mines conducted auctions for shipments, and the transaction price moved higher.

[SMM Tungsten Daily Review: Tungsten Raw Material Market Fluctuates Rangebound, Scrap Tungsten Market Recovers] Today, the domestic tungsten market mainly fluctuated rangebound. With the finalization of long-term contract prices from mainstream enterprises, transactions in the tungsten raw material market mostly revolved around long-term contract prices. Supported by factors such as the cost side and a decline in the industry's operating rate, ammonium paratungstate quotations remained firm. In the scrap tungsten market, inventory levels were low, and recycling became more challenging for the industry. Suppliers maintained firm quotations, and transaction prices in the market increased compared to the previous period. After the holiday, the overseas tungsten market held up well, with the price spread between domestic and international markets narrowing rapidly. The export window for ferrotungsten and ammonium paratungstate reopened.

[SMM Tungsten Daily Review: Tungsten Market Fluctuated Rangebound Before the Holiday, Powder Segment Transactions Improved Slightly] The domestic tungsten market mainly fluctuated rangebound today. As the previous industry inventory was cleared, market transactions became mediocre. The tungsten concentrate market primarily executed long-term contracts, with a small number of mines selling spot orders, and transaction prices mostly followed market trends. Downstream APT enterprises saw some profit recovery compared to the previous period, with most enterprises maintaining long-term contract deliveries. Mainstream transaction prices were concentrated at 390,000-395,000 yuan/mt.

[SMM Molybdenum Weekly Review: Downstream Pre-Holiday Restocking Nears Completion, Molybdenum Market Continues to Decline] Overall, domestic molybdenum concentrate mines have yet to release supplies in bulk, limiting the increase in market circulation. However, due to falling prices of downstream products such as ferromolybdenum and weak performance in the international molybdenum market, transaction prices have trended downward. Under significant cost pressure, some traders are offloading ferromolybdenum at low prices to liquidate assets. With pessimistic market sentiment, ferromolybdenum producers are relatively passive, while steel mills primarily focus on bargain-down purchasing. The molybdenum market is expected to remain weak and consolidate before the holiday. Post-holiday, attention should be paid to the supply releases from mainstream mines and the restocking pace of downstream steel mills.