Search results for Tungsten Price

As of last Friday, SMM data showed that the CIF Rotterdam port price for ammonium paratungstate (APT) was $1,000-1,050/mtu, with an average price of $1,025/mtu, up $25/mtu from January 8; the price for ferrotungsten (Rotterdam warehouse) was $142-149/kg W, with an average price of $145.5/kg W, up $3.5/kg W from January 8. The European tungsten market is currently in a state of "having prices but no volume." Although prices in the Chinese market continued to surge, actual transactions in Europe were sluggish last week, with APT offers mainly concentrated at $990-1,000/mtu. This week, although suppliers and traders raised their offers to $1,000-1,050/mtu, transactions at the high end also stalled. In the tungsten scrap market, mainstream quotations in India continued to rise weekly, with the current FOB India price for cemented carbide scrap (W 90-92%) reported at $92-95/kg. According to feedback from downstream customers, local tungsten material prices are almost doubling weekly, resulting in significant cost pressure for end-users. In Europe, scrap sources currently rely more on local traders, with some European traders stating that the price and payment terms for Indian scrap are difficult to accept, leading to limited imports. The current price for local European cemented carbide scrap (W 90%) is about €70/kg (approximately $82/kg), and further price increases are expected this week. From a global market perspective, the tight supply situation is difficult to change in the short term, and the flow of mine-side resources has become the focus of national resource reserves. The shortage of raw materials in the international market is expected to persist, and the existing supply-demand structure and industry chain pattern are unlikely to be reshaped in the near term. In the near term, the European market may see constrained rapid price increases due to insufficient transaction follow-through, but the price spread between domestic and overseas markets is expected to gradually narrow by benchmarking against Chinese prices. In the long run, the overseas demand gap continues to exist, the upward price trend is clear, and midstream smelters are likely to shift more toward scrap recycling, making tungsten scrap an important driver of future tungsten price increases.

On December 19, SMM reported that the Ammonium Paratungstate (APT) CIF (Rotterdam port) price is USD 880-920 per metric ton unit (mtu), with an average of USD 900/mtu , up by USD 50/mtu from last week. Ferrotungsten (Rotterdam warehouse) price is USD 108-116 per kg W, with an average of USD 112/kg W , up by USD 7.5/kg W from last week. China Tungsten Market: Overheated sentiment drives APT prices up by over CNY 80,000 in a week This week, China's tungsten market rose sharply. Domestic APT prices are quoted at CNY 640,000/ton (approximately USD 1,025/mtu) , having surged by CNY 85,000/ton (approximately USD 140/mtu) within the week. Main reasons include: on one hand, major production regions such as Jiangxi and Hunan have very few remaining tradable mining quotas, and mines show little willingness to sell near year-end. On the other hand, multiple APT enterprises conducted concentrated maintenance this month. Market supply primarily ensures long-term contract deliveries, while spot sellers are holding back, forcing scattered urgent procurement to chase prices. Together, these factors drove overheated market sentiment and accelerated price increases. European Raw Materials Market: Sentiment-driven rise following China; trading slows ahead of Christmas holidays European APT traders stated: 'I am shocked that China's APT prices have exceeded USD 1,000/mtu. The rapid rise has made our end customers very nervous. As Christmas and New Year approach, customers are currently unwilling to accept current high prices and prefer to observe the market after the holidays before making purchasing decisions.' According to SMM research, the latest transaction prices for APT in Europe remain around USD 880/mtu. However, it is expected that upstream enterprises and traders will collectively raise offers before the holiday this Friday to follow China's uptrend. Meanwhile, Rotterdam ferrotungsten offers were also raised to around USD 115/kg W. From a sentiment perspective, Europe's rise this week was mainly driven by China's market movement: currently, Chinese prices show an inverted spread and ore supply is tight. Overseas tungsten concentrate suppliers are more inclined to divert resources to China. If European prices do not follow up promptly, securing imported ore will become more difficult. From an actual supply-demand perspective, European smelting enterprises have generally halted operations this week. End-user demand has weakened, and the subsequent two weeks enter the Christmas holiday period, leading to sluggish pre-holiday trading. The current price increase is mainly driven by sentiment. Overseas Hard Alloy End Users: China's tungsten price rise transmits pressure; supply chain competition intensifies Meanwhile, the sharp surge in China's market is also exerting significant pressure on overseas hard alloy end production. Currently, offers for tungsten powder exported from China have climbed to USD 151.5/kg, up by USD 21 from last week. A procurement manager at a hard alloy producer said: 'Some Chinese tungsten powder suppliers now require cash prepayment. This will make operations even more difficult for many small hard alloy manufacturers that rely on exports and already have thin profit margins.' However, for some urgent orders, end manufacturers still have to accept current prices and trading terms. As over 80% of global tungsten smelting resources are concentrated in China, the continuous price increase in China is gradually transmitting upstream through the downstream supply chain, driving an overall strengthening of global tungsten prices. Regarding the future market Affected by the Christmas holidays, current overseas market prices are not closely following China's market trend, and end-user demand has weakened as the holidays approach. It is expected that the European market will remain in a wait-and-see mode for the next two weeks, adjusting accordingly after the holidays based on China's price movements. SMM analysis suggests that the rapid price increase in China's tungsten market this week was mainly driven by a combination of temporary factors, representing an overheated market reaction. Simultaneously, some overseas suppliers with mine resources are also actively pushing up offers. In the medium to long term, attention should still be paid to changes in domestic tungsten mining policies and the actual impact of price transmission to downstream sectors.

On December 12, SMM Ammonium Paratungstate (APT) CIF (Rotterdam port) price is USD 830-870 per metric ton unit (mtu) , with an average of USD 850/mtu, up by USD 50/mtu from last week. Ferrotungsten (Rotterdam warehouse) price is USD 101-106 per kg W , with an average of USD 104.5/kg W, up by USD 6/kg W from last week. European Tungsten Market Follows China's Gains; Supply Tightness May Push APT Offers to the Thousand-Dollar Mark This week, European market prices continued to rise, following the upward trend in the Chinese tungsten market. According to SMM research, the latest European tungsten concentrate CIF offers have increased to USD 700-720/mtu. Regarding APT, due to limited domestic European APT production and scarce spot availability, actual tradable material is extremely limited. The latest transaction price still stands at USD 805/mtu. However, driven by rising ore price pressure and downstream demand support, APT offers have been pushed up to USD 835-870/mtu. European traders stated: "As the Chinese market rises rapidly, the European market will inevitably follow, and European prices will be higher than China's because we lack raw materials, and supply is very tight. It is expected that European APT offers will soon reach USD 1000/mtu, and our end-users are willing to pay that price. " Currently, European smelters' production primarily relies on tungsten scrap recycling, along with small quantities of tungsten concentrate sourced locally, from Africa, and from Australia. Approaching Christmas, most producers plan to halt production earlier next week compared to previous years, precisely due to raw material shortages. This also means European market trading will largely stall next week, and prices may continue to follow the upward movement of the Chinese market. Domestic Shortage Coupled with Policy Barriers Leaves Little Motivation for APT Exports From the current situation in the Chinese tungsten market, domestic tungsten concentrate and APT supply remains consistently tight, with mine production quotas largely exhausted. Some APT producers have already halted production this month, exacerbating supply pressures and triggering a wave of panic buying in downstream markets. As of today, SMM price data shows domestic APT transaction prices have been pushed up to 555,000 yuan/ton (approximately USD 887/mtu). According to SMM understanding, affected by China's export control policies on tungsten products, traders must obtain relevant qualifications and go through strict declaration and approval procedures before they can export APT and tungsten oxide products. Exporting to European end-users, from declaration to completion of transportation, takes nearly four months in total. This is also the main reason why October customs data showed APT exports had already dropped to zero. Given the current situation, Chinese tungsten prices are rising rapidly, while European market prices have not yet formed a significant price gap with domestic prices. Therefore, domestic traders are more inclined to sell APT resources in the domestic market rather than investing the longer time cost required for export applications. For tungsten powder and other exportable downstream products, their export offers will follow the price trend of the domestic Chinese tungsten market and may be higher than domestic price levels due to supply tightness, logistics, and compliance costs. Regarding the Future Outlook The core dilemma of the European tungsten market remains the lack of raw material mineral supply, directly leading to continuous shortages of smelted products like APT and ferrotungsten. Currently, only some tungsten powder enterprises maintain production relying on stable prior supply sources. However, downstream demand remains robust, far exceeding market supply availability. Against this backdrop, overall trading activity in the European tungsten market is tending towards thinness, with the contradiction between severe supply shortages and strong demand becoming prominent. Prices are expected to continue their upward trend.

