Ferrotungsten Prices Hit Record High - May 12, 2025

Analysis of Latest Tungsten Market from Chinatungsten Online

Tungsten prices continue to soar on Monday, and the market enthusiasm runs high.

Policy Stimulus Spurs Value Reassessment

The strategic importance of tungsten resources continues to gain prominence amid the reshaping of the global political and economic landscape. On May 9th, China launched a special operation to combat the smuggling and illegal export of strategic minerals, including tungsten and rare earths. This initiative is expected to bolster the supply of compliant products and elevate the valuation of strategic metals.

Tungsten Concentrate Market Nears Historical Peak

Domestically, tungsten concentrates prices have climbed to RMB 156,000 per ton, approaching the historical high of RMB 157,000 per ton recorded in May of the previous year. Some merchants are testing prices as high as RMB 160,000 per ton; however, significant cost pressures have limited acceptance among downstream end-users.

Cost Transmission Intensifies in Ammonium Paratungstate Chain

As a critical intermediate in tungsten smelting, ammonium paratungstate (APT) prices have followed the upward trend driven by the mining sector. Spot prices have reached RMB 228,000 per ton, reflecting an increase of over 10% in this pricing cycle. While export controls on dual-use items have hampered overseas orders and demand remains subdued, production rates have declined due to raw material shortages and financial pressures, tightening supply. The combination of elevated costs and reduced operational capacity has resulted in a market characterized by passive price increases.

Tungsten Powder Prices Rise Amid Market Hesitation

Tungsten powder prices have reached RMB 340,000 per ton, with tungsten carbide powder quoted at RMB 335 per kilogram. However, insufficient acceptance from downstream end-users has led to a "price without market" scenario, where quoted prices are high but transactions remain limited. Cemented carbide products have raised prices in response to rising tungsten and cobalt raw material costs, yet terminal consumption has not fully adjusted, resulting in a quiet trading environment.

Ferrotungsten Prices Hit Record Highs on Multiple Supports

Ferrotungsten prices have surpassed the key threshold of RMB 240,000 per ton, setting a new historical high. This increase is underpinned by several factors: on the cost side, steadily rising tungsten concentrate prices; on the supply side, tightening raw material availability and international supply chain challenges have reinforced the industry’s push for higher prices; and on the demand side, global economic recovery and improved manufacturing sentiment have boosted consumption in downstream sectors such as steel.

Speculative Atmosphere Thickens in Recycled Tungsten Market

Prices in the recycled tungsten market have risen in tandem, with a strong speculative profit-taking atmosphere prevailing recently. However, transaction volumes have fallen short of expectations due to limited substantive demand. As speculative activity intensifies, the market is increasingly adopting a cautious, wait-and-see stance.

Prices of Tungsten Products on May 12, 2025

Tungsten Price Trend Chart from January to May 12, 2025

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