July's tungsten market rose on tight ore supply, with prices up ~25% for concentrates and downstream products. New mining laws raised costs, curbing supply. Military and overseas demand (amid China's export controls) supported the market, though traditional sectors weakened. Short-term high consolidation; long-term ore scarcity may boost concentration, shifting to emerging/military fields.

[SMM Analysis: Upstream Ore Supply Leads the Gains, Tungsten Market Climbs Again] Entering July, the tungsten market was once again driven by the positive impact of ore supply tightness, with prices climbing upwards. The circulation of tungsten concentrate in the market was tight, making it difficult for downstream players to restock. The center of transaction prices for spot orders rose steadily. As of today, SMM 65% black tungsten concentrate closed at 178,500 yuan/mt, up about 25% from the beginning of the year.