SMM December 9 News: Driven by multiple favorable factors including tight raw material supply, tungsten prices have been on a sustained upward trend since mid-to-late October, with historical highs being frequently set! From the supply side, the tungsten raw material market remains tight. Coupled with the gradual issuance of domestic tungsten mining quotas across various provinces in November, the market anticipates the total annual quota volume will be lower than the 2024 level. Looking at the long-term contract prices set by major tungsten enterprises, companies like Jiangxi Tungsten and Zhangyuan Tungsten have successively raised their long-term contract offers, further supporting the price increase. As of December 9, the average price of Wolframite Concentrate (≥65%) has climbed to 356,500 CNY/mt, with a staggering year-to-date increase of 149.74% . Jiangxi Tungsten, Zhangyuan Tungsten, and Other Tungsten Enterprises Raise Long-Term Contract Prices Again Several tungsten enterprises have raised their long-term contract prices for the first half of December, details as follows: Ganzhou Tungsten Industry Association : 55% black tungsten ore at 350,000 CNY/mt , up 41,000 CNY/mt month-on-month; APT at 510,000 CNY/mt , up 57,000 CNY/mt month-on-month; Medium-grain tungsten powder at 880 CNY/kg, up 150 CNY/kg month-on-month. (Prices are for reference only, commercial risks are borne by the parties involved.) Chongyi Zhangyuan Tungsten Co., Ltd .: 55% black tungsten concentrate: 350,000 CNY/mt , up 22,000 CNY/mt from the previous offer; 55% scheelite concentrate: 349,000 CNY/mt , up 22,000 CNY/mt from the previous offer; Ammonium Paratungstate (APT): 510,000 CNY/mt , up 32,000 CNY/mt from the previous offer. Jiangxi Tungsten Holding Group Co., Ltd.: 65% black tungsten concentrate is 350,000 CNY/mt , up 25,000 CNY/mt from the second half of November. Xiamen Tungsten： Long-term APT procurement price for the first half of December 2025 is set at 500,000 CNY/mt , up 30,000 CNY/mt from the second half of November. Guangdong Xianglu Tungsten Co., Ltd. ：55% Wolframite Concentrate, the price was set at 365,000 CNY/mt , an increase of 34,000 CNY/mt from the previous period; for 55% Scheelite Concentrate, it was priced at 364,000 CNY/mt , also up 34,000 CNY/mt; and for Ammonium Paratungstate (APT), the price reached 530,000 CNY/mt , reflecting an increase of 49,000 CNY/mt. Tungsten Prices Continuously Rise, Wolframite Concentrate Up Nearly 150% This Year Tungsten prices have been rising steadily, frequently setting new historical records! According to the latest SMM quotations, on December 9, the price for Wolframite Concentrate (≥65%) ranged from 356,000 to 357,000 CNY/mt , with an average price of 356,500 CNY/mt , up 0.56% from the previous trading day! Compared to the average price of 142,750 CNY/mt on December 31, 2024, this new high of 356,500 CNY/mt represents an increase of 213,750 CNY/mt year-to-date, a surge of 149.74%. This year's tungsten price increase is primarily attributed to the combined effect of tightened supply, smooth cost transmission, and support from downstream rigid demand: China's annual tungsten mining quota is expected to be lower than 2024's. Quotas in major producing regions showed no increase, with some provinces seeing year-on-year declines. Additionally, quota utilization rates were low in regions like Yunnan and Guangdong. Coupled with major mines slowing their sales pace at year-end, market circulation volume has further contracted. The ongoing deepening of domestic tungsten mining quota control policies ensures strategic resource management at the source. Simultaneously, the high price transmission path for tungsten is smooth. APT smelting has turned profitable, and industry operating rates are steadily recovering. In downstream mid-to-high-end applications, there is a lack of substitutable materials for tungsten, leading to orders concentrating towards leading enterprises. Cost pressures are forcing end-product price hikes. In the overseas market, influenced by China's export controls, production cuts at Vietnamese tungsten enterprises, and tungsten being listed as a strategic metal in Europe and the US, tungsten product premiums have seen some recovery. However, the overall market shows weak supply and demand, leaving room for price catch-up. Market Outlook Overall, strongly supported by tight mine-side supply, tungsten prices have risen steadily recently. Entering December, the tight supply situation for tungsten raw materials has not improved, and the supply-demand imbalance remains unresolved. The trend of high tungsten prices is expected to continue. Specifically, the tungsten market in December will continue to face a dual scenario: on one hand, supply-side constraints from mining quotas make it difficult to change the tight supply of tungsten raw materials; on the other hand, downstream end-use application sectors are undergoing structural adjustment. In the absence of new materials capable of large-scale substitution for tungsten, the tight supply situation in the tungsten market is likely to persist, thereby supporting tungsten prices to close out 2025 at high levels. Looking ahead to Q1 2026, the market needs to focus on changes in mine shipment pace and the release of a new round of downstream restocking demand.

On December 5th, the APT CIF (Rotterdam port) price was $780-820 per mtu, with an average of $800/mtu, an increase of $40/mtu from the previous week. The Ferrotungsten (in-whs Rotterdam) price was $98-99 per kg of tungsten, with an average of $98.5/kg tungsten, up by $8.5/kg from the previous week. European tungsten prices continued their upward trend this week, primarily driven by sustained price increases in the Chinese market and demand transmission in the local region. Currently, the supply of raw materials from mines to APT in the European market remains tight. However, demand from the downstream hard metal industry for tungsten powder and tungsten carbide remains robust, driving continued price increases for powder products and further transmitting upward pressure to APT. Currently, tradable APT in the European market is extremely limited. According to SMM research, on the raw material side, European APT producers generally rely on long-term contracts with formula-based pricing for tungsten concentrate procurement, resulting in executed prices mostly remaining below $600/mtu. However, as Chinese tungsten concentrate prices have surged to a high of $766/mtu, European market prices for tungsten concentrate have also been forced to adjust accordingly. At the APT level, although the current quotations around $800/mtu reflect market trends, the actual available supply remains scarce, creating an overall pattern of 'prices forced to follow upward trends with limited availability'. It is expected that European market prices will continue to follow the upward trend in China next week. However, as the year-end approaches, market participants will gradually enter a phase of inventory digestion. Coupled with the upcoming Christmas holiday, downstream demand in Europe may experience a seasonal slowdown, and market activity may somewhat decline.

