Latest Update in the SMM Tungsten Market

According to SMM data on Dec 12, European APT CIF (Rotterdam) averaged $850/mtu, up $50 weekly, while ferrotungsten rose to $104.5/kg W. Following China’s price surge, severe material shortages and pre‑Christmas production halts have nearly stalled European trading. Traders expect APT quotes to surpass $1,000/mtu, already accepted by some buyers. In China, depleted mining quotas and output cuts pushed domestic APT to 555,000 yuan/ton. Export controls and lengthy approvals are limiting outbound flows, tightening domestic supply. With Europe’s structural shortage and strong demand unresolved, prices are likely to continue climbing.

Driven by persistent tightness in raw material supply, tightened domestic tungsten mining quotas, and sustained downstream demand, tungsten prices have repeatedly reached record highs since late October. As of December 9, the average price of black tungsten concentrate (≥65%) has reached 356,500 CNY/mt, surging nearly 150% year-to-date. In response to the supply constraints, major producers including Jiangxi Tungsten, Zhangyuan Tungsten, and the Ganzhou Tungsten Industry Association have further raised their long-term contract prices for December. The market outlook remains firm, with prices expected to maintain elevated levels through the end of the year.

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.