Since March, the domestic tungsten market has trended higher and then pulled back. Driven by rigid supply and macro sentiment at the beginning of March, prices rose rapidly, with 65% wolframite concentrate hitting a record high of 105,000 yuan per standard ton. Starting from mid-March, profit-taking by investors, downstream resistance to high prices, and a general correction in commodity markets led to a gradual price pullback, pushing the entire market into a phase of supply-demand game.

[Tungsten Industry Long-term Contract Information] SMM April 10: A tungsten enterprise in Guangdong released its long-term contract prices for the first half of April. Specifically, 55% wolframite concentrates were priced at 925,000 yuan/standard tonne (65%WO3 basis), 55% scheelite concentrates at 924,000 yuan/standard tonne (65%WO3 basis), with tungsten ore concentrate long-term contract prices down 80,000 yuan/standard tonne (65%WO3 basis) from the second half of March. APT was priced at 1.4 million yuan/mt, down 80,000 yuan/mt from the second half of March (Note: All prices above are inclusive of 13% VAT).

[SMM Tungsten Express] Allied Critical Metals is advancing a fully funded 20,000m drilling program at the Borralha tungsten project in Portugal. The Venise breccia has intersected over 200m of continuous mineralization, located just 400m from the Santa Helena breccia complex, implying potential for co-developable orebodies. Borralha has been formally designated by idD Portugal Defence as a project of strategic national importance for EU/NATO tungsten supply.

[SMM Tungsten Express] Canada's Pure Tungsten plans to achieve first tungsten concentrate production from its Ssangjon mine in South Korea in June 2026, with a public listing targeted for the same year. The company is also advancing its Maykhura mine in Tajikistan, targeting production in 2027. Its long-term goal is to reach approximately 4,000 tpa WO₃, a production scale comparable to Almonty. A C$5 million equity financing at C$0.50 per share is underway.

[SMM Tungsten Express] Aim-listed Tungsten West is accelerating the restart of its Hemerdon tungsten-tin mine in the UK, with Phase 1 fines gravity processing targeted for Q3 2026 and full commissioning of new crushing, screening and ore sorting facilities planned for Q1 2027. The company is advancing $85 million in debt financing and a £22.3 million equipment finance package. Current tungsten prices of ~$2,999/mtu and tin prices above $46,000/t far exceed feasibility study benchmarks ($400/mtu for tungsten, $32,500/t for tin), significantly enhancing project economics.

[SMM Tungsten Express] Ceratizit reported that its tungsten supply chain is predominantly based on recycled feedstock, achieving a 91% recycling rate in fiscal 2024/25. Through closed-loop recycling, long-term offtake agreements and a strategic investment in Almonty, the company has built a tungsten raw material system independent of Chinese supply. Its GTP unit operates advanced recycling facilities in the US and Finland, processing tungsten scrap into carbide powder. The circular economy model aims to secure supply for customers while reducing carbon footprint.

[Tungsten Industry Long-Term Contract Information] SMM, April 7: A tungsten industry group in Jiangxi released its long-term contract prices for the first half of April. The guidance price for Grade 1 national-standard wolframite concentrates for the first half of April 2026 was 956,000 yuan/standard tonne (65%WO3 basis).

Yankuang Energy stated at its 2025 annual results briefing that, according to the feasibility study report prepared by Changsha Engineering & Research Institute Ltd. of Nonferrous Metallurgy, Xinghe Molybdenum (Caosiyao Molybdenum Mine) is located in Xinghe County, Ulanqab City, Inner Mongolia Autonomous Region, and has molybdenum ore resources of 1.04 billion mt, metal content of 1.089 million mt, an average grade of 0.105%, and associated metals including tungsten and zinc. The designed capacity is 16.5 million mt/year of raw ore, and annual molybdenum concentrate production will reach 30,800 mt/year upon reaching full production. In February 2026, it was issued the electronic certificate for a mining license with an annual mining scale of 16.5 million mt, and construction is expected to commence in H2 2026, with a construction period of 1.5-2 years.

[SMM Tungsten Express] As of April 2, European tungsten raw material and scrap prices continued to rise. According to SMM data, APT CIF Rotterdam is quoted at $3,100-3,200/mtu, averaging $3,150/mtu, up $350 from last week. European scrap carbide blades are at €135-145/kg, averaging €140/kg, up €10 from last week; scrap drill tips at €145/kg. Trading activity was light ahead of the Easter holidays, but tight feedstock supply continues to support expectations of further price increases.

According to a public notice issued by the Heilongjiang Provincial Department of Natural Resources on March 30, 2026, the first batch of total tungsten ore mining quota control indicators for Heilongjiang Province in 2026 amounted to 100 mt, all of which were allocated to Shuangyashan Jianlong Mining Co., Ltd. (Yangbishan Iron Mine of Shuangyashan Jianlong Mining Co., Ltd.), at 100 mt. The first batch of local mining quota in 2025 was 0.