SMM September 18 The tungsten market remained in the doldrums today, with some low-priced transactions of non-tax-included tungsten concentrate. The transaction center fell back again, but overall trading volume was low. Downstream smelting and powder enterprises mainly relied on shipments under long-term contract, with few spot orders in the market. Coupled with strong fear of high prices, some transactions showed hidden declines. The tungsten scrap market lacked confidence, and suppliers still engaged in risk-averse selling. Downstream purchasing enterprises mostly drove down purchasing prices, leading to a significant drop in the tungsten scrap market. Recently, influenced by the pullback from highs in the domestic tungsten market, the price spread between domestic and overseas markets narrowed significantly, with some high-end overseas prices basically aligning with domestic spot prices. Ore end: As of September 18, SMM black tungsten concentrate (65%) closed at 280,000-281,000 yuan/mtu, down 2,000 yuan/mt WoW and down 5,000 yuan/mtu from last Friday. Spot order transactions for tungsten concentrate were cautious, with only some non-tax-included goods traded. Low-grade ore was tendered for sale in Guangdong and other regions, but enterprise participation was poor due to market pessimism, and no transactions were concluded. Overseas ore had sporadic offers but limited transactions. The release of the second batch of quotas for the year remains unclear, with some enterprises reporting that subsequent quotas might be directly allocated to enterprises or applied for as needed. Numerous uncertainties have intensified industry wait-and-see sentiment. Ammonium paratungstate: Today, SMM ammonium paratungstate (≥88.5%) was quoted at 401,000-416,000 yuan/mt, down 4,000 yuan/mt from the previous trading day and down 6,500 yuan/mt from last Friday. Ammonium paratungstate enterprises still faced high costs, with some traders concluding low-priced transactions. Market transactions shrank significantly, as downstream buyers drove down purchasing prices to test trader sentiment, resulting in hidden declines. A small number of transactions had already fallen below 400,000 yuan/mt. Domestic ammonium paratungstate continued to decline, while the overseas market remained firm. As of today, European APT (unchanged) 550-645 (unchanged) $/mtu, equivalent to 346,400-406,200 yuan/mt, with high-end prices basically aligning with the domestic spot market. The powder market weakened today, with the industry mostly fulfilling previous orders and few spot orders traded. Today, SMM tungsten carbide powder closed at 620 yuan/kg, and tungsten powder closed at 635 yuan/kg, down 5 yuan/kg from the previous trading day. Downstream cemented carbide had restocked heavily during the previous rapid rise in tungsten prices, leading some powder enterprises to still process previous orders, which to some extent reduced spot circulation in the powder market. Ferrotungsten: Market wait-and-see sentiment was strong, with downstream steel mills and traders showing poor purchase willingness. Market transactions were weak, and supplier quotes loosened, with prices declining. Today, mainstream quotations for 70% ferrotungsten were concentrated at 400,000-405,000 yuan/mt, down 5,000 yuan/mt from the previous trading day. Actual market transactions were below online prices. In the tungsten scrap market, suppliers continued to offload goods as the main trend, with the transaction center declining significantly. Industry sentiment was dominated by fear of high prices, and market circulation was loose. Downstream enterprises primarily engaged in bargain down purchasing. Today, SMM tungsten scrap bar closed at 395 yuan/mt, down 5 yuan/mt from the previous trading day and 45 yuan/kg from last Friday, leading the decline. In the short term, affected by the previous price rise, fear of high prices in the tungsten market has intensified significantly. Additionally, most hard alloy enterprises are still in the stage of digesting previously restocked inventory, leading to a decline in actual transaction activity. The market is mainly in a stalemate, awaiting guidance from the new round of long-term contracts. From the upstream mine side, the core expectation of tight supply remains unchanged. The domestic policy controlling the total tungsten concentrate mining volume continues, with limited release of new capacity. Actual production has fallen short of expectations, and overall market supply lacks elasticity. As downstream enterprises gradually consume their previously restocked inventory, if no substantial increase in supply from the mine side is released subsequently, the supply-demand pattern will further tilt toward a tight balance. It cannot be ruled out that tungsten prices may initiate another strong upward trend after inventory destocking is completed.

SMM News on 8/9: In July, the global tungsten market saw another rally, with domestic and international tungsten prices hitting new highs. Among them, tungsten concentrate prices rose by 11.2% in July, ammonium paratungstate (APT) by 13.7%, tungsten carbide powder by 13.3%, tungsten powder by 13.8%, and ferrotungsten by 13.6%. In Europe, sodium paratungstate closed at $460-490 per ton-unit at the end of July, up 2.7% month-on-month. European ferrotungsten closed at $55-59.6 per kilogram of tungsten at the end of July, a 10.7% increase from the start of the month. In early August, major domestic tungsten enterprises successively announced long-term orders for the first ten days of August. Both tungsten concentrate and sodium paratungstate long-term order prices showed significant increases, boosting market confidence. The tungsten market is expected to maintain a high-level volatile trend in August. Raw Material Segment: Tight Supply Drives Prices Higher In early July, tungsten concentrates and other tungsten raw materials saw moderate price increases, with balanced market supply and demand. However, in late July, domestic tungsten concentrate inventory replenishment became difficult as mines held back stocks, triggering a rapid price surge. Leading enterprises sharply raised long-term order prices in the second half of July, stabilizing the market at a high level. By the end of the month, 65% wolframite concentrate was quoted at around 193,500 yuan/ton, with a cumulative year-to-date increase of 35.6%. In July, major producing regions such as Jiangxi and Hunan were affected by multiple factors, including environmental inspections, extreme summer weather, and safety checks. Some mines in Jiangxi were ordered to suspend production for rectification due to substandard environmental protection facilities, leading to reduced 产能 (capacity). Meanwhile, frequent typhoons and heavy rains in summer disrupted mining operations, and multiple tailings ponds in Guangxi and Guangdong were closed. Against the backdrop of tight resource supply, tungsten ore holders showed strong reluctance to sell. Mining enterprises generally remained optimistic about future prices, hoarding stocks and avoiding sales, making low-priced supplies scarce in the market. This further exacerbated supply 紧张 (tightness) and pushed prices higher. Ammonium Paratungstate (APT) Market: Cost-Driven Rally with Sluggish Transactions The APT market closely followed cost-driven price increases, but enterprises faced difficulties in replenishing tungsten concentrate inventories, resulting in firm quotations. Traders and downstream enterprises adopted a wait-and-see attitude, leading to shrinking transactions in the second half of July. In terms of output, China’s APT production in July 2025 was 11,656 tons, a 6% month-on-month decrease but a 3.8% year-on-year increase. The industry operating rate was around 68%, with some small-scale factories reducing production due to concerns over high prices. Powder Segment: Cost Pressures and Downstream Resistance Create Market Contradictions In July, downstream tungsten powder and tungsten carbide powder enterprises faced significant cost pressures, with some experiencing obvious losses from inverted prices and slow price-following. In late July, volatility in raw material markets led enterprises to adopt a wait-and-see approach toward new orders. Downstream cemented carbide enterprises only replenished inventories based on rigid demand, while end products such as cutting tools struggled to pass on costs quickly. Multiple cemented carbide enterprises issued a joint statement opposing high raw material prices. As intermediate product manufacturers, powder enterprises faced conflicting market trends: high upstream costs combined with weak downstream demand. Enterprises mostly quoted prices based on orders, considering raw material price fluctuations during the delivery period. By the end of July, tungsten carbide powder hit a high of 418 yuan/kg, and tungsten powder reached 427 yuan/kg. Industry caution and wait-and-see sentiment intensified, resulting in sluggish market transactions. Ferrotungsten: Supply Constraints and External Market Spillovers In July, the ferrotungsten market mainly followed raw material price increases. Upstream recycling of waste tungsten products such as recycled tungsten became difficult, with prices remaining high and enterprises showing little willingness to sell at low prices, leading to firm quotations. Enterprises producing ferrotungsten using tungsten concentrates saw reduced operating rates due to difficulties in sourcing high-grade ore and high-temperature power restrictions. By the end of July, domestic ferrotungsten (≥75%) was quoted at 301,000 yuan/ton, with a cumulative year-to-date increase of 36.8%. Additionally, the ferromolybdenum market surged in late July, prompting multiple steel mills to issue a joint statement suspending ferromolybdenum purchases. This spillover effect led some steel mills to pause purchases of both tungsten and molybdenum to wait for market clarity. End Demand: Stable Growth in Key Sectors In July 2025, the Purchasing Managers’ Index (PMI) for the equipment manufacturing industry and high-tech manufacturing industry stood at 50.3% and 50.6%, respectively, indicating expansion. According to National Bureau of Statistics data, domestic output of metal-cutting machine tools increased by 13.5% year-on-year in the first half of 2025. As key tools for mechanical processing, cemented carbide cutting tools saw rising demand for tungsten in line with growing machine tool production. Customs data showed that China’s exports of cemented carbide mechanical knives and blades reached approximately 1,775 tons in the first half of 2025, a 2.8% year-on-year increase. Brief Comment: High-Level Volatility to Persist in August The tungsten market is expected to remain in high-level volatility in August, supported by tight ore supply. Tungsten concentrate mining is constrained by quota limits, with little room for output growth. The first batch of 2025 tungsten mining quotas decreased by 6.45% year-on-year, with Jiangxi’s quota reduced by 2,370 tons. Some mines in Jiangxi face quota shortages and low inventories. Although Guangxi and Guangdong’s combined first-batch quotas reached 4,510 tons, few mines are in operation in these provinces this year, resulting in low operating rates. Moreover, domestic tungsten concentrate mining quotas are non-transferable, leading to low quota utilization and exacerbating supply 紧张. Attention should be paid to the release of the full-year tungsten concentrate quota allocation in late August or early September. In August, downstream cemented carbide operating rates are expected to decline due to seasonal weak demand and high raw material costs. In the medium to long term, the scarcity of global tungsten resources and growing demand in emerging sectors will provide strong support to the tungsten market.

