Weak downstream demand continued to weigh on tungsten prices. The average price of wolframite concentrates (≥65%) on May 7 was reported at 700,500 yuan/standard tonne (65%WO3 basis), having pulled back more than 33% from its historical high in less than two months. As multiple tungsten enterprises continued to lower their long-term contract prices for the first half of May, extending the two rounds of reductions in April, how will tungsten prices evolve going forward? Multiple Tungsten Enterprises Continue to Lower Long-term Contract Prices for the First Half of May Multiple tungsten enterprises continued to lower their long-term contract prices for the first half of May, with details as follows: A tungsten industry group in Jiangxi released its long-term contract prices for the first half of May. The guidance price for national standard Grade-1 wolframite concentrates for the first half of May 2026 was 720,000 yuan/standard tonne (65%WO3 basis) (long-term contract), down 190,000 yuan/standard tonne (65%WO3 basis) from the second half of April. Chongyi Zhangyuan Tungsten's long-term contract procurement prices for the first half of May were: 1 55% wolframite concentrates: 700,000 yuan/standard tonne (65%WO3 basis), down 185,000 yuan/standard tonne (65%WO3 basis) from the previous round; 2 55% scheelite concentrates: 699,000 yuan/standard tonne (65%WO3 basis), down 185,000 yuan/standard tonne (65%WO3 basis) from the previous round; 3 APT (national standard Grade-0): 1.02 million yuan/mt, down 330,000 yuan/mt from the previous round. Wolframite Concentrates Fell 33.32% in Less Than 2 Months According to SMM, the price spread between tungsten ore long-term contract prices and spot order transaction prices widened to around 200,000, with mainstream mines primarily making shipments under long-term contracts. Spot orders in the market still faced some selling pressure, with transactions remaining difficult and the center continuously shifting downward. However, considering the limited spot order trading volume and the relatively high proportion of long-term contracts in the market, SMM maintained its May 7 prices unchanged for the time being. According to SMM quotes, the price of wolframite concentrates (≥65%) on that day was 700,000–701,000 yuan/standard tonne (65%WO3 basis), with an average price of 700,500 yuan/standard tonne (65%WO3 basis), flat from the previous trading day. Along with the downward shift in the tungsten price center, the average price of wolframite concentrates (≥65%) at 700,500 yuan/standard tonne (65%WO3 basis) on May 7, compared with its historical high average price of 1,050,500 yuan/standard tonne (65%WO3 basis) on March 16, showed that in less than 2 months, the average price of wolframite concentrates fell by 350,000 yuan/standard tonne (65%WO3 basis), a decline of 33.32%. Outlook As China's mainstream tungsten enterprises continue to lower their new round of long-term contract prices, confidence in the spot market will remain under pressure. Tungsten prices are expected to remain in the doldrums in the short term given the lack of demand support. In the long term, underpinned by the supply rigidity from the continued tightening of China's annual tungsten ore mining quotas, the logic of raw material supply contraction remains unchanged. After tungsten prices pulled back more than 33% in less than two months, the room for further deep declines has been significantly compressed. Going forward, key attention should be paid to the pace of recovery in actual end-user demand from downstream sectors such as cemented carbide, special steel, and PV tungsten wire, as well as the timing of concentrated restocking by enterprises at the low-price segment. Recommended reading:

[SMM Tungsten Express] SMM May 7: APT CIF Rotterdam prices remained stable at $2,900-3,200/mtu this week, flat WoW. However, market pessimism was strong in the European market this week, with end-users mostly adopting a wait-and-see attitude. Despite no change in the tight supply landscape, there was virtually no substantial trading in the market this week, and buyers and sellers were in a stalemate. In the Indian market, FOB prices for scrap tungsten drill bits were quoted at $100-120/kg, with an average price of $110/kg, down $30 WoW. Market demand was weak, and panic sentiment among scrap dealers intensified, accelerating the price decline.

[Tungsten News Flash] SMM May 6: A tungsten industry group in Jiangxi released long-term contract prices for the first half of May. The guidance price for national standard grade-one wolframite concentrates for the first half of May 2026 was 720,000 yuan/standard tonne (65%WO3 basis) (long-term contract), down 190,000 yuan/standard tonne (65%WO3 basis) from the second half of April.

