[SMM Commentary: Tungsten Market Demand Shows No Significant Improvement, Multiple Tungsten Enterprises Lower Long-Term Contract Prices Again] As some miners resume production following maintenance, market concerns over tight tungsten raw material supply are gradually easing. Although upstream miners remain reluctant to sell at low prices, downstream enterprises, considering the YoY decline in new orders and cost control, are unwilling to purchase at high prices. Market trading activity remains subdued, and tungsten prices have been fluctuating downward over the past month. Jiangxi Tungsten and Zhangyuan Tungsten have also continued to lower their long-term contract prices.

The guideline price for national standard Grade 1 black tungsten concentrate of Jiangxi Tungsten Holding Group Co., Ltd. is 141,000 yuan/standard mt, applicable for the first half of March 2025.

The guideline price for GB Grade 1 Black Tungsten Concentrates of Jiangxi Tungsten Holding Group Co., Ltd. for the second half of February 2025 is 143,500 yuan/mt (50% metal content).

The guideline price for the national standard Grade 1 black tungsten concentrates of Jiangxi Tungsten Holding Group Co., Ltd. in the first half of February 2025 was 144,500 yuan per standard mt.

The guideline price for National Standard Grade I Black Tungsten Concentrates of Jiangxi Tungsten Holding Group Co., Ltd. for the first half of February 2025 is 144,500 yuan/mt (50% metal content).

[SMM Comment: Several Tungsten Enterprises Continue to Raise Long-Term Contract Prices; When Will the Tight Raw Material Supply Situation Reach a Turning Point?] The impact of maintenance by tungsten raw material enterprises on supply is still ongoing. This wave of tungsten price increases, which began in late December due to market concerns over tight raw material supply, limited inventory held by suppliers, and the increasing number of enterprises undergoing maintenance, continues. Entering the second half of January, several tungsten enterprises, including Jiangxi Tungsten, Zhangyuan Tungsten, and a large tungsten enterprise in Fujian, have further raised their newly released long-term contract prices for the second half of January. Despite no significant improvement in downstream demand and a generally low acceptance of high-priced goods on the demand side, the supply side of tungsten raw materials remains in a situation where low-priced goods are hard to procure! Amid the stalemate and tug-of-war between upstream and downstream, how much longer can this supply-driven tungsten price increase last?

The guideline price for National Standard Grade I Black Tungsten Concentrates of Jiangxi Tungsten Holding Group Co., Ltd. for the second half of January 2025 is 144,000 yuan/mt (50% metal content).

[SMM Commentary: Mines Undergo Maintenance, Raw Material Supply Tightens, Multiple Tungsten Miners Raise Long-Term Contract Prices] Due to limited inventory held by suppliers and miners gradually undergoing maintenance, raw material supply has tightened. Although downstream demand has not shown significant improvement, some downstream enterprises have conducted slight pre-holiday restocking for essential needs, leading to a slight increase in tungsten prices. Jiangxi Tungsten, Zhangyuan Tungsten, and a large tungsten miner in Fujian have raised their latest long-term contract prices.

At the beginning of the week, a new round of long-term contract prices was gradually announced, showing a significant upward trend:

The tight supply of tungsten ore has not yet been alleviated. Recently, Chongyi Zhangyuan Tungsten and Jiangxi Tungsten have further raised their long-term contract prices for the second half of May, while a large tungsten company in Fujian has suspended its long-term contract pricing.