[Tungsten Flash] SMM, June 10: A tungsten enterprise in Guangdong released the first-half June long-term contract prices. The prices for 55% wolframite concentrates and 55% scheelite concentrates were set at 518,000 yuan per standard tonne (65% WO3 basis) and 517,000 yuan per standard tonne, respectively. The long-term contract ore prices were raised by 108,000 yuan per standard tonne compared with the second-half May levels. The long-term contract APT price was set at 780,000 yuan per mt, an increase of 120,000 yuan per mt from the second-half May level (all prices above include 13% VAT).

SMM Report, June 5: Benchmark monthly long-term contract prices for China’s tungsten sector were officially released recently. The Ganzhou Tungsten Association unveiled its June 2026 domestic tungsten forecast prices: 55% WO₃ black tungsten concentrate at RMB 505,000 per metric ton, down RMB 195,000/MT month-on-month; ammonium paratungstate (APT) priced at RMB 760,000 per metric ton, a MoM drop of RMB 260,000/MT;

[Tungsten Flash] SMM, June 5: A tungsten enterprise in Zhangyuan announced its long-term contract purchase prices for the first half of June. The price for 55% wolframite concentrates is set at 505,000 yuan/standard tonne (65%WO3 basis), and that for 55% scheelite concentrates at 504,000 yuan/standard tonne (65%WO3 basis). Ore prices rose 91,000 yuan/mt MoM from the second half of May. APT price is set at 760,000 yuan/mt, up 100,000 yuan/mt from the second half of May. Note: The above unit prices include 13% VAT.

[SMM Tungsten Daily Review: Improved Trading Lifts Tungsten Market Volume and Prices, End-Use Demand Follow-Through Remains Key Focus for the Outlook] SMM June 3 report: The tungsten market posted steady gains this week, with related products across the industry chain rising across the board. Tungsten ore and APT markets recorded six consecutive days of increases. New orders from downstream powder enterprises began to gradually improve. Supported by increased trading volume and rising costs, powder enterprises successively raised their quoted prices. Downstream and end-user enterprises shifted from sporadic rigid-demand purchases to bulk purchasing, bullish sentiment grew increasingly strong, and price gains were concentrated in upstream raw materials and the APT segment, while deep-processed products passively rose following costs.

[Tungsten News Flash] SMM June 3: The tungsten spot market saw active inquiries today. Downstream participants were bullish and entered the market actively, with prices across the industry chain rising across the board. Upstream raw material suppliers had a strong hold-back-from-selling mentality, and suppliers' offers remained firm. Wolframite concentrates spot order transaction prices mainly exhibited wild swings. Today, SMM 65% wolframite concentrates closed at 450,500 yuan/standard tonne (65%WO3 basis), up 10,000 yuan/mt from the previous day. Some spot order quotes approached 500,000 yuan/standard tonne (65%WO3 basis). Attention going forward will be on the pace of mine shipments. Today, the APT market mainly saw steady increases. The industry engaged in concentrated procurement, and the market transaction center shifted upward. Mainstream transactions were concentrated around 720,000 yuan/mt, with some spot orders already exceeding 750,000 yuan/mt. Smelter offers remained firm. Today, SMM APT price closed at 725,000 yuan/mt, up 20,000 yuan/mt from the previous day, with a cumulative increase of 80,000 yuan/mt recently.

In May, European APT prices held firm above $3,000/mtu amid tight supply, while scrap tungsten dropped sharply. China's tungsten prices rebounded late in the month as sentiment improved, though downstream demand remained soft. A cautious bottoming trend emerged.