SMM News on July 17: After closing the first half of the year (H1) with a 21.89% increase, wolframite concentrate prices continued to rise overall in July. The main reasons driving the recent increase in tungsten prices are tight supply of raw materials in the tungsten ore market, strong reluctance among suppliers to lower prices and hold onto inventory, difficulty in finding low-priced supplies in the market, and an upward shift in the market's transaction center. Additionally, multiple tungsten enterprises raising their long-term contract prices in the first half of July boosted the confidence of market participants and drove tungsten prices to show a generally stable with slight rise trend. Multiple Tungsten Enterprises Raise Long-Term Contract Prices in the First Half of July; Market Awaits Implementation of Long-Term Contract Prices in the Second Half of July Reviewing the long-term contract prices of some tungsten enterprises in the first half of July, we can see that the guidance price for Jiangxi Tungsten Industry Holding Group Co., Ltd.'s national standard first-grade wolframite concentrate in the first half of July 2025 was 173,000 yuan/mt, a slight increase of 1,000 yuan/mt compared to the second half of June. Chongyi Zhangyuan Tungsten Industry Co., Ltd.'s long-term contract procurement prices in the first half of July were as follows: 1. 55% wolframite concentrate: 172,000 yuan/mt, an increase of 2,000 yuan/mt compared to the previous round; 2. 55% scheelite concentrate: 171,000 yuan/mt, an increase of 2,000 yuan/mt compared to the previous round; 3. ammonium paratungstate (national standard zero-grade): 252,500 yuan/mt, an increase of 1,500 yuan/mt compared to the previous round. After the long-term contract prices of multiple tungsten enterprises in the first half of July had a price-supporting and market-stabilizing effect on the market, the market is currently focusing on the implementation of long-term contract prices of tungsten enterprises in the second half of July. Tight Raw Material Supply; Wolframite Concentrate Prices Rise for Over a Month Tungsten prices have been on an overall upward trend this year. Reviewing the average price trend in the first half of the year, we can see that the average price of SMM wolframite concentrate (≥65%) on June 30 was 174,000 yuan/mt, an increase of 31,250 yuan/mt compared to its price of 142,750 yuan/mt, with a growth rate of 21.89%. Comparing the daily average price of SMM wolframite concentrate (≥65%) in the first half of this year (151,079.06 yuan/mt) with that in the first half of 2024 (134,168.8 yuan/mt), the semi-annual daily average price increased by 12.6% YoY. After experiencing the increase in the first half of the year, entering the second half of the year, SMM wolframite concentrate (≥65%) is still on an overall upward trend. Its daily average price on July 16 was On July 16, the tungsten market maintained a generally stable with slight rise trend. The supply of ore in the market was tight, suppliers were bullish and held onto inventory, the transaction center for spot orders in the market continued to rise, downstream ammonium paratungstate faced significant cost pressure, had insufficient willingness to sell at low prices, and mainly followed the price increase, with overall market transactions being average. Ore side, as of July 16, SMM black tungsten concentrate (65%) closed at 178,000-179,000 yuan/mt, up 1,000 yuan/mt from the previous trading day. Market inventory was low, with upstream mainly shipping under long-term contracts and downstream restocking based on rigid demand, leading to stable overall trading. Ammonium paratungstate: Today, SMM ammonium paratungstate (≥88.5%) was quoted at 260,000-262,000 yuan/mt, up 4,000 yuan/mt from the previous trading day, reaching a new high. Ammonium paratungstate smelters were strongly driven by costs, with rapid market catch-up. Downstream powder companies mainly restocked based on rigid demand, while some ammonium paratungstate producers did not quote prices, focusing instead on long-term contract deliveries. In the short term, ore prices surged in the first half of July due to expectations of reduced supply, driving up costs in the tungsten market. Additionally, the increase in long-term contract prices by major enterprises in early July supported the market, stabilizing prices. Downstream buyers and traders, expecting further price increases, showed stronger willingness to restock, boosting market activity and confidence. At the beginning of the week, some downstream demand orders were released, increasing market inquiries. Although available supplies were tight, overall trading volume remained stagnant, with tungsten prices continuing to stabilize. Jiangxi Tungsten Industry and Zhangyuan Tungsten continued to lower their long-term contract quotes in the second half of March. Notably, Jiangxi Tungsten Industry's long-term contract price for the second half of March was only 500 yuan/mt lower than that of the first half of March. The reduction in Zhangyuan Tungsten's 55% black and white tungsten concentrates for the second half of March also narrowed. This indicates that price fluctuations in the market were very limited, with the tungsten market remaining in the doldrums as most market participants adopted a cautious wait-and-see attitude. Jiangxi Tungsten Industry and Zhangyuan Tungsten continued to slightly reduce their long-term contract quotes. Jiangxi Tungsten Industry Holding Group Co., Ltd. set the guidance price for national standard grade one black tungsten concentrate at 140,500 yuan/mt for the second half of March 2025, down from 141,000 yuan/mt in the first half of March. Chongyi Zhangyuan Tungsten Co., Ltd. announced its long-term contract prices for the second half of March as follows: 1. 55% black tungsten concentrate: 137,500 yuan/mt, down 1,500 yuan/mt from the previous round; 2. 55% white tungsten concentrate: 136,500 yuan/mt, down 1,500 yuan/mt from the previous round; 3. Ammonium paratungstate (national standard zero grade): 206,000 yuan/mt, down 3,000 yuan/mt from the previous round. Note: The above prices include 13% VAT. The Ganzhou Tungsten Association's forecasted average prices for tungsten products in March 2025 showed that 55% black tungsten concentrate was 139,000 yuan/mt, down 4,000 yuan/mt from the previous quote; APT 209,000 yuan/mt, down 3,500 yuan/mt; medium-grain tungsten powder 320 yuan/kg, down 2 yuan/kg. Wolframite concentrate and ammonium paratungstate (APT) have remained generally stable since mid-March. Prices: According to SMM quotes, on July 17, the price of wolframite concentrate (≥65%) ranged from 137,000 to 138,000 yuan/metric ton (mt), with an average price of 137,500 yuan/mt. This average price has remained stable at 137,500 yuan/mt since March 11. Regarding the price of APT (domestic production): The average price of APT (domestic production) has remained stable at 207,000 yuan/mt since March 13. Spot market: Although supply has increased with the gradual resumption of production by tungsten raw material enterprises, ore suppliers are reluctant to lower prices for shipments, and the market circulation of goods remains tight. Meanwhile, the recovery speed of market demand is relatively slow, and downstream enterprises are unwilling to purchase at high prices. Despite a recent increase in inquiries from the downstream market, the overall market remains deadlocked in the game between upstream and downstream players. The wait-and-see sentiment in the market remains strong, and trading activity is low. In February, APT exports decreased by 25.09% YoY. APT exports: According to data from the General Administration of Customs, the export volumes of APT in the first two months of this year were 102.5 mt and 20 mt, respectively. Compared with the export data of 51 mt and 26.7 mt in the first two months of 2024, APT exports increased by 100.98% YoY in January and decreased by 25.09% YoY in February. By analyzing the tungsten export data from the General Administration of Customs, it can be seen that the export volume of APT in 2024 was 782.4 mt, a decrease of 2.53% compared with the export data of 802.7 mt in 2023. On February 4, the Ministry of Commerce and the General Administration of Customs issued an announcement, deciding to implement export controls on items related to tungsten, tellurium, bismuth, molybdenum, and indium. The announcement came into effect on the day of its issuance. When responding to questions from reporters about the implementation of export controls on items such as tungsten, the spokesperson of the Ministry of Commerce stated that implementing export controls on items such as tungsten is an international common practice. As a major producer and exporter of items such as tungsten globally, China has long been firmly committed to fulfilling its international obligations, including non-proliferation, and has implemented export controls on specific related items in accordance with the law based on the need to safeguard national security and interests. The addition of related items this time reflects the control concept of balancing development and security, which is conducive to better safeguarding national security and interests, fulfilling international obligations such as non-proliferation, and ensuring the security and stability of the global industrial chain and supply chain. Exports that comply with relevant regulations will be permitted. Market Outlook Before there is a significant improvement in downstream demand for tungsten, the tight supply of raw materials in the market may lead to a continued stalemate in tungsten prices amid the tug-of-war between upstream and downstream players. If there is a noticeable change on either the supply or demand side, the stalemate in the tungsten market is expected to be broken. The market is currently waiting for more positive news from the demand side and is also monitoring the export situation of enterprises that have been permitted to export items related to tungsten in compliance with relevant regulations.

