Tungsten and Cobalt Prices Diverge, Cemented Carbide Sector in Stalemate

Domestic Tungsten Market Trends and Fundamentals

The trend of domestic tungsten prices is weakly stable, with market fundamentals remaining in a stalemate. Resources at the mining end are limited, and terminal demand is poor. Intermediate smelting manufacturers are facing significant pressure from inventory accumulation and price inversion.

Macroeconomic Influences

Recently, overall confidence in the macroeconomic environment has been weak. High international trade barriers, along with sanctions and counter-sanctions between major countries, are affecting export business. Additionally, the cooling of manufacturing activity is further impacting demand expectations.

Specific Product Prices

65% Black Tungsten Concentrate: The price remains stable at $19,718.3/ton, supported by the limited market supply.

Ammonium Paratungstate (APT): The price is quoted at $331.0/mtu, with export challenges dampening market trade confidence.

Tungsten Powder: The price is $43.9/kg.

Tungsten Carbide Powder: The price is $43.2/kg. Merchants are following the market, and the delivery of goods based on rigid demand is slow.

Cemented Carbide Sector

The cemented carbide sector is reluctant to lower prices due to rising cobalt raw material costs. However, consumer enthusiasm for taking deliveries remains low, leading to a stalemate in market negotiations with mixed price movements.

Cobalt Powder Market

The price of cobalt powder is $32.4/kg. Supply policies in the Democratic Republic of Congo have caused resource shortage pressure in the international market, driving an upward trend in cobalt prices. However, due to limited actual demand growth, market confidence in sustainability is restricted, and participants are observing policy changes in the main producing areas.

International Market Conditions

Recently, supply chain pressures in the international market have increased significantly, driving up international tungsten prices with an approximate 6% increase since the Spring Festival. As of March 11:

European Ferro Tungsten Price: Quoted at $46.5–46.75/kg.

European APT Price: Quoted at $350–355/mtu.

Prices of tungsten products on March 12, 2025

Picture of tungsten cemented carbide shaft sleeves

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