China's Tungsten Prices Hold Steady, European APT Price Surges

Analysis of Latest Tungsten Market from Chinatungsten Online

On Monday, tungsten prices remained stable, and market transactions continued to stalemate. The guidance prices and long unit prices of large companies increased traders' wait-and-see sentiment. The tungsten market continued to adopt a cautious strategy, and liquidity was relatively slow.

Recently, the tense situation in the Middle East and the swing in the US diplomatic strategy have intensified the test of global political and economic risks. On the one hand, the reserve demand for tungsten strategic resources has increased, and the corresponding value attributes have increased. Refer to the current situation of the US military industry facing supply cuts and actively seeking dialogue after the rare earth export control. But on the other hand, with the rise in the price of tungsten products, tungsten mining projects outside China are accelerating their restart or expansion driven by profit drive and strategic considerations. Although the results are limited in the short term, in the long run, the global supply chain pattern is facing a reshaping, which may challenge China's tungsten resource market share and pricing power.

According to data from the United States Geological Survey, China's tungsten mine production accounts for 83% of the world's total. The United States relies on China's tungsten resources at a rate of 27%, and the United States' other major sources are Germany, Bolivia, Vietnam, etc. China's rare earth production accounts for about 69% of the world's total. The United States relies on China's rare earth resources at a rate of 70%. Other major sources for the United States are Malaysia, Japan, Estonia, etc.

According to a survey by China Tungsten Online, as of press time, the price of 65% black tungsten concentrate is RMB 172,500/ton, the price of 65% scheelite concentrate is RMB 171,500/ton, the price of ammonium paratungstate (APT) is RMB 252,000/ton, the price of tungsten powder is RMB 378/kg, the price of tungsten carbide powder is RMB 372/kg, and the price of 70 ferrotungsten is RMB 258,000/ton. The price of domestic tungsten raw materials has increased by 19-21% this year.

In the international market, the price of European ferrotungsten is USD 51.7-52/kg W, up 17.9% from the beginning of the year; the price of European APT is USD 430-475/mtu, up 37.1% from the beginning of the year and 5.2% from last week.

In the cobalt market, the Democratic Republic of the Congo has extended the cobalt export ban for 3 months, exacerbating concerns about the cobalt raw material supply chain, and the price of cobalt powder has been partially raised. However, due to the increase in the volume of Indonesian intermediate products and the continuous development of recycled cobalt technology and cobalt-free applications, concerns about overall oversupply in the market remain, and the market trend is hindered.

Prices of Tungsten Products on June 23, 2025

Tungsten Price Trend from January to June 23, 2025

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