Will Tungsten Ore Price Repeat Last Year's Surge?

Analysis of Latest Tungsten Market from Chinatungsten Online

This week, the tungsten market showed a strong upward trend, mainly driven by tight supply and high prices of tungsten ore. The news of the increase in quotations of large tungsten enterprises and the reduction of the total mining control index further boosted the market. According to Chinatungsten Online data, the price of tungsten raw materials rose by about 2% during the week.

In the tungsten ore market, tightening supply sources and active speculative capital have fueled a sentiment of reluctance to sell and market support. The price of high-grade wolframite concentrate is approaching the RMB150,000/ton threshold, reminiscent of the surge seen in April-May 2024. At that time, tungsten concentrate prices soared by 24% in a short period, driven by supply chain concerns, geopolitical risks, and speculation by free capital, reaching a historical high of 157,000 yuan per standard ton.

In the ammonium paratungstate (APT) market, high upstream costs coupled with insufficient downstream demand have limited price increases. External quotations have climbed to RMB 218,000/ton, but market transactions remain sluggish. Smelters are grappling with severe pressure from inverted prices, leading to reduced initiative in production and pricing.

In the tungsten powder market, prices have risen with support from the cost side. Tungsten powder is priced at RMB 326/kg while tungsten carbide powder is reported at MB 321/kg. Prices of cemented carbide products have also increased, though the consumer market has not shown significant signs of warming, and procurement and sales performance is general.

In the ferrotungsten market, rising raw material costs and steady downstream demand have created a trend of chasing higher prices. The price of 70% ferrotungsten is reported at RMB 223,000/ton, with the market atmosphere characterized by caution and demand-driven activity.

In the scrap tungsten market, the market price of raw materials has a certain driving effect on the market price of recycled materials, and the sellers' intention to support the market has increased. However, the contradiction between market supply and demand still exists, coupled with the impact of the turbulent macro-political and economic news, the market buying and selling sentiment fluctuates, the price fluctuation space of tungsten scrap is limited, and cautious sentiment still dominates.

Prices of Tungsten Products on April 25, 2025

Tungsten Price Trend from 2024 to April 25, 2025

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