Zhangyuan Tungsten Raises Long-Term Contract Purchase Prices for First Half of June

SMM Report, June 5: Benchmark monthly long-term contract prices for China’s tungsten sector were officially released recently. The Ganzhou Tungsten Association unveiled its June 2026 domestic tungsten forecast prices: 55% WO₃ black tungsten concentrate at RMB 505,000 per metric ton, down RMB 195,000/MT month-on-month; ammonium paratungstate (APT) priced at RMB 760,000 per metric ton, a MoM drop of RMB 260,000/MT;

[Tungsten Flash] SMM June 5: According to sources, the Ganzhou Tungsten Association's forecast prices for the tungsten market in June 2026 are: 55% wolframite concentrates 505,000 yuan/standard tonne (65% WO3 basis), down 195,000 yuan/standard tonne MoM from the May quotation; APT 760,000 yuan/mt, down 260,000 yuan/mt MoM; medium-grain tungsten powder 1300 yuan/kg, down 620 yuan/kg MoM. (All prices include 13% VAT)

[SMM Analysis] Phased Trade Recovery Proves Unsustainable, Stainless Steel Inventory Ends Destocking and Edges Higher SMM, June 4 – This week, social inventory of stainless steel ended its previous streak of destocking, posting a slight buildup. Total inventory at the two major hubs, Wuxi and Foshan, edged higher, rising from 936,300 mt on May 28, 2026 to 940,400 mt on June 4, up 0.44% WoW, marking a shift from destocking to accumulation. This week, SS futures staged a phase rally driven by macro tailwinds. The short-term strengthening of the futures market once boosted trading sentiment and triggered a phased recovery in spot transactions. However, the rally lacked sustainability; after futures pulled back, spot transactions quickly returned to mediocre levels. The market has now officially entered the traditional consumption off-season, and downstream end-use purchasing demand is gradually weakening. Even as steel mills proactively offered price concessions to sell and accelerated goods circulation, end-user purchasing willingness has yet to see a material improvement. Meanwhile, overall production schedules at steel mills remain high, and the support from raw material costs for spot prices continues to weaken. The supply-demand easing pattern is becoming increasingly prominent, and multiple factors jointly pushed inventory to shift from decline to growth this week. Overall, the weakening of end-use demand during the off-season, combined with high production schedules at mills, was the core reason for the slight inventory buildup this week. Relying solely on short-term impulse rallies in futures to provide phased boosts to spot shipments cannot reverse the trend of inventory accumulation. On the supply side, there are currently no large-scale production cut measures implemented at steel mills; high production schedules are expected to persist in the near term, keeping market supply releases ample. Currently, market trading sentiment is cautious; industry participants' confidence in the market outlook is gradually declining, and they are adopting a wait-and-see operation...