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:

Persistent weakness in downstream demand dragged the tungsten market lower. As of May 19, the average price of wolframite concentrates (≥65%) was quoted at 445,500 yuan/standard tonne (65%WO3 basis). The current price has not only completely erased all gains accumulated within the year but also pulled back from the year-end 2025 price. Moreover, in just over two months, the average price has fallen 57.59% from its intra-year historical high. End-users have adopted a cautious purchasing stance, with weak demand transmitting upstream level by level, continuously exerting significant downward pressure on raw material prices. Under such circumstances, how will tungsten prices perform going forward? Wolframite Concentrates Continue to Decline, with All Intra-Year Gains Fully Retraced According to SMM quotations, on May 19, the quotation range for wolframite concentrates (≥65%) was 445,000–446,000 yuan/standard tonne (65%WO3 basis), with a market average price of 445,500 yuan/standard tonne (65%WO3 basis), down 3.26% from the previous trading day. In a horizontal comparison, the current average price pulled back 8,000 yuan/standard tonne (65%WO3 basis) from the average of 453,500 yuan/standard tonne (65%WO3 basis) on December 31, 2025, with all previously accumulated gains within the year fully retraced. Looking at the intra-year price trend, the current price has significantly departed from its highs. Compared to the intra-year historical average high of 1,050,500 yuan/standard tonne (65%WO3 basis) recorded on March 16 this year, the average price of wolframite concentrates has cumulatively plunged 605,000 yuan/standard tonne (65%WO3 basis) in just over two months, a cumulative decline of 57.59%, representing a highly significant pullback. Outlook Overall, there are currently no substantive positive factors underpinning the market. Downstream mainstream consumers such as cemented carbide and machining enterprises have adopted a conservative purchasing mindset, generally adhering to a strategy of "purchasing as needed and strictly controlling inventory," with overall end-use demand remaining persistently weak. Sluggish demand has directly dragged down upstream smelting-stage demand for products such as APT and tungsten powder, with operational pressure transmitting upstream level by level, continuously suppressing tungsten concentrates raw material prices. Even if mining controls remain stringent going forward and the commissioning progress of low-grade tungsten mines falls short of market expectations, the support from the supply side remains limited and is unlikely to offset the downward pressure brought by weak end-use demand. In the short term, the market lacks sufficient momentum to support a strong price rebound. Tungsten product prices are expected to move sideways amid the interplay between weak demand and low raw material costs. Close attention should be paid to subsequent long-term contract pricing by major tungsten enterprises for guidance on tungsten prices. From a medium and long-term perspective, China's primary tungsten ore mining scale and production are still expected to continue their YoY declining trend. However, during the previous tungsten price surge cycle, the terminal tungsten consumption structure underwent deep optimization, with tungsten consumption in low-value-added sectors gradually being cleared; coupled with the cemented carbide industry's continuous quality upgrades, extended tool service life, and accelerated transition toward high-end products, multiple factors have resulted in China's actual tungsten consumption volume falling short of earlier market expectations. Against this backdrop, the tungsten industry's supply-demand pattern has undergone a fundamental shift—from the previous logic of price increases driven by mine-side supply contraction, it has officially transitioned to a new pattern of "demand-led, structure-priced, cost-supported, and expectations-driven."

[Tungsten News Flash] SMM May 6: A tungsten industry group in Jiangxi released long-term contract prices for the first half of May. The guidance price for national standard grade-one wolframite concentrates for the first half of May 2026 was 720,000 yuan/standard tonne (65%WO3 basis) (long-term contract), down 190,000 yuan/standard tonne (65%WO3 basis) from the second half of April.

[Tungsten Industry Long-term Contract Information] SMM April 25: The long-term contract prices (VAT-inclusive) for tungsten raw materials in the second half of April from a tungsten company in Guangdong were as follows: 55% wolframite concentrates at 780,000 yuan/standard tonne (65%WO3 basis), down 145,000 yuan/standard tonne (65%WO3 basis) from the first half of April; 55% scheelite concentrates at 779,000 yuan/standard tonne (65%WO3 basis), down 145,000 yuan/standard tonne (65%WO3 basis) from the first half of April; APT at 1.2 million yuan/mt, down 200,000 yuan/mt from the first half of the month. Note: The above prices are inclusive of 13% VAT.

[SMM Tungsten Daily Review: Weakening Long-Term Contract Support in Tungsten Market, Industry Chain Continued to Fluctuate Downward] SMM April 21: China's spot tungsten market continued to fluctuate downward today. Major mines primarily fulfilled long-term contracts, while spot orders were hard to come by. Prices of tungsten smelting products, tungsten powder, and recycled materials were generally under pressure. Market pessimism spread further. Profit-taking accumulated from earlier high prices continued to be released, compounded by shrinking industry orders in downstream cemented carbide and cutting tool sectors. End-user procurement nearly came to a standstill. The market remained in a state of unrelenting upstream selling pressure and declining downstream buying volumes, with the overall trading sentiment staying sluggish.

[Tungsten Industry Long-term Contract Information] SMM, April 20: A tungsten enterprise in Chongyi released its long-term contract prices for the second half of April 2026, with long-term contract procurement quotes as follows: 55% wolframite concentrates: 885,000 yuan/standard tonne (65%WO3 basis); 55% scheelite concentrates: 884,000 yuan/standard tonne (65%WO3 basis). Long-term contract prices for tungsten concentrates were lowered by 45,000 yuan/standard tonne (65%WO3 basis) compared with the first half of April. Long-term contract prices for APT (national standard grade zero): 1.35 million yuan/mt, down 90,000 yuan/mt from the first half of April. Note: The above unit prices include 13% VAT.

[Tungsten Industry Long-Term Contract Information] SMM, April 20: A tungsten industry group in Jiangxi released its long-term contract prices for the second half of April. The guidance price for national standard grade-one wolframite concentrates for the second half of April 2026 was 910,000 yuan/standard tonne (65%WO3 basis), down 46,000 yuan/standard tonne (65%WO3 basis) from the first half of April.

[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).

[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).

[SMM Tungsten Daily Review: Slight Price Collapse in the Scrap Tungsten Market, Ore and Upstream Smelting Products Consolidated Sideways] SMM News, March 23 In the short term, prices across the tungsten industry chain still showed divergence between primary and recycled materials. China was currently in a transition period marked by tightening supply on the raw ore side and a rising utilization rate of recycled materials. Smelters still needed some time to adjust their restocking practices and complete the adaptation and transition from a long-term contract pricing model led by the ore side to a scrap tungsten market procurement model featuring higher-frequency transactions and greater sensitivity to sentiment.