Ganzhou Tungsten Association November tungsten price forecast: concentrates up, tungsten powder down

[ Tungsten Flash ] SMM, November 5: A tungsten enterprise in Chongyi announced its long-term contract prices for the first half of November, with 55% wolframite concentrates at 375,000 yuan/standard tonne (65%WO3 basis), 55% scheelite concentrates at 374,000 yuan/standard tonne (65%WO3 basis), and ore-side long-term contract prices raised by 31,000 yuan/standard tonne (65%WO3 basis) from the second half of October. APT (national standard zero grade): 550,000 yuan/mt, up 50,000 yuan/mt from the second half of October. Note: All prices above include 13% VAT.

[SMM Tungsten Express] US company Cove Kaz has dropped its planned merger with Skyline Builders and now plans to list directly on a US stock exchange in the first half of 2027, alongside a $32 million investment commitment from American Ventures to buy four million shares at $8 each, implying a valuation of $1.97 billion. The company intends to become a Delaware corporation named Kaz Resources Inc. Its Northern Katpar and Upper Kairakty tungsten projects are held 70% by Cove Kaz and 30% by Kazakhstan's national mining company Tau-Ken Samruk. The definitive feasibility study is expected to finish before the end of 2027, with the two deposits' potential combined annual production of about 12,000 metric tons, equivalent to roughly 15% of global tungsten mine output at the time. The US Export-

SMM learned that Rotterdam warehouse molybdenum oxide was reported at $33.65/lb Mo EXW on November 3, while the latest Busan warehouse level reached $33.60/lb Mo EXW on November 4—equivalent to approximately RMB 5,598/mtu including value-added tax based on the same-day SMM exchange rate. European ferromolybdenum was also reported at $78.30/kg Mo. The spread between Rotterdam and Busan narrowed to only $0.05/lb Mo, indicating that physical market levels in Europe and Asia have largely converged. Transaction volumes, payment terms and delivery schedules have not yet been disclosed.