SMM July 7 News: Entering July, tungsten industry chain prices continued their weak trend. A major tungsten enterprise lowered its long-term contract purchase offer for the first half of July, and Ganzhou Tungsten Association simultaneously lowered the monthly average price forecasts for all tungsten products, with prices across all categories declining MoM. Spot market conditions also fell under pressure. According to SMM price assessments, wolframite concentrates (≥65%) have been falling steadily since June 29. Reviewing the year’s price trends, tungsten prices swung wildly within the year. Comparing the two downward cycles shows that the current correction, which started in mid-June, has narrowed in scope compared to the first correction from March to May. Currently, the traditional off-season effect is pronounced in the industry, with weak downstream demand and the digestion of raw material inventories continuing to weigh on tungsten price performance; however, low-priced sources of high-grade ore are scarce in the market, which will provide some support for tungsten prices. Long-Term Contract Offers and Association Monthly Forecasts Both Lowered A tungsten enterprise lowered its long-term contract offers for the first half of July, as detailed below: According to Chongyi Zhangyuan Tungsten Co., Ltd. on July 6, its long-term contract purchase offers for the first half of July are as follows: 1. 55% wolframite concentrates: 448,000 yuan/standard tonne, down by 72,000 yuan/standard tonne from the previous round; 2. 55% scheelite concentrates: 447,000 yuan/standard tonne, down by 72,000 yuan/standard tonne from the previous round; 3. APT (national standard zero-grade): 660,000 yuan/mt, down by 120,000 yuan/mt from the previous round. Ganzhou Tungsten Association released its July 2026 forecast average prices for tungsten products: 55% wolframite concentrates at 448,000 yuan/standard tonne, down by 57,000 yuan/mt from June; APT at 660,000 yuan/mt, down by 100,000 yuan/mt from June; medium-grain tungsten powder at 1,100 yuan/kg, down by 200 yuan/kg from June. Wolframite Concentrates Fell 13.93% in Less Than a Month 》Click to view SMM tungsten spot prices According to SMM price assessments, wolframite concentrates (≥65%) were priced at 453,000–455,000 yuan/standard tonne on July 7, with an average of 454,000 yuan/standard tonne, down 3.61% from the previous trading day. Looking at short-term trends, after the average price of wolframite concentrates rebounded to a high of 527,500 yuan/standard tonne in early-to-mid June, weak downstream demand and the ongoing digestion of raw material inventories from earlier concentrated stockpiling weakened market support, and tungsten prices began a broad-based weak decline from June 17. Compared to the average of 527,500 yuan/standard tonne on June 16, the average of 454,000 yuan/standard tonne on July 7 represents a drop of 73,500 yuan/standard tonne, or a decline of 13.93%, in less than a month. Over a longer time horizon, entering July, the average price trend of wolframite concentrates (≥65%) this year has been highly volatile. Supported by tight raw material supply at the start of the year, wolframite concentrates (≥65%) started at 453,500 yuan/standard tonne on January 5, and rose to a historical high of 1,050,500 yuan/standard tonne on March 13. At such high prices, market caution and fear of high prices gradually intensified, and coupled with limited end-user demand acceptance, tungsten prices began a broad decline, falling to an intra-year low of 400,500 yuan/standard tonne on May 25. After the deep correction, the market had a need for oversold recovery, and with the concentrated release of phased restocking demand, tungsten prices began to rebound and recover from May 27, reaching 527,500 yuan/standard tonne on June 10. A comparison of the two complete downward cycles this year shows that the first correction after the early-year surge had larger fluctuations, while the current correction starting from mid-June has seen a narrower overall decline compared to the previous one. Looking at key price points, it is clear that the wolframite concentrate market has experienced significant price swings this year, with prominent volatility. Outlook Looking ahead, in the short term, July marks the traditional downstream consumption off-season, with weak purchase willingness from hard alloy and machining enterprises, and mediocre market demand. However, with scarce circulating supply of high-grade tungsten ore, bullish and bearish factors are balanced. Tungsten prices are expected to move sideways in a narrow range. Going forward, the focus should be on the pace of improvement in downstream demand. In the medium and long term, tightening controls on domestic primary tungsten mining, supported by rigid demand for hard alloys, along with steady growth in net tungsten export volume, will sustain a supply-demand gap for tungsten this year. In Q3, insufficient mining activity indicators are expected to tighten raw material supply, while the traditional September-October peak season and enterprise restocking demand may drive a recovery. Meanwhile, continuing expansion of rigid demand in sectors such as defense, high-end equipment, and new energy, and the price spread between Chinese and overseas markets, are expected to boost export orders. These multiple positive factors provide strong support for the medium- and long-term tungsten price floor. However, the risk remains that rapidly rising prices could squeeze downstream processing enterprise profits, forcing end-user production cuts and triggering negative feedback. Overall, the tungsten market is expected to see a mild and orderly uptrend. 》Zhangyuan Tungsten Lowers Long-Term Contract Offers for First Half of July, Wolframite Concentrate Purchase Price Down to 448,000 Yuan/Standard Tonne

