This week, the tungsten market showed a divergent trend with mild corrections in domestic prices and a contrarian rise in overseas APT prices. Domestic tungsten concentrate and midstream product prices remained relatively firm, while scrap tungsten prices dropped sharply as profit-taking emerged. Supported by a tight supply-demand balance, overseas markets strengthened, further widening the price gap between domestic and international markets.

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 Commentary: Export Control Announcement Released! Is the Tungsten Market Facing a Major Impact?] On February 4, 2025, the Ministry of Commerce and the General Administration of Customs jointly issued an announcement stating that, in order to safeguard national security and interests and fulfill international obligations such as non-proliferation, and in accordance with the relevant provisions of the "Export Control Law of the People's Republic of China," the "Foreign Trade Law of the People's Republic of China," the "Customs Law of the People's Republic of China," and the "Regulations on the Export Control of Dual-Use Items of the People's Republic of China," it has been decided, with the approval of the State Council, to impose export controls on tungsten, molybdenum, tellurium, bismuth, indium, and other related items.

Tungsten, known for its robust properties, is a versatile metal extensively utilized across various industries. From tungsten carbide in wear-resistant materials to its application in electronics, lighting, and aerospace, tungsten plays a pivotal role. Understanding the fluctuations in tungsten prices is crucial for businesses and consumers alike to make informed decisions.