Z1/>SMM July 11 News: Affected by tight tungsten supply, multiple tungsten enterprises raised their long-term contract quotes for the first half of July, with prices of tungsten industry chain products showing an overall upward trend since July. Bao Gang United Steel and China Northern Rare Earth announced an increase in the associated transaction price of rare earth concentrate for Q3 2025, marking the fourth consecutive quarterly rise (QoQ) since Q4 2024. The rare earth price hike, coupled with China Northern Rare Earth's sharply improved performance forecast and bullish market expectations for future rare earth demand, drove strong performance of rare earth stocks. These factors triggered a surge in the minor metal sector, which rose 4.59% as of 13:37 on July 11. Key gainers included: China Northern Rare Earth (limit-up), Huayang New Materials (limit-up), Shenghe Resources (limit-up), Zhongke Magnetic Industry (+15%+), Earth-Panda, China Rare Earth, JL MAG Rare-Earth, Zhenghai Magnetic Material, Yunnan Germanium, Xiamen Tungsten, and China Tungsten High-Tech. News Highlights [SMM Commentary: Up 1.51% MoM! Bao Gang United Steel and China Northern Rare Earth Raise Q3 Rare Earth Concentrate Prices Again!] China Northern Rare Earth announced on the evening of July 10: Based on the rare earth concentrate pricing methodology and Q2 2025 rare earth oxide prices, after calculation and approval at the company's 11th General Manager Office Meeting in 2025, the Q3 2025 rare earth concentrate transaction price was adjusted to 19,109 yuan/mt (dry basis, REO=50%). For every 1% change in REO content, the price changes by 382.18 yuan/mt (tax excluded). The 19,109 yuan/mt price represents a 284 yuan/mt increase from Q2 2025's 18,825 yuan/mt, equivalent to a 1.51% MoM rise. The Q3 transaction price continues the upward trend seen in Q1 and Q2 this year. Q1 2025 saw a 4.7% QoQ increase, followed by a 1.11% QoQ rise in Q2, and now a 1.5% QoQ increase in Q3. Reviewing 2024 price changes: Q1 2024 showed slight QoQ growth, Q2 2024 saw a notable QoQ decline, Q3 2024 had marginal QoQ decrease (near flat), and Q4 2024 returned to QoQ growth. 》Click for Details [China Northern Rare Earth's H1 Net Profit Expected to Surge 1,882.54%-2,014.71% YoY] China Northern Rare Earth announced on the evening of July 9: Preliminary estimates by the financial department indicate projected net profit attributable to shareholders for H1 2025 will reach 900 million to 960 million yuan, representing an increase of 855 million to 915 million yuan compared to the same period last year (statutory disclosed data),Z11/>equivalent to a 1,882.54% to 2,014.71% YoY surge . It is expected that the net profit attributable to the parent company's owners, excluding non-recurring gains and losses, for the first half of 2025 will reach 880 million yuan to 940 million yuan, representing an increase of 865 million yuan to 925 million yuan compared with the same period last year (statutory disclosure data), up 5538.33% to 5922.76% YoY. [Zhangyuan Tungsten Raises Long-Term Contract Quotations for First Half of July] According to Chongyi Zhangyuan Tungsten Co., Ltd.'s announcement on July 7: The company's long-term contract procurement quotations for the first half of July are as follows: 1. 55% black tungsten concentrate: 172,000 yuan/mt, up 2,000 yuan/mt from the previous round; 2. 55% white tungsten concentrate: 171,000 yuan/mt, up 2,000 yuan/mt from the previous round; 3. Ammonium paratungstate (APT, national standard Grade 0): 252,500 yuan/mt, up 1,500 yuan/mt from the previous round. Jiangxi Tungsten Industry Holding Group Co., Ltd. set the guidance price for national standard Grade 1 black tungsten concentrate at 173,000 yuan/mt for the first half of July 2025, up 1,000 yuan/mt from the guidance price for the second half of June. Spot Market Rare Earth Spot MarketZ18/>》Click to view SMM Rare Earth Spot Prices 》Subscribe to view SMM Metal Spot Price History On July 11, SMM's quotation range for Pr-Nd oxide stood at 455,000-457,000 yuan/mt, with an average price of 456,000 yuan/mt, up 0.55% from the previous trading day. Bolstered by the quarterly price increases in rare earth concentrate transactions between China Northern Rare Earth and Bao Gang United Steel since Q4 2024, the rare earth industry chain showed overall gains on July 11. Currently, market concerns persist over potential oxide production cuts due to temporary shutdowns at some rare earth enterprises, while Southeast Asia remains in the rainy season—a weather factor that may reduce ion-adsorption ore imports without signs of improvement. Coupled with optimistic demand expectations for the traditional peak season, multiple market participants believe rare earth prices are likely to continue holding up well. Future developments warrant monitoring of magnetic material manufacturers' procurement tenders. Tungsten Spot Market: 》Click to view SMM Tungsten Spot Prices 》Subscribe to view SMM Metal Spot Price History On July 11, SMM's price for black tungsten concentrate (≥65%) stood at 175,000-176,000 yuan/mt, with an average price of 175,500 yuan/mt—unchanged from the previous trading day but up 3,000 yuan/mt or 1.74% from the 172,500 yuan/mt low on June 27. Affected by tight tungsten raw material supply, mine suppliers are reluctant to lower prices, making low-priced cargo scarce in the market. Since July, tungsten prices have maintained an upward trajectory. Z25/>Recommended Reading: 》Bao Gang United Steel and China Northern Rare Earth See Q3 Rare Earth Ore Concentrate Prices Surge Again! What's Next for the Rare Earth Market? [SMM Comment] 》Zhangyuan Tungsten Raises Long-Term Contract Offers for First-Half July - Wolframite Ore Procurement Price Jumps to 172,000 Yuan/Standard Ton