SMM Cobalt Morning Brief: This week, the cobalt industry chain overall consolidated on a subdued note. Refined cobalt spot prices remained stable temporarily. Traders resumed offering, but transactions were still dominated by essential stockpiling, while end-use demand had not yet clearly recovered. Cobalt intermediate products were boosted by news related to DRC. Miners' offers stayed firm, but downstream smelter acceptance was limited, and some traders lowered prices to sell and facilitate deals. Transactions in the cobalt sulphate, cobalt chloride, and Co3O4 markets remained sluggish. Downstream wait-and-see sentiment was strong, and restocking demand had not yet materialized. Cobalt powder prices continued to edge lower, and off-season pressure on hard alloys persisted. Overall, cobalt chain prices may mainly consolidate in the short term, and subsequent recovery will likely need to wait for a rebound in cobalt salt valuations and improvement in downstream demand.

UK battery recycling company Altilium has secured funding under the UK government's Battery Innovation Programme to lead the REMADE project alongside Nyobolt, Talga Group and a leading automotive OEM. The project aims to establish a domestic closed-loop supply chain for low-carbon battery anode materials by recycling graphite and niobium tungsten oxide (NWO) from end-of-life batteries and manufacturing scrap. The initiative is expected to support sustainable battery production, strengthen the UK's battery supply chain and reduce reliance on imported critical materials.

[Tungsten Flash] SMM July 6 News: A tungsten enterprise in Chongyi announced its long-term contract prices for the first half of July, with the 55% wolframite concentrates long-term contract settled at 448,000 yuan/standard tonne (65%WO3 basis), the 55% scheelite concentrates long-term contract settled at 447,000 yuan/standard tonne (65%WO3 basis), and the mine-side long-term contract prices were reduced by 72,000 yuan/standard tonne (65%WO3 basis) compared with the second half of June. The APT long-term contract settled at 660,000 yuan/mt, down 120,000 yuan/mt from the second half of June.

[Tungsten Flash] SMM, July 6: The Ganzhou Tungsten Association released its forecast average prices for tungsten products for July 2026: 55% wolframite concentrates at 448,000 yuan/standard tonne (65% WO3 basis), down 57,000 yuan/mt from the June quotation; APT at 660,000 yuan/mt, down 100,000 yuan/mt; and medium-grain tungsten powder at 1,100 yuan/kg, down 200 yuan/kg.

[Tungsten News] SMM, July 6: Today, the domestic tungsten raw material market was mainly in the doldrums. Last Friday, a mine in Guangdong auctioned 43 standard tonnes (65% WO3 basis) of low-grade tungsten concentrates, which ultimately failed to attract any bids. Inquiries were sluggish, and with considerable market uncertainty, traders were less willing to enter the market. Smelters mainly restocked based on long-term contracts and rigid demand. Spot orders were concluded at transaction prices below the online price, with some deals done at 430,000–450,000 yuan per standard tonne (65% WO3 basis). According to the SMM survey, China’s tungsten concentrates production edged down MoM in June, mainly because safety inspections in Jiangxi and Hunan caused a slight decline in output at some mines. In addition, some small mines in Henan also reduced or suspended production due to reasons such as the exhaustion of first-half quotas. In July, with the flooding season in south China, tungsten concentrates production was expected to remain at low levels. However, amid sluggish shipments across the industry in Q2, there was still some inventory in the tungsten concentrates market waiting to be cleared. This week, attention will focus on long-term contract information in the industry and changes in downstream restocking sentiment.