The tungsten market consolidates on a weak note, with transaction prices mostly below long-term contract prices.

In H1 2026, the tungsten market was largely driven by supply-side dynamics, experiencing a complete cycle of sharp rises and falls before finally retreating from highs to close the half-year. Entering H2, the annual tungsten ore mining quotas have been fully implemented, monthly mine output has stabilized, and there is no significant room for further production cuts or new volume increases.

[Tungsten Flash News] SMM July 10: A tungsten enterprise in Guangdong has released its long-term contract prices for the first half of July. Among them, 55% wolframite concentrates are executed at 411,000 yuan/standard tonne (65%WO3 basis), and 55% scheelite concentrates are executed at 410,000 yuan/standard tonne (65%WO3 basis). Ore-side long-term contract prices have been lowered by 107,000 yuan/standard tonne MoM. APT (national standard zero grade) is executed at 600,000 yuan/mt, down 180,000 yuan/mt MoM.

【SMM Tungsten Express】Masan High-Tech Materials has signed a partnership with Korea's GB Innovation for tungsten concentrate processing. Masan will process and supply ammonium paratungstate products for the semiconductor industry to GB Innovation. The cooperation marks a direct connection between a Vietnamese company and Korea's high-tech industrial chain, carrying strategic significance amid the global semiconductor and rare metals supply chain restructuring.