SMM July 11, 2025: Affected by tight tungsten supply, multiple tungsten enterprises raised their long-term contract quotes for the first half of July, with prices of tungsten industry chain-related products generally rising since July. Bao Gang United Steel and China Northern Rare Earth announced an increase in the associated transaction price of rare earth concentrate for Q3 2025, marking the fourth consecutive quarterly QoQ increase in rare earth concentrate prices since Q4 2024. The price hike, coupled with China Northern Rare Earth's sharply higher anticipated earnings growth and bullish market expectations for future rare earth demand, drove strong performance of rare earth stocks. These factors fueled a surge in the minor metal sector, which rose 4.59% as of 13:37 on July 11. Individual stocks saw: China Northern Rare Earth and Huayang New Materials hit daily limits, Shenghe Resources hit daily limit, Zhongke Magnetic Industry surged over 15%, while Earth-Panda, China Rare Earth, JL MAG Rare-Earth, Zhenghai Magnetic Material, Yunnan Germanium, Xiamen Tungsten, and China Tungsten High-Tech also ranked among top gainers. News [SMM Commentary: QoQ increase of 1.51%! Bao Gang United Steel and China Northern Rare Earth raise rare earth concentrate prices for Q3 again!] China Northern Rare Earth announced on the evening of July 10: Based on the rare earth concentrate pricing methodology and Q2 2025 rare earth oxide prices, after calculation and approval at the company's 11th general manager office meeting in 2025, the Q3 2025 rare earth concentrate transaction price was adjusted to 19,109 yuan/mt (dry basis, REO=50%), with a 382.18 yuan/mt adjustment for each 1% variation in REO content (tax excluded). This price represents a 284 yuan/mt increase from the Q2 2025 transaction price of 18,825 yuan/mt, equivalent to a 1.51% QoQ rise. . The Q3 transaction price continues the QoQ upward trend observed in Q1 and Q2 2025. In Q1 2025, the price rose 4.7% QoQ, followed by a 1.11% QoQ increase in Q2, and a 1.5% QoQ rise in Q3. Reviewing 2024 price changes: Q1 2024 saw a slight QoQ increase, Q2 registered a notable QoQ decline, Q3 showed a marginal QoQ decrease approaching stabilization, and Q4 returned to QoQ growth. 》Click for details [China Northern Rare Earth's H1 net profit expected to surge 1,882.54%-2,014.71% YoY] China Northern Rare Earth announced on the evening of July 9: Preliminary estimates by the company's finance department indicate projected net profit attributable to parent company owners for H1 2025 will reach 900 million-960 million yuan, representing an increase of 855 million-915 million yuan compared to the same period last year (legally disclosed data), with a YoY growth of 1,882.54% to 2,014.71% . It is expected that the net profit attributable to the owners of the parent company, excluding non-recurring gains and losses, will reach 880 million to 940 million yuan for the first half of 2025, representing an increase of 865 million to 925 million yuan compared with the same period last year (statutory disclosure data), up 5538.33% to 5922.76% YoY. [Zhangyuan Tungsten Raises Long-Term Contract Quotations for First Half of July] Per Chongyi Zhangyuan Tungsten's July 7 announcement: The long-term contract procurement quotations for the first half of July from Chongyi Zhangyuan Tungsten Co., Ltd. are as follows: 1. 55% black tungsten concentrate: 172,000 yuan/mt, up 2,000 yuan/mt from the previous round; 2. 55% white tungsten concentrate: 171,000 yuan/mt, up 2,000 yuan/mt from the previous round; 3. Ammonium paratungstate (APT, national standard Grade 0): 252,500 yuan/mt, up 1,500 yuan/mt from the previous round. Jiangxi Tungsten Holding Group Co., Ltd. set the guidance price for national standard Grade 1 black tungsten concentrate at 173,000 yuan/mt for the first half of July 2025, marking a 1,000 yuan/mt increase from the guidance price for the second half of June. Spot Market Rare Earth Spot Market: 》Click to view SMM rare earth spot prices 》Subscribe to view SMM metal spot price history On July 11, SMM's quotation range for Pr-Nd oxide stood at 455,000-457,000 yuan/mt, with an average price of 456,000 yuan/mt, reflecting a 0.55% increase from the previous trading day. Bolstered by the quarterly price hikes in rare earth concentrate transactions between China Northern Rare Earth and Bao Gang United Steel since Q4 2024, the entire rare earth industry chain registered gains on July 11. Concerns persist about potential oxide production cuts due to temporary shutdowns at some rare earth companies, while ion-adsorption ore imports from Southeast Asia remain constrained by ongoing rainy season impacts. Coupled with optimistic demand expectations for traditional peak seasons, multiple market participants anticipate rare earth prices will continue holding up well. Future developments warrant monitoring of magnetic material manufacturers' procurement tenders. Tungsten Spot Market: 》Click to view SMM tungsten spot prices 》Subscribe to view SMM metal spot price history On July 11, SMM's price for black tungsten concentrate (≥65%) was 175,000-176,000 yuan/mt, averaging 175,500 yuan/mt - unchanged from the previous trading day but up 3,000 yuan/mt (1.74%) from the 172,500 yuan/mt low on June 27. Tight tungsten raw material supply has led mine suppliers to resist lowering prices, resulting in scarce low-priced spot cargo. Since July, tungsten prices have maintained an upward trajectory overall.

The market declined rapidly in the afternoon session yesterday, with the ChiNext Index leading the losses. The combined turnover of the Shanghai and Shenzhen markets reached 142 million yuan for the day, up 129 billion yuan from the previous session. Sector-wise, port shipping, beauty and personal care, innovative drugs, and rare earth permanent magnets were among the top gainers, while Huawei Ascend, defense, semiconductors, and software development were among the biggest decliners. At yesterday's close, the Shanghai Composite Index fell 0.44%, the Shenzhen Component Index dropped 0.86%, and the ChiNext Index lost 1.17%. At today's brokerage morning meetings, Huatai Securities noted in its 2025 mid-year outlook that attention should be paid to the AI technological revolution as well as defense and self-sufficiency themes. China International Capital Corporation (CICC) believes the tungsten price center is expected to continue rising. Huaxi Securities suggested adopting a rotation strategy to play the tech rally. Huatai Securities 2025 Mid-Year Outlook: Focus on AI Tech Revolution, Defense, and Self-Sufficiency Themes Huatai Securities' 2025 mid-year outlook stated that the restructuring of global order is simultaneously altering asset pricing patterns. Multiple macro themes including tariff policies, global economic prospects, and geopolitical shifts are intertwined, leading to increased volatility across asset classes and weakened trends. In an uncertain environment, higher demands are placed on valuation, safety margins, odds, and ergodicity. The firm recommends responding through high odds and low correlation strategies. At the asset level, it advises maintaining operational flexibility, leveraging odds for left-side positioning during adjustments, and seeking structural opportunities in regional and industrial logic. With the US dollar trending weaker, non-US assets may show relative outperformance, European assets offer higher win rates, while emerging markets like Hong Kong stocks present better odds. Focus areas include the AI technological revolution, domestic demand sectors under fiscal expansion, as well as defense and self-sufficiency themes. CICC: Tungsten Price Center Expected to Continue Rising CICC noted that in the short term, the tightening supply-demand situation persists, coupled with the stimulative effect of overseas tungsten product premiums. The firm believes tungsten prices have entered a bull market channel and may continue breaking historical highs. Long-term, the supply-demand gap for tungsten is projected to expand from 18,300 mt in 2024 to 19,100 mt by 2028. The global tungsten supply-demand gap as a percentage of primary demand is estimated at -18.4%, -16.6%, -17.0%, -16.8%, and -17.4% from 2024 to 2028 respectively, with the tungsten price center expected to keep rising. Huaxi Securities: Play Tech Rally With Rotation Strategy Huaxi Securities pointed out that overall, expectations of easing China-US trade relations have boosted market risk appetite, with the tech sector continuing its rebound since late May. Notably, despite improving trade relations, international clues remain chaotic, indicating the "chaotic era" persists. Preparations should be made for potential reversals, avoiding excessive trading in single directions. Meanwhile, the main theme of the market remains unclear. Before the narrative of the technology sector is further strengthened, it is necessary to adopt a rotation strategy to participate in the technology market, "take profits when they are good" after achieving certain gains, and then look for sectors at low levels for appropriate positioning. If the technology market experiences a significant correction, it means that the STAR 50 Index will once again approach its position before the technology market rally in February. The expectation of market stabilization funds and substantive progress in the technology sector may provide solid support, offering a better opportunity to participate in the recovery of the technology market.

