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

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.

[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.

[SMM Tungsten Express] As of March 19, SMM data shows APT CIF Rotterdam port at $2,400-2,900/mtu, averaging $2,650/mtu, up $450 from March 12. Ferro-tungsten Rotterdam warehouse at $310-320/kg W, averaging $315/kg W, up $20 from March 12. Overseas transactions remained scarce this week as the tug-of-war between supply and demand continues.

[SMM Tungsten Daily Review: Strong Wait-and-See Sentiment as the Tungsten Market Awaited Stabilization in Transactions] SMM News, March 18 Tungsten market prices were largely stable today, with only minor fluctuations, and the market showed strong wait-and-see sentiment. Trading volume in segments such as tungsten ore and APT was sparse, with transaction prices mostly hovering around the quoted price range. Transactions for downstream products such as powder were also limited, and transaction prices showed a slight downward trend.

As of March 16, tungsten prices in China saw a slight correction, with APT quoted at 1.505 million yuan/mt. The market's fear of high prices was released, entering a phase of rational wait-and-see. Outside China, supply remained persistently tight, with the average APT Rotterdam price at $2,200/mtu, while weekly gains in tungsten scrap prices in India and Europe exceeded 25%.