Latest Update in the SMM Tungsten Market

On December 5, APT CIF Rotterdam prices reached $780–820/mtu, up $40/mtu week-on-week, while ferrotungsten rose $8.5/kg to $98–99/kg W. European prices continue to be lifted by sustained strength in the Chinese market and robust downstream demand from the hard metal industry. Supply remains tight across the raw material chain, with tradable APT extremely scarce.

SMM December 4th News:Driven by the rally in upstream raw materials, the entire tungsten industrial chain has witnessed a synchronized upward movement. Given that the supply-demand imbalance in the tungsten market is unlikely to be resolved in December, the upward trend across the whole industrial chain is expected to continue.

October 6–10, 2025 This week, the average cost in the ferromolybdenum industry was 285,800 yuan/mt, with an average industry loss of -8,330 yuan/mt and an average industry profit margin of -2.95%.

[SMM Tungsten Daily Review: APT Steadies Above 500,000 yuan/mt, Hard Alloy Product Prices Rise] Short term, the domestic tungsten ore market faces multiple supply disruptions, including reduced available mining quotas, lower mine shipments by year-end, and unstable imports; overseas, factors include reduced output from Vietnam mines, no short-term new mine additions, and the EU and US designating tungsten as a strategic metal, alongside demand growth.

According to SMM data, China's domestic ammonium paratungstate (APT) output in November 2025 increased by 1.5% month-on-month but decreased by approximately 6% year-on-year.

SMM November 27 - This week (November 21-27, 2025), the total inventory in the two major stainless steel markets of Wuxi and Foshan showed a slight buildup trend, increasing from 940,000 mt on November 20, 2025 to 946,000 mt on November 27, up 0.64% WoW.

[Mo Daily Review: Steel mills buy the dip, ferro molybdenum trading volume increases while prices weaken] SMM November 26 news: This week, the molybdenum market was mainly under pressure, spot transaction prices of molybdenum concentrate were weak, and steel tenders for ferro molybdenum were relatively concentrated. However, under the condition of market divergence, the price center of steel tenders moved down significantly.

The European tungsten market is experiencing a severe supply crisis, driving APT prices to $750-780/mtu after a $100 surge in just two weeks. This unprecedented rally, far exceeding gains in China, stems from a perfect storm: China's export controls have halted APT flows, overseas smelters face raw material shortages, and European scrap supply is strained. With global mine supply increasingly funneling to China and no immediate relief from new projects, prices are expected to remain high in 2026. Market focus should be on Chinese supply-chain dynamics, the critical role of scrap tungsten, and the reorientation of global mine flows.

[SMM Tungsten Daily Review: Overseas APT Reaches $780/mtu, Global Tungsten Market Fluctuates at Highs] Short-term, global tungsten resource supply is tight, and market expectations of a pullback are unlikely. Prices are expected to hold up well in the near term. Medium and long-term, approaching year-end, the tungsten industry chain faces capital withdrawal and year-end settlement needs. Market transactions are shrinking, and with tungsten prices consolidating at high levels, downstream financial pressure is increasing, leading to reduced purchasing enthusiasm. This may result in a situation of weak supply and demand. Caution is advised as demand enters the off-season, potentially limiting the upside in the tungsten market.