The market rebounded with fluctuations throughout the day yesterday, with the three major indices rising slightly. The total trading volume in the Shanghai and Shenzhen markets reached 1.14 trillion yuan, up 2.23 billion yuan from the previous trading day. Sector-wise, beauty and personal care, soccer concepts, innovative drugs, and pet economy sectors led the gains, while automobile manufacturing, steel, baijiu, and coal sectors lagged. At the close, the Shanghai Composite Index rose 0.43%, the Shenzhen Component Index gained 0.16%, and the ChiNext Index advanced 0.48%. In today's brokerage morning meetings, China Securities noted that molybdenum and tungsten prices continue to rise, highlighting investment opportunities in strategic metals. CICC suggested the yuan may still have room to appreciate against the US dollar. Huatai Securities indicated that the imminent reduction in policy interest rates is expected to lower costs for the insurance industry. China Securities: Molybdenum and Tungsten Prices Continue to Rise, Highlighting Strategic Metal Investment Opportunities China Securities stated that since the beginning of the year, strategic metals such as antimony, bismuth, tungsten, and molybdenum have seen successive price increases. In recent years, the price center of strategic minor metals has shown a significant upward trend, primarily due to increasing resource scarcity and supply rigidity, demand-side benefits from new energy, advanced materials, manufacturing upgrades, and military development, coupled with critical mineral resources becoming a new "battleground" in global competition. China Securities remains optimistic about the value reversion and stock valuation reassessment of China's dominant strategic mineral resources, recommending attention to strategic metal investment opportunities. CICC: Yuan May Still Have Room to Appreciate Against the US Dollar CICC noted that, in the medium and long term, the US dollar still holds a pivotal position in global reserves, but geopolitical and economic changes pose challenges. In the short term, the US faces "twin deficits" in fiscal and trade balances, particularly rising pressure from treasury bond issuance, suggesting the depreciation pressure on the US dollar may not be fully released. On the other hand, China's financial cycle adjustment is slowing while technological progress accelerates, and potential US dollar depreciation could strengthen the motivation to settle accumulated foreign exchange from current account surpluses in recent years, supporting the yuan's exchange rate. Huatai Securities: Imminent Policy Interest Rate Reduction Expected to Lower Insurance Industry Costs Huatai Securities believes the recent yuan appreciation expectations and mutual fund reforms have boosted liquidity in both A and H markets, driving up insurance stocks. Fundamentally, under the dynamic adjustment mechanism for policy interest rates, life insurance product rates are expected to be lowered in Q3 this year, improving the cost-profit inversion since early this year and potentially enhancing overall sales momentum. Currently, insurance stock valuations are at historically low levels, with persistently low interest rates remaining the biggest factor suppressing life insurers' valuations. Even though concerns about interest spread losses persist, the insurance sector is still likely to achieve decent returns in H2 amid improved liquidity and fundamentals. Huatai Securities values the importance of asset-liability matching.

SMM News on May 29: Factors such as a decline in the total control indicator for the first batch of tungsten ore mining this year, a drop in mine grades, and extremely low inventory of high-grade tungsten ore have supported tungsten prices. Some suppliers are optimistic about the boost to future tungsten demand from global military upgrades and emerging industries. Suppliers are reluctant to sell, making it difficult to find low-priced tungsten in the market. Tungsten prices have risen by % since the beginning of the year, surpassing their previous all-time high. According to SMM, the market transaction price for high-grade tungsten ore exceeded 170,000 yuan/metric ton (mt) on the afternoon of May 29. The total control indicator for the first batch of tungsten ore mining this year decreased by 4,000 mt compared to the first batch in 2024. The Ministry of Natural Resources had previously issued the "Notice on Issuing the First Batch of Total Control Indicators for Tungsten Ore Mining in 2025," clarifying matters related to the total control indicators for the first batch of tungsten ore mining this year to protect and reasonably develop advantageous mineral resources. In 2025, the total control indicator for the first batch of tungsten ore (with a tungsten trioxide content of 65%, the same hereinafter) mining is set at 58,000 mt, allocated to 11 provinces (regions) including Inner Mongolia, Fujian, Jiangxi, Henan, Hunan, and Guangdong. Among them, the top three provinces in terms of the indicator are Jiangxi with 21,300 mt, Hunan with 15,530 mt, and Henan with 7,050 mt. Compared to the first batch of indicators in 2024, the total control indicator for the first batch of tungsten ore mining this year decreased by 4,000 mt. The Notice states that the total control indicator for tungsten ore mining will no longer distinguish between primary mining indicators and comprehensive utilisation indicators. For mines where the primary mineral species registered on the mining license is another mineral species and the tungsten ore is co-occurring or associated, and the identified tungsten resources are of large or medium scale, the total control indicator for mining will continue to be issued, with priority given in allocation. For mines with small-scale co-occurring or associated tungsten resources, no total control indicator for mining will be issued, and mining enterprises are required to report their tungsten ore production to the provincial natural resources authorities where they are located. 》Click to view details Wolframite concentrate has risen by 16.87% overall since the beginning of the year. 》Click to view SMM tungsten spot prices 》Subscribe to view the historical price trend of SMM metal spot prices Pricing: According to SMM quotes, on May 29, the price of wolframite concentrate (≥55%) was 164,000-165,000 yuan/mt, with an average price of 164,500 yuan/mt. Compared to the average price of 140,750 yuan/mt on December 31, 2024, this represents an increase of 23,750 yuan/mt, or 16.87%. Spot Market: On May 29, the tungsten market generally showed an upward trend. Due to a supply deficit in upstream tungsten concentrate and miners' reluctance to sell, raw material quotes remained firm, leading to an increase in tungsten concentrate prices. Some APT suppliers have suspended quoting prices and adopted a wait-and-see attitude due to the rising prices of raw materials, with the market closely monitoring the price trends of raw materials. Meanwhile, as the prices of tungsten raw materials increase, the prices of downstream products in the tungsten industry chain also follow suit. However, considering that tungsten prices have already reached record highs, the downstream tungsten sector has limited acceptance of high-priced supplies, and most transactions in the market are dominated by small-scale just-in-time procurement. Outlook The current tight supply situation of upstream raw materials is unlikely to ease in the short term. Coupled with the optimism of most suppliers regarding the future tungsten prices, it is expected that the short-term supply tightness and positive market sentiment will continue to support the tungsten prices to hold up well. However, given that the current demand in the tungsten market has not significantly improved, the weak supply and demand situation will intensify the competition between upstream and downstream enterprises before a substantive recovery in demand. The market continues to pay close attention to the boosting effect of emerging industries such as PV, military, and aerospace on the demand for tungsten. In addition, after tungsten prices have repeatedly hit new highs, it is necessary to be vigilant about the impact of profit-taking by some traders on tungsten prices. Recommended Reading: 》[Important] Ministry of Natural Resources: The total control indicator for the first batch of tungsten ore mining in 2025 is 58,000 mt

