Tungsten Market: Cost vs. Demand Tug-of-War

Analysis of Latest Tungsten Market from Chinatungsten Online

The tungsten market is in a stalemate and under pressure. The current market characteristics are characterized by the dual weakness and mutual checks and balances of the supply and demand fundamentals. 

There is no significant easing on the supply side, while the demand side is sluggish, and market participants generally take a cautious wait-and-see attitude. The trading activity in the market is low, the price fluctuations of various tungsten products are limited, and the market is in a stalemate.

The price of 65% black tungsten concentrate is RMB 172,500/ton. Although there are signs of loosening in the center of gravity of the actual transaction price in the market, indicating that there is room for bargaining in some transactions, overall, the willingness of holders to actively make significant concessions is not strong, and the tungsten ore resources available for low-price purchases in the market are relatively limited. There are differences in price expectations between buyers and sellers, which makes it difficult to effectively expand the actual transaction volume. The downward space of prices is temporarily supported, but there is also a lack of upward momentum.

The price of ammonium paratungstate (APT) is RMB 252,000/ton. The market export channel is blocked, and the pressure of domestic demand is also difficult to ease. The overall liquidity is insufficient, and the high cost of raw materials is not transmitted downward smoothly. Smelting enterprises are under the double squeeze of high upstream cost pressure and sluggish downstream demand, and the operating pressure is significant.

The price of tungsten powder is RMB 378/kg, and the price of tungsten carbide powder is RMB 372/kg. Downstream end users such as cemented carbide are subject to the pressure of high costs and insufficient orders, and are not willing to actively purchase raw materials. Therefore, the market transaction rhythm has slowed down significantly, mainly based on on-demand purchases and small orders.

The price of 70 ferrotungsten is RMB 258,000/ton. The overall bargaining center of the market has loosened slightly, mainly due to cyclical cost loosening and rigid demand decline. The market trading atmosphere has weakened slightly. Under the cautious attitude of both buyers and sellers, the market is deadlocked.

The price of scrap tungsten is temporarily stable. The recent cooling atmosphere of the tungsten market from a high level has suppressed the overall bargaining center of gravity, but the extension of the cobalt export ban in the Democratic Republic of the Congo has increased the cobalt price, which has provided some support for some cobalt-containing waste. Market participants still have different views on the future market, and the market is temporarily stable and wait-and-see.

Prices of Tungsten Products on June 24, 2025

Picture of Tungsten Cemented Carbide Tools

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