[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.

[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 Daily Review: Pessimistic Sentiment Released in Concentration, Tungsten Products Fell across the Entire Industry Chain Today] SMM April 27: China's tungsten market today was hit by the sharp downward adjustment of long-term contracts by leading enterprises, and prices across the entire industry chain fell collectively to catch up with earlier declines. The single-day drop hit a recent high, market bullish confidence was severely undermined, and the trading atmosphere turned sluggish.

As of April 24, SMM APT CIF Rotterdam averaged $3,050/mtu, down $135 WoW; Ferro-tungsten averaged $300/kg W, down $20 WoW. Trading remained thin as buyers and sellers stayed on the sidelines amid heightened wait-and-see sentiment.

[SMM Tungsten Express] Driven by soaring tungsten prices and rising defense budgets, Vietnam's Masan High-Tech Materials is stepping up its search for strategic investors for its Nui Phao tungsten mine, one of the world's largest and most significant non-China tungsten sources. The company also plans to list on the Ho Chi Minh Stock Exchange in 2027, prioritizing debt reduction to achieve a "clean" balance sheet by 2027-2028. Its customers include Honeywell and Mitsubishi, with 2026 profit projected at 1.7-2.5 trillion Vietnamese dong.

Recently, China's tungsten prices have retreated from highs, with wolframite concentrates falling 16.18% over a period of more than one month. After lowering their long-term contract prices for the first half of April, multiple tungsten enterprises continued to cut long-term contract prices for the second half of April. However, in terms of the magnitude of this round of reductions, the long-term contract price cuts for the second half of April narrowed significantly compared to the first half, which to some extent helped market sentiment gradually stabilize. Currently, wait-and-see sentiment remains strong in the market, the tug-of-war between upstream and downstream continues — how will tungsten prices perform going forward? Multiple Tungsten Enterprises Continue to Cut Long-term Contract Prices Multiple tungsten enterprises lowered their long-term contract prices for the second half of April, as follows: A Jiangxi tungsten group released its long-term contract prices for the second half of April: the guidance price for national standard Grade-1 wolframite concentrates for the second half of April 2026 was 910,000 yuan/standard tonne (65%WO3 basis), down 46,000 yuan/standard tonne (65%WO3 basis) from the first half of April. Meanwhile, Chongyi Zhangyuan Tungsten Co., Ltd. also lowered its long-term contract procurement prices for the second half of April: 1 55% wolframite concentrates: 885,000 yuan/standard tonne (65%WO3 basis), down 45,000 yuan/standard tonne (65%WO3 basis) from the previous round; 2 55% scheelite concentrates: 884,000 yuan/standard tonne (65%WO3 basis), down 45,000 yuan/standard tonne (65%WO3 basis) from the previous round; 3 APT (national standard Grade-0): 1.35 million yuan/mt, down 90,000 yuan/mt from the previous round. Notably, in the first half of April pricing, Zhangyuan Tungsten's 55% wolframite concentrates and 55% scheelite concentrates had already been cut by 90,000 yuan/standard tonne (65%WO3 basis) each MoM. Wolframite Concentrates Fell Over 16% in Just Over a Month Since mid-to-late March, driven by profit-taking, downstream buyers' reluctance to purchase at high levels, and an overall adjustment in commodity markets, tungsten prices — which had repeatedly hit record highs — began to pull back. On April 20, wolframite concentrates (≥65%) were priced at 880,000–881,000 yuan/standard tonne (65%WO3 basis), with an average price of 880,500 yuan/standard tonne (65%WO3 basis), down 1.12% from the previous trading day. Compared with the historical high average tungsten price of 1,050,500 yuan/standard tonne (65%WO3 basis) on March 16, the average price of wolframite concentrates fell by 170,000 yuan/standard tonne (65%WO3 basis) over just over a month, a decline of 16.18%. Outlook As leading tungsten enterprises' long-term contract prices were finalized, China's tungsten market sentiment turned mild. Mainstream mines focused on long-term contract deliveries, with spot order prices fluctuating around long-term contract levels. APT smelter prices remained firm, and driven by continued ore price movements, APT industry margins showed a widening trend. Wait-and-see sentiment among downstream cemented carbide alloy enterprises has not fully dissipated, with enterprises mainly restocking on a just-needed basis. However, industry inventory has been gradually declining, and a wave of restocking is expected before the Labour Day holiday, which will drive a recovery in tungsten market trading volume. Meanwhile, the tight supply pattern of tungsten outside China remained unchanged. Cemented carbide plants in Japan and several other countries collectively raised their quotes, which was positive for the export and consumption of related products in China. In the short term, long-term contracts stabilized the tungsten market. As industry profit-taking positions were gradually cleared and downstream demand followed up, the tungsten market was expected to gradually stop falling and stabilize. Going forward, the focus should be on tracking the actual pre-holiday restocking progress of cemented carbide alloy enterprises. Recommended reading: