After closing the first half of the year (H1) with a 21.89% increase, wolframite concentrate prices continued to rise overall in July.

According to the April 9 announcement from Chongyi Zhangyuan Tungsten Industry Co., Ltd., the long-term contract prices for the first half of April are as follows: 1. 55% black tungsten concentrate: 142,000 yuan/mt, an increase of 4,500 yuan/mt from the previous round; 2. 55% white tungsten concentrate: 141,000 yuan/mt, an increase of 4,500 yuan/mt from the previous round; 3. Ammonium paratungstate (national standard zero grade): 211,000 yuan/mt, an increase of 5,000 yuan/mt from the previous round.

Due to the increase in material prices such as cobalt powder, Zhangyuan Tungsten Industry will adjust the prices of some cemented carbide and hardfacing material products from April 1st. According to Chongyi Zhangyuan Tungsten Industry Co., Ltd., on March 26th, Zhangyuan Tungsten Industry issued a notice regarding the adjustment of product prices. The rise in material prices, including cobalt powder, has significantly increased the company's production costs. To ensure the sustainable development of our company and to better provide long-term services to our customers, the company has decided to implement new prices for some cemented carbide and hardfacing material products starting from April 1st, 2025. For specific business inquiries, please contact the company's sales personnel.

[SMM Commentary: Multiple Tungsten Enterprises Continue to Slightly Lower Long-Term Contract Prices When Will the Stalemate in the Tungsten Market Be Broken?] At the beginning of the week, some downstream demand orders were released, and market inquiries increased. Although the supply of circulating goods was tight, the overall trading volume remained stagnant, and tungsten prices continued to stabilize. Jiangxi Tungsten and Zhangyuan Tungsten further reduced their long-term contract prices in the second half of March. It is worth noting that Jiangxi Tungsten's long-term contract price for the second half of March was only 500 yuan lower per mt than in the first half of March. The reduction in prices for Zhangyuan Tungsten’s 55% black tungsten concentrate and 55% white tungsten concentrate in the second half of March also narrowed.

[SMM Commentary: Multiple Tungsten Enterprises Continue to Slightly Lower Long-Term Contract Prices When Will the Stalemate in the Tungsten Market Be Broken?] At the beginning of the week, some downstream demand orders were released, and market inquiries increased. Although the supply of circulating goods was tight, the overall trading volume remained stagnant, and tungsten prices continued to stabilize. Jiangxi Tungsten and Zhangyuan Tungsten further reduced their long-term contract prices in the second half of March. It is worth noting that Jiangxi Tungsten's long-term contract price for the second half of March was only 500 yuan lower per mt than in the first half of March. The reduction in prices for Zhangyuan Tungsten’s 55% black tungsten concentrate and 55% white tungsten concentrate in the second half of March also narrowed.

With the increase in market expectations that tungsten raw material enterprises may gradually resume production at the end of February or early March after maintenance, and with some traders selling off part of their old inventory to realize cash, supply has increased. However, demand has not shown significant improvement, and the market has been affected by sentiment regarding a potential decrease in future tungsten exports. Tungsten prices have been adjusted downward, with multiple tungsten enterprises such as Jiangxi Tungsten Industry and Zhangyuan Tungsten Industry lowering their long-term contract quotations for the second half of February.

[SMM Comment: Several Tungsten Enterprises Continue to Raise Long-Term Contract Prices; When Will the Tight Raw Material Supply Situation Reach a Turning Point?] The impact of maintenance by tungsten raw material enterprises on supply is still ongoing. This wave of tungsten price increases, which began in late December due to market concerns over tight raw material supply, limited inventory held by suppliers, and the increasing number of enterprises undergoing maintenance, continues. Entering the second half of January, several tungsten enterprises, including Jiangxi Tungsten, Zhangyuan Tungsten, and a large tungsten enterprise in Fujian, have further raised their newly released long-term contract prices for the second half of January. Despite no significant improvement in downstream demand and a generally low acceptance of high-priced goods on the demand side, the supply side of tungsten raw materials remains in a situation where low-priced goods are hard to procure! Amid the stalemate and tug-of-war between upstream and downstream, how much longer can this supply-driven tungsten price increase last?

[SMM Commentary: Mines Undergo Maintenance, Raw Material Supply Tightens, Multiple Tungsten Miners Raise Long-Term Contract Prices] Due to limited inventory held by suppliers and miners gradually undergoing maintenance, raw material supply has tightened. Although downstream demand has not shown significant improvement, some downstream enterprises have conducted slight pre-holiday restocking for essential needs, leading to a slight increase in tungsten prices. Jiangxi Tungsten, Zhangyuan Tungsten, and a large tungsten miner in Fujian have raised their latest long-term contract prices.

[SMM Tungsten Flash News] The long-term quotation of Chongyi Zhangyuan Tungsten Industry Co., Ltd. for the first half of October is as follows: (The above unit price includes 13% VAT) 1. 55% black tungsten concentrate: 137,000 yuan/standard ton, an increase of 2,000 yuan/standard ton from the previous round; 2. 55% white tungsten concentrate: 136,000 yuan/standard ton, an increase of 2,000 yuan/standard ton from the previous round; 3. Ammonium paratungstate (national standard grade 0): 205,000 yuan/ton, an increase of 2,000 yuan/ton from the previous round.

[SMM Tungsten Flash News] The long-term quotation of Chongyi Zhangyuan Tungsten Industry Co., Ltd. for the second half of September is as follows: (The above unit price includes 13% VAT) 1. 55% black tungsten concentrate: 135,000 yuan/standard ton, a decrease of 3,000 yuan/standard ton from the previous quotation; 2. 55% white tungsten concentrate: 134,000 yuan/standard ton, a decrease of 3,000 yuan/standard ton from the previous quotation; 3. Ammonium paratungstate (national standard grade zero): 203,000 yuan/ton, a decrease of 4,000 yuan/ton from the previous quotation.