[SMM Tungsten Daily Review: Slight Price Collapse in the Scrap Tungsten Market, Ore and Upstream Smelting Products Consolidated Sideways] SMM News, March 23 In the short term, prices across the tungsten industry chain still showed divergence between primary and recycled materials. China was currently in a transition period marked by tightening supply on the raw ore side and a rising utilization rate of recycled materials. Smelters still needed some time to adjust their restocking practices and complete the adaptation and transition from a long-term contract pricing model led by the ore side to a scrap tungsten market procurement model featuring higher-frequency transactions and greater sensitivity to sentiment.

[SMM Tungsten Express] As of March 19, SMM data shows APT CIF Rotterdam port at $2,400-2,900/mtu, averaging $2,650/mtu, up $450 from March 12. Ferro-tungsten Rotterdam warehouse at $310-320/kg W, averaging $315/kg W, up $20 from March 12. Overseas transactions remained scarce this week as the tug-of-war between supply and demand continues.

[SMM Tungsten Daily Review: Strong Wait-and-See Sentiment as the Tungsten Market Awaited Stabilization in Transactions] SMM News, March 18 Tungsten market prices were largely stable today, with only minor fluctuations, and the market showed strong wait-and-see sentiment. Trading volume in segments such as tungsten ore and APT was sparse, with transaction prices mostly hovering around the quoted price range. Transactions for downstream products such as powder were also limited, and transaction prices showed a slight downward trend.

As of March 16, tungsten prices in China saw a slight correction, with APT quoted at 1.505 million yuan/mt. The market's fear of high prices was released, entering a phase of rational wait-and-see. Outside China, supply remained persistently tight, with the average APT Rotterdam price at $2,200/mtu, while weekly gains in tungsten scrap prices in India and Europe exceeded 25%.

[SMM Tungsten Express] March 13: European tungsten market surged sharply. Latest APT transaction prices reached $3,000/mtu, skyrocketing 36% from yesterday. Driven by this, European carbide blade scrap offers jumped to €130-140/kg, up 29% from yesterday. Market sentiment turned exuberant amid tightening supply conditions.

[Price Review] During the week, silver prices remained in the doldrums. In China, the Ag (T+D) contract on the Shanghai Gold Exchange broke below the support level of 18,000 yuan/kg, while LBMA silver prices kept probing lower after falling below $75/oz. From a macro perspective, escalating geopolitical conflict in the Middle East pushed oil prices to repeated new highs, while intensifying inflation concerns significantly cooled expectations for US Fed interest rate cuts and delayed the timing of the first cut to year-end. The simultaneous strength in the US dollar index and US Treasury yields became the core factors suppressing silver prices. On Wednesday local time, the US Fed announced that it would keep interest rates unchanged. In the statement released that day, it noted that the impact of the Middle East situation on the US economy remained uncertain and that uncertainty surrounding the US economic outlook was still elevated. In addition, speculative demand and ETF holdings continued to decline, and market sentiment kept cooling. As for the gold/silver ratio, because silver posted a deeper decline, the ratio continued to rise. As of March 18, the LBMA gold/silver ratio had climbed to 63, a recent high. [Important Data] Bullish: US preliminary March one-year inflation expectations came in at 3.4%, above expectations and unchanged from the previous reading Bearish: US API crude oil inventory for the week ended March 13 increased by 6.556 million barrels, above expectations and the previous reading US EIA crude oil inventory for the week ended March 13 increased by 6.156 million barrels, above expectations and the previous reading Data and macro releases to watch next week include: Continued hawkishness from the US Fed, the ECB rate decision, US inflation/employment data, COMEX silver delivery, together with the Boao Forum and geopolitical risks On March 19, the FOMC kept rates unchanged at 3.50%–3.75%, raised its 2026 PCE forecast to 2.7%, and expectations for US Fed interest rate cuts cooled sharply. US-Iran Situation: As of March 19, the military strikes by the US and Israel against Iran had entered their 19th day, with high-intensity confrontation, no sign of a ceasefire, and the conflict spreading to multiple Gulf countries. In terms of the current impact on precious metals, financial suppression outweighed safe-haven demand. Against the backdrop of surging inflation expectations, the US dollar and US Treasury yields continued to rise, the timing of US Fed interest rate cuts was delayed, and silver prices were suppressed. [Price Forecast] Silver prices are expected to maintain a fluctuating trend in the doldrums amid the interplay between macro disruptions and fundamentals. On the macro front, caution is still warranted over the risk of continued US dollar strength and heightened volatility from any further escalation in the US-Iran conflict. On the fundamentals side, as PV export rush orders gradually approached their end, rigid demand for raw material procurement by silver nitrate enterprises declined in late March, weakening support from industrial demand. In China's spot market, as investment demand and rigid industrial demand softened, coupled with replenishment from imported silver ingots, circulating supply of silver ingots in the spot market became ample, and suppliers generally lowered spot premium quotes to facilitate transactions. The abnormally high spot premiums in China's spot market will come to an end. At the same time, profitability on imported silver ingots will also decline sharply, and spot premium quotes in actual spot silver ingot transactions are expected to return to rational levels.

Recently, Joint Circular No. 00156 of the Ministry of Finance and the Ministry of Mines of the DRC / Cabinet of the Ministry of Mines / 2026 and Cabinet of the Ministry of Finance / 2026, concerning regulatory measures to standardize control over deviations in the detection of refined cobalt content in exported cobalt hydroxide under the quota system framework of the Authority for the Regulation and Control of Strategic Mineral Substances’ Markets in the DRC, is translated as follows: The English translation of the above text is:

SMM News, February 24: China's tungsten market extended gains on the first day post-holiday. APT spot prices concentrated around 1.05 million yuan/t, up 25,000 yuan/t from pre-holiday levels, accumulating a 380,000 yuan/t increase year-to-date. Spot supply remained tight with firm offers. Concentrate production stayed low; 65% black tungsten concentrate closed at 701,500 yuan/t, up 5,000 yuan/t from pre-holiday, accumulating a 248,000 yuan/t increase year-to-date, with some spot transactions near 705,000 yuan/t.

During the Chinese New Year holiday, overseas tungsten prices surged past China. By Feb 20, Rotterdam APT averaged $1,800/mtu, up 13.56% WoW, while European scrap drill bits jumped 12.5% to €90/kg. Indian scrap followed, with alloy blade FOB hitting $110-115/kg. Post-holiday, domestic APT opened at ¥1.05 million/mt, with a major producer hiking long-term prices by ¥100,000/mt. Global supply tightness continues to drive synchronized upside across markets.

2024.12.30-2025.1.3 This week, the average cost in the APT industry was 213,278 yuan/mt, the average profit was -2,778 yuan/mt, and the average profit margin was -1.32%. The market supply was tight, and raw material prices increased. Traders, facing greater difficulty in restocking and reduced inventory, tended to hold back sales to cope with market changes. Meanwhile, APT prices were affected by weak downstream demand, resulting in relatively small price adjustments, so the inverted pricing situation for APT smelters still persisted.