SMM

May 12-16, 2025 Currently, the supply of upstream raw materials is tight. Due to the reduction in mining quotas, suppliers have generally adopted a strategy of refusing to budge on prices and holding back sales, leading to a continuous increase in the prices of tungsten concentrate ore, which in turn drives up the overall tungsten market prices. Meanwhile, APT prices have surged significantly due to the dual pressures of cost and profit. As downstream enterprises gradually exhaust their low-cost inventory, they have no choice but to purchase high-priced APT, further driving up its prices. This market dynamic has enabled smelters to finally turn losses into profits this week, benefiting from the restocking purchases of downstream enterprises.