SMM News on May 29: Factors such as a decline in the total control indicator for the first batch of tungsten ore mining this year, a drop in mine grades, and extremely low inventory of high-grade tungsten ore have supported tungsten prices. Some suppliers are optimistic about the boost to future tungsten demand from global military upgrades and emerging industries. Suppliers are reluctant to sell, making it difficult to find low-priced tungsten in the market. Tungsten prices have risen by % since the beginning of the year, surpassing their previous all-time high. According to SMM, on the afternoon of May 29, there was a transaction of high-grade tungsten ore at 171,000 yuan/standard mt in the market. The total control indicator for the first batch of tungsten ore mining this year decreased by 4,000 mt compared to the first batch in 2024. The Ministry of Natural Resources had previously issued the "Notice on Issuing the Total Control Indicator for Tungsten Ore Mining in 2025 (First Batch)", clarifying matters related to the total control indicator for the first batch of tungsten ore mining this year to protect and reasonably develop advantageous mineral resources. In 2025, the total control indicator for the first batch of tungsten ore (with a tungsten trioxide content of 65%, the same hereinafter) mining is 58,000 mt, allocated to 11 provinces (regions) including Inner Mongolia, Fujian, Jiangxi, Henan, Hunan, and Guangdong. Among them, the top three provinces in terms of the indicator are Jiangxi with 21,300 mt, Hunan with 15,530 mt, and Henan with 7,050 mt. Compared to the first batch of indicators in 2024, the total control indicator for the first batch of tungsten ore mining this year decreased by 4,000 mt. The Notice states that the total control indicator for tungsten ore mining will no longer distinguish between primary mining indicators and comprehensive utilisation indicators. For mines where the primary mineral species registered on the mining license is another mineral species and the tungsten ore is co-occurring or associated, and the identified tungsten resources are of large or medium scale, the total control indicator for mining will continue to be issued, with a preference in allocation. For mines with small-scale co-occurring or associated tungsten resources, no total control indicator for mining will be issued, and mining enterprises shall report their tungsten ore production to the provincial natural resources authorities where they are located. 》Click to view details Wolframite concentrate has risen by 16.87% overall since the beginning of this year. 》Click to view SMM tungsten spot prices. 》Subscribe to view the historical price trend of SMM metal spot prices. Prices: According to SMM quotes, on May 29, the price of wolframite concentrate (≥65%) was 164,000-165,000 yuan/standard mt, with an average price of 164,500 yuan/standard mt. Compared to the average price of 140,750 yuan/standard mt on December 31, 2024, it increased by 23,750 yuan/mt, representing a 16.87% rise. Spot market: On May 29, the tungsten market generally showed an upward trend. Due to a supply deficit in upstream tungsten concentrate and miners' reluctance to sell, raw material quotes remained firm, and tungsten concentrate prices increased. Some APT suppliers have suspended quoting prices and adopted a wait-and-see attitude due to the rising prices of raw materials, with the market closely monitoring the price trends of raw materials. Meanwhile, as the prices of tungsten raw materials increase, the prices of downstream products in the tungsten industry chain also follow suit. However, considering that tungsten prices have reached record highs, downstream tungsten enterprises have limited acceptance of high-priced supplies, and most transactions in the market are mainly small-scale just-in-time procurement. Outlook Currently, the tight supply situation of upstream raw materials is unlikely to ease in the short term. Additionally, considering that many suppliers are optimistic about the future tungsten price outlook, it is expected that the short-term supply and the market's positive sentiment will continue to support the tungsten price to hold up well. However, considering that there has been no significant improvement in the demand for tungsten, the pattern of weak supply and demand will intensify the competition between upstream and downstream tungsten enterprises until there is a notable improvement in demand. The market is paying close attention to the boost in demand for tungsten from emerging industries such as PV, military, and aerospace. Recommended Reading: 》[Important] Ministry of Natural Resources: The total control indicator for the first batch of tungsten ore mining in 2025 is 58,000 mt

The Connection Between Drone Warfare and Tungsten Demand The Role of Tungsten in Modern Drone Technology Tungsten's a tough metal. It's super dense with a high melting point. That makes it perfect for drones. It’s used in parts needing strength under heat or stress. Think gyroscopes and rotors. These keep drones steady and in control. Tungsten fights wear and rust too. That means drone parts last longer. They need less fixing, even in rough spots. In military drones, tungsten's a star. It powers drones for spying, tracking, or fighting. Tungsten parts work in hot deserts or icy zones. This flexibility makes tungsten key for drone warfare. Increasing Military Applications of Tungsten in Drones Drones are big in military plans. They do more than watch. They strike targets and jam signals. This spikes tungsten demand. Tungsten ammo is a go-to for drone weapons. It punches through tough stuff with strong force. Smart drones use AI. That creates heat. Tungsten's great at cooling. It's used in heat sinks for high-tech systems. As armies lean on smarter drones, tungsten needs will keep climbing. How Global Conflicts Are Influencing Tungsten Consumption Wars and tensions drive tungsten use. Conflicts push drone use in hot zones. That ramps up demand for tungsten parts. Nations in long fights stock up. So do those upgrading defenses. They grab tungsten to keep gear coming. Trade bans or limits push some to mine locally. Others team up with big producers to lock in supply. Key Factors Behind the Rising Tungsten Prices Supply Chain Challenges in Tungsten Production Tungsten prices are climbing. Supply issues are a big reason. China makes over 80% of the world's tungsten. Leaning on one country is risky. Trade fights or export caps can mess things up. Mines are often in remote spots. Moving ore to factories costs a lot. Those expenses hit market prices hard. Environmental Regulations Impacting Tungsten Mining Green rules raise costs too. Countries want cleaner mining. That means firms spend on eco-friendly tech. Things like water recycling or land fixes are now required in many places. These help nature but make mining pricier and trickier. Speculative Trading and Its Effect on Tungsten Pricing Traders mess with prices too. Tungsten's a hot pick when times are shaky. Investors buy it up during wars or market dips. This can spike prices fast. It's not always about real supply needs. Talk of shortages fuels this. News of supply snags or war demand makes traders grab stocks. That pushes prices up quick. Industrial Applications of Tungsten Beyond Defense Aerospace Sector's Dependence on Tungsten Components Tungsten's huge in aerospace. It handles wild conditions in flight. You'll find it in rocket nozzles, turbine blades, or aircraft weights. Its density balances jet engines and spacecraft. It fights radiation too. That's great for shielding gear on satellites or probes. Automotive Industry Utilization of Tungsten Alloys Cars love tungsten alloys. They're in engine parts facing heat and stress. Turbochargers use tungsten for efficiency and toughness. EVs need tungsten too. It's in battery contacts. These need strong conductivity and wear resistance. Tungsten's Role in Semiconductor and Electronics Manufacturing Electronics lean on tungsten. It conducts electricity well. It stays stable under heat. It's perfect for chip wiring. It handles high power without breaking down. Tungsten's in X-ray tubes too. It soaks up radiation for medical scans. It stays strong through long use. Regional Dynamics in the Global Tungsten Market China's Dominance in Tungsten Production and Export China rules tungsten. It pumps out over 80% of global supply. Its mines are rich. Its factories are top-notch. That controls exports big time. But it's a weak spot. Trade spats or limits can shake supply. China sets export caps and taxes. This keeps tungsten at home. It also jacks up world prices. Other countries struggle to keep up. The Impact of European and North American Demand on Prices Europe and North America drive prices. They need tungsten for aerospace, cars, and defense. As these grow, tungsten use spikes. Military upgrades eat up tungsten. Drones and tech need it. Wars or tensions make demand jump. Traders bet on shortages. That pushes prices higher. Exploring Alternative Sources for Tungsten Supply To dodge China's grip, others hunt new sources. Africa and South America have untapped tungsten. Places like Rwanda and Bolivia are getting mining cash. Recycling's another fix. New tech pulls tungsten from scrap or waste. It's greener and cuts reliance on mines. This helps supply and fits eco-goals. Future Outlook for the Tungsten Market Amid Technological Advancements Innovations in Recycling and Sustainable Use of Tungsten Tech's changing tungsten use. Recycling pulls pure tungsten from old tools or gadgets. It cuts waste. It keeps supply steady. Makers now design for reuse. Products are easier to recycle. This saves money. It also calms price swings by using less new tungsten. Emerging Technologies Driving New Applications for Tungsten New tech expands tungsten's role. In chips, it's key for heat control. EVs need it for battery parts and cooling. Medical gear uses tungsten for radiation shields. It’s in cancer machines and scans. Its toughness is perfect. 3D printing's a game-changer. It crafts precise tungsten parts. This helps aerospace and defense make custom gear for tough jobs. Predicting Long-Term Trends in Global Tungsten Prices Tungsten prices will likely climb. High-tech needs and tight supply point up. Recycling could ease some pressure. It adds supply without new mines. World politics will sway prices. China’s export rules or wars can spike costs. Green laws will raise mining bills. But they'll push sustainable ways too. Frequently Asked Questions Why does China dominate the global tungsten market? It makes over 80% of supply. Big reserves and strong factories give it control. What drives rising demand for tungsten? Aerospace, defense, chips, and EVs all need its strength and heat resistance. How do geopolitical tensions affect tungsten prices? Wars or trade limits cut supply. Countries stock up. That spikes prices. Are there sustainable alternatives for sourcing tungsten? Yes. Recycling pulls tungsten from waste. It's eco-friendly and reliable. What role do technological advancements play in shaping future trends? Recycling and new uses grow tungsten's role. They could steady prices long-term. Check out Shanghai Metals Market (SMM) for metal trends. They offer global pricing, analysis, and tailored services.