SMM February 9: The tight supply situation in the raw material spot market continues to intensify, coupled with the holiday effect brought by the approaching Chinese New Year, the overall market is showing a pattern of "rising prices amid shrinking volume." Additionally, a major tungsten enterprise significantly raised its long-term contract prices, reigniting market bullish sentiment. On February 9, the average price of scheelite concentrate (≥65%) reached a record high of 680,500 yuan/metric ton, indicating a year-to-date increase of over 50%! The average price of APT (domestic) also rose to the historic milestone of 1 million yuan per metric ton on February 9, with a year-to-date increase of 49.25%! Tungsten enterprise significantly raised its long-term contract purchase prices for the first half of February Zhangyuan Tungsten Co., Ltd. of Chongyi's prices are as follows: 1. 55% scheelite concentrate: 670,000 yuan per metric ton, up 147,000 yuan per metric ton from the previous round; 2. 55% wolframite concentrate: 669,000 yuan per metric ton, up 147,000 yuan per metric ton from the previous round; 3. Ammonium paratungstate (standard grade zero): 970,000 yuan per metric ton, up 210,000 yuan per metric ton from the previous round. The Ganzhou Tungsten Industry Association's forecast prices for the tungsten market in February 2026 are: 55% scheelite concentrate at 670,000 yuan per metric ton, up 300,000 yuan per metric ton MoM; APT at 970,000 yuan per metric ton, up 300,000 yuan per metric ton MoM; medium-grain tungsten powder at 1,630 yuan per kg, up 480 yuan per kg MoM. (Prices are for reference only; assume commercial risks accordingly.) Furthermore, it is understood that some tungsten enterprises have suspended the publication of their long-term contract prices. Average Price of Ammonium Paratungstate (Domestic) Rises to 1 Million Yuan per Metric Ton, Up Over 49% Year-to-Date According to SMM price assessments, on February 9, the price range for scheelite concentrate (≥65%) was 680,000-681,000 yuan per metric ton, with an average price of 680,500 yuan per metric ton, up 1.19% from the previous trading day. Compared to the average price of 453,500 yuan per metric ton on December 31, 2025, this new high of 680,500 yuan per metric ton represents an increase of 227,000 yuan per metric ton year-to-date, a gain of 50.05%. Compared to the average price of 142,750 yuan per metric ton on December 31, 2024, the cumulative increase over more than a year reaches as high as 376.71% . On February 9, the price range for ammonium paratungstate (domestic) was 990,000-1,010,000 yuan per metric ton, with an average price of 1,000,000 yuan per metric ton. Compared to the average price of 670,000 yuan per metric ton on December 31, 2025, this average of 1,000,000 yuan per metric ton represents a year-to-date increase of 49.25%, rising sharply in sync with scheelite concentrate. Despite the continued sharp rise in tungsten prices, overall market trading activity has not kept pace recently, constrained mainly by multiple factors: First, with the Chinese New Year approaching, traders have become more cautious, focusing purchases on rigid demand, with only limited pre-holiday stockpiling and no large-scale concentrated stockpiling occurring. Second, high tungsten prices have led to both funding pressure and fear of high prices in the market, causing some downstream enterprises to postpone purchases and adopt a wait-and-see attitude. Third, the holiday effect is gradually becoming apparent, with some enterprises already entering a pre-holiday lull, leading to a general pullback in market trading frequency. The cemented carbide industry, a core demand sector for tungsten (accounting for 58% of total demand), is a typical example: affected by the soaring prices of raw materials like tungsten powder, production costs have increased significantly. Furthermore, tungsten materials like tungsten carbide account for over 80% of tool costs, forcing most cemented carbide enterprises to reduce procurement scale and maintain only production for rigid demand, further suppressing overall market trading activity. Outlook Looking ahead to the tungsten market outlook, in the short term, the tight spot supply situation on the raw material side is unlikely to ease quickly, and suppliers' reluctance to sell is expected to persist. The tungsten market is likely to maintain its strong upward trend. Key variables brought by the approaching Chinese New Year still require close attention: On one hand, market trading will gradually stagnate during the holiday period, and whether pre-holiday stockpiling demand concentrates will directly influence the short-term price movement pace. On the other hand, post-holiday enterprise work resumption progress, the recovery of raw material supply, and the strength of downstream demand release will determine whether tungsten prices can remain high. Additionally, international market price fluctuations, the signing of enterprise long-term contracts, industry policy direction, and the cost pass-through effect in the cemented carbide industry require continuous monitoring, while remaining vigilant against increased market risks from intensified price fluctuations in the high price range.

After closing the first half of the year (H1) with a 21.89% increase, wolframite concentrate prices continued to rise overall in July.