[SMM Tungsten Daily Review: Tungsten Market Trading Sluggish, Awaiting Tomorrow's Long-Term Contract to Set the Tone] SMM May 6 News: On the first day after the holiday, China's tungsten market continued its weak consolidation trend. The upstream raw material market was waiting for tomorrow's long-term contract guidance price, with very few transactions in the market. Downstream powder and cemented carbide intermediate products showed a catch-up decline. Wait-and-see sentiment pervaded the market, with transactions across all segments dominated by scattered small orders for rigid demand, lacking support from bulk transactions.

[SMM Tungsten Express] APT CIF Rotterdam prices held steady at $2,800-3,200/mt this week, with market sentiment divided. Demand gaps supported continued raises in high-end offers, but influenced by sharp price declines in the Chinese market, European and American buyers generally adopted a wait-and-see approach, with overall transactions hindered. Ferrotungsten and scrap prices continued to decline. Ferrotungsten Rotterdam warehouse was quoted at $280-295/kg W, down $12.5 WoW; European scrap tungsten carbide inserts were quoted at €100-110/kg, down €5 WoW.

On April 16, Ye Jianhua, Director and Supervisor of SMM's Industry Research Department, Feng Chundi, Expert of SMM's Industry Research Institute, and Wu Tao, SMM Overseas Marketing Manager for Copper and Tin, visited Mining Mineral Resources (MMR) for a field trip and exchange, where they received a warm welcome from MMR's leadership. During the exchange, MMR and SMM engaged in in-depth discussions on the current status of the strategic minor metal industry and cross-border supply chain cooperation. MMR has been deeply engaged in compliant mining of critical minerals for over 15 years, with a strategic focus on three key minerals — tin, tantalum, and tungsten. The company holds multiple mining licenses in mineral-rich regions of the DRC, with concentrated resource deployment and exceptional endowment. The enterprise strictly adheres to compliant mining, full-process traceability, and international operational standards, ensuring long-term stable and compliant mine operations. SMM has long been deeply engaged in non-ferrous and rare metals, with core coverage spanning price quotations, industry surveys, and market analysis, comprehensively empowering global mineral trade and industry chain integrated services. Leveraging their respective business strengths, both parties exchanged practical experience on ex-China mineral development, compliance system building, raw material circulation coordination, and industry development trends, laying a solid foundation for subsequent industrial synergy and resource collaboration. Mining Mineral Resources (MMR) Overview Mining Mineral Resources (MMR) has been deeply engaged in compliant mining of critical minerals for over 15 years, with a core focus on the 3T strategic minerals (tin, tantalum, and tungsten). The company holds a portfolio of multiple mining licenses in mineral-rich regions of the DRC: tin (14 licenses covering 2,800 sq km), tantalum (6 licenses covering 400 sq km), and tungsten (1 license covering 300 sq km). The company upholds compliant procurement, full traceability, and international standard compliance systems, building a solid foundation for business operations. Key Tin Producer in Africa • 11 mechanized mines (including open-pit and underground mines) • Annual tin concentrates capacity: 10,000 mt Annual trading volume: 6,500 mt; annual mechanized mining production: 3,500 mt. Mechanized Mining Operations 8 beneficiation plant areas with a combined feed capacity of over 1,500 mt per hour; monthly tin concentrates production of 300 mt; creating employment opportunities and empowering inclusive community development. Smelting Production and Global Supply LME Grade A tin equivalent; Responsible Minerals Initiative (RMI) certified smelter; annual refined tin capacity: 4,500 mt. Tantalum Mining Operations The only mechanized tantalum ore beneficiation plant in the DRC; capacity: 20 mt per year of high-grade tantalum concentrates (grade 30% and above); equipped with modern laboratory detection and quality assay facilities. Ore-to-Alloy Entire Industry Chain Lead-free and tin-lead solder alloys, available in bars, wires, electrodes, and casting ingots. The only enterprise in Africa with a complete ore-to-alloy entire industry chain. Corporate Social Responsibility MMR is well aware of its significant social responsibility to the communities in the mining areas. The corporate social responsibility system is built on four core pillars: healthcare, education development, infrastructure improvement, and entrepreneurship empowerment. Scheduled to be held on October 13-14, 2026 in Lusaka, Zambia. Welcome to join us~ Conference Contact : Wu Tao: 18270916376 jennywu@smm.cn