The average price of wolframite concentrates on May 26 was 400,500 yuan/standard tonne (65%WO3 basis), showing signs of stabilization after a nearly 62% decline over more than two months. Currently, downstream procurement demand in the tungsten market increased. Transactions across the entire tungsten industry chain — from tungsten concentrates, APT, and powder to tungsten scrap — recovered. Low-priced supplies in the market gradually diminished, and the industry as a whole showed signs of stopping falling and stabilizing. Wolframite Concentrates Fell 61.88% over 2+ Months, Prices Stabilized on the 26th The downward pace of tungsten concentrate prices slowed, with in-market transactions dominated by medium- and low-grade ore, while high-grade ore transactions remained relatively sluggish. As industry inventory continued to be cleared, downstream restocking demand picked up, mine auction transactions proceeded smoothly, and transaction prices were slightly higher than spot prices for scattered spot cargo in the market, effectively boosting market sentiment. On the 25th, a tungsten enterprise in Guangdong announced that its long-term contract prices for 55% wolframite concentrates for the second half of May were higher than spot order prices in the market, providing strong support for the market bottom and further consolidating the industry's trend of stopping falling. The specific long-term contract prices were: 55% wolframite concentrates at 414,000 yuan/standard tonne (65%WO3 basis), 55% scheelite concentrates at 413,000 yuan/standard tonne (65%WO3 basis), and APT long-term contract prices at 660,000 yuan/mt. After tungsten prices hit a record high on March 16, they were on an overall pullback trend due to weak demand, and tungsten prices underwent a deep correction over more than two months. According to SMM quotes, on May 26, the quotation range for wolframite concentrates (≥65%) was 400,000–401,000 yuan/standard tonne (65%WO3 basis), with an average price of 400,500 yuan/standard tonne (65%WO3 basis), unchanged from the previous trading day. Compared with the record high of 1,050,500 yuan/standard tonne (65%WO3 basis) on March 16, the average price of wolframite concentrates fell by 650,000 yuan/standard tonne (65%WO3 basis) in just over two months, a staggering decline of 61.88%! Since May, maintenance and production cuts by China's APT enterprises, along with measures to cut production to hold prices firm, effectively digested earlier inventory. As raw material prices gradually stabilized, smelters' willingness to hold prices firm strengthened, downstream just-in-time procurement gradually followed, and market trading activity rebounded slightly. Combined with the support formed by major producers' long-term contract pricing being finalized, APT prices stopped falling, and the market gradually entered a consolidation-at-lows phase. The tungsten powder market continued to see catch-up declines, though the pace of decline slowed down. Recently, the tungsten scrap market stopped falling and stabilized, recycled tungsten enterprises showed insufficient willingness to sell at low prices, and tungsten scrap transactions improved somewhat. Outlook Regarding the outlook for tungsten, overall, driven by orderly inventory destocking, the return of downstream just-in-time procurement, and the formation of pricing consensus among industry leaders, the tungsten market as a whole entered a bottoming-out and recovery phase. Going forward, close attention should be paid to the execution of long-term contracts and the pace of end-use demand recovery. According to an SMM survey, downstream cemented carbide alloy enterprises have seen their inventory drop to low levels, with expectations of rigid restocking demand. However, influenced by the market not yet being fully stabilized, enterprises remain cautious in procurement, generally adopting a small-order purchasing model. If upstream raw material inventory continues to be cleared and supply-demand imbalances are alleviated, tungsten prices are expected to enter a stabilization and consolidation phase in June-July. In the medium and long-term, the gap in Q3 mining quota transitions may lead to a contraction in market supply, coupled with expectations of the traditional "September-October peak season" consumption boom, the industrial supply-demand structure will continue to optimize, thereby providing bullish support for tungsten prices. Recommended reading:

[SMM Tungsten Daily Review: Guangdong Tungsten Enterprise Announces Long-Term Contract Prices, Tungsten Market's Stop Falling and Stabilize Trend Confirmed] SMM May 25: Today, tungsten market sentiment eased, downstream purchasing activity increased, and transactions in APT, powder, and other segments recovered. A tungsten mine in Hunan auctioned tungsten concentrates with a grade of approximately 12-21%, moisture content of approximately 12%, an estimated 430 mt in physical content, or about 100 standard tonnes (65%WO3 basis). The auction was successfully concluded, with transaction prices concentrated at over 370,000-380,000 yuan/standard tonne (65%WO3 basis). The decline in spot order transaction prices for tungsten concentrates slowed down significantly, and the ore side essentially consolidated at lows.

[SMM Tungsten Express] SMM May 14: Rotterdam APT prices remained stable at $2,900-3,200/mtu this week, with suppliers holding prices firm with strong sentiment. Affected by tight spot cargo supply, market transactions fell into a deadlock again, with the situation of quoted prices but no actual deals continuing. European scrap prices continued to decline, with transactions in the range of 98-105 euros/kg; the Indian scrap market rebounded slightly by 4.5% WoW, with scrap tungsten carbide drill bits FOB closed at $110-120/kg.

[SMM Tungsten Daily Review: Tungsten Market in the Doldrums Consolidating at Lows, Scrap Tungsten Stabilized, Industry Policies Providing a Floor] SMM May 12: Recently, the tungsten market retreated from highs and continued to be in the doldrums. The price spread between upstream raw material long-term contracts and spot cargo spot orders continued to widen. Long-term contract quotes were repeatedly lowered, but the decline remained smaller than spot market spot order transaction prices. Wait-and-see sentiment was strong in the market, with very few transactions. On May 11, an enterprise in Guangdong canceled its fixed long-term contract pricing for the first half of May and switched to market-based negotiated pricing, shifting pricing power closer to the spot market. This intensified wait-and-see sentiment in the short term while also making raw material pricing more flexible. After a deep decline in the earlier period, scrap tungsten stopped falling and stabilized, rebounding slightly. Suppliers held back from selling at low prices, providing some support to the market.