SMM

February 10-14, 2025 This week, the average cost in the APT industry was 216,309 yuan/mt, the average industry profit was -3,409 yuan/mt, and the average profit margin was -1.60%. On the tungsten ore side, supply elasticity remained insufficient, and the tight supply and high prices continued to be a key market support. Meanwhile, the demand side saw a gradual increase in market resumption rates, but demand showed no significant release, with limited downstream purchase demand, leading to relatively weakened price support and overall stable market prices. This caused APT smelters to continue experiencing price inversion.