The guidance price for the first-grade black tungsten concentrate of Jiangxi Tungsten Industry Holding Group Co., Ltd. in the second half of May 2025 is 165,000 yuan/mt. The long-term contract procurement prices (including 13% VAT) for Chongyi Zhangyuan Tungsten Co., Ltd. in the second half of May are as follows: 1. 55% black tungsten concentrate: 163,500 yuan/mt; 2. 55% white tungsten concentrate: 162,500 yuan/mt; 3. Ammonium paratungstate (national standard zero-grade): 243,000 yuan/mt. The long-term contract prices for the second half of May have been released successively. Due to the rapid increase in tungsten market prices last week, prices have shown a trend of jumping initially and then pulling back, while end-use demand has not seen significant changes. Considering the excessive market price fluctuations, which are unfavorable for enterprises to arrange production schedules, various groups continue to raise long-term contract prices to stabilize the market.

According to news from Chongyi Zhangyuan Tungsten Co., Ltd.: On May 12, Zhangyuan Tungsten issued a notification letter regarding the adjustment of prices for welding machine tool holders. Due to the continuous rise in {{raw material}} prices in recent times, the company's production costs have significantly increased. The company has decided to implement new prices for welding machine tool holder products starting from May 20 (for specific business inquiries, please contact the company's sales staff). From the date of the price adjustment, all products will be subject to the new prices.

According to a news release from Chongyi Zhangyuan Tungsten Co., Ltd. on May 7, the company's long-term contract offers for the first half of May are as follows: 1. 55% wolframite concentrate: 151,000 yuan/metric tonne, up 6,500 yuan/metric tonne from the previous offer; 2. 55% scheelite concentrate: 150,000 yuan/metric tonne, up 6,500 yuan/metric tonne from the previous offer; 3. ammonium paratungstate (APT, zero-grade national standard): 223,500 yuan/mt, up 9,500 yuan/mt from the previous offer.

The long-term contract prices for the second half of April from Chongyi Zhangyuan Tungsten Co., Ltd. are as follows (the following unit prices include 13% VAT): 1. 55% Black Tungsten Concentrate: 144,500 yuan/mt; 2. 55% White Tungsten Concentrate: 143,500 yuan/mt; 3. Ammonium Paratungstate (National Standard Grade Zero): 214,000 yuan/mt.

According to the April 9 announcement from Chongyi Zhangyuan Tungsten Industry Co., Ltd., the long-term contract prices for the first half of April are as follows: 1. 55% black tungsten concentrate: 142,000 yuan/mt, an increase of 4,500 yuan/mt from the previous round; 2. 55% white tungsten concentrate: 141,000 yuan/mt, an increase of 4,500 yuan/mt from the previous round; 3. Ammonium paratungstate (national standard zero grade): 211,000 yuan/mt, an increase of 5,000 yuan/mt from the previous round.

Weekly Observation: Cobalt Products Show Mixed Performance, Refined Cobalt Smelters Stand Firm on Quotes, How Is Downstream Sentiment? This week, cobalt products showed mixed performance, the export ban on cobalt products continued to affect the market, refined cobalt smelters stood firm on quotes, and traders' enthusiasm for transactions increased compared to before. Meanwhile, some cobalt salt smelters' quotes also began to stabilize, but the current high prices still limited downstream transactions to some extent... SMM compiled the price changes of cobalt products this week as follows:.......

Due to the increase in material prices such as cobalt powder, Zhangyuan Tungsten Industry will adjust the prices of some cemented carbide and hardfacing material products from April 1st. According to Chongyi Zhangyuan Tungsten Industry Co., Ltd., on March 26th, Zhangyuan Tungsten Industry issued a notice regarding the adjustment of product prices. The rise in material prices, including cobalt powder, has significantly increased the company's production costs. To ensure the sustainable development of our company and to better provide long-term services to our customers, the company has decided to implement new prices for some cemented carbide and hardfacing material products starting from April 1st, 2025. For specific business inquiries, please contact the company's sales personnel.

[SMM Commentary: Multiple Tungsten Enterprises Continue to Slightly Lower Long-Term Contract Prices When Will the Stalemate in the Tungsten Market Be Broken?] At the beginning of the week, some downstream demand orders were released, and market inquiries increased. Although the supply of circulating goods was tight, the overall trading volume remained stagnant, and tungsten prices continued to stabilize. Jiangxi Tungsten and Zhangyuan Tungsten further reduced their long-term contract prices in the second half of March. It is worth noting that Jiangxi Tungsten's long-term contract price for the second half of March was only 500 yuan lower per mt than in the first half of March. The reduction in prices for Zhangyuan Tungsten’s 55% black tungsten concentrate and 55% white tungsten concentrate in the second half of March also narrowed.