Deep Supply-Demand Game in the Tungsten Market - June 27, 2025

Prices of Tungsten Products on June 27, 2025

Tungsten Price Trend from January to June 27, 2025

Analysis of Latest Tungsten Market from Chinatungsten Online

This week, tungsten prices showed a rational correction trend, and the prices of major tungsten raw materials fell slightly, but reasonable price corrections created trading opportunities for the market. The trading activity of rigid demand in the market has increased, and the actual transaction price fluctuations are still subject to the supply-demand game. The overall market maintains a high consolidation pattern.

▏ Short-Term Market Observation

At present, the willingness of tungsten raw materials to support the market is firm, and it is clear that they are unwilling to make a big price concession. After the downstream end users of the powder metallurgy industry chain have digested the previous inventory, the passive demand for replenishment has gradually emerged, driving the staged transaction volume. The market operation shows the characteristics of high-level stalemate, and the trend of the fundamentals within the cycle needs to be further clarified. The psychological price differences between buyers and sellers still exist, but the cost support logic continues to strengthen, and the short-term price downward space is limited.

▏Long-Term Value Analysis

Under the background of strengthening resource scarcity and strategic value attributes, coupled with the structural upgrade of tungsten material demand in emerging industries such as military industry and electronics, the long-term supply and demand balance of the market may tilt towards the supplier, and the upward movement of the price center has fundamental support.

▏Price Status of Major Tungsten Products

The price of 65% black tungsten concentrate is RMB 172,000/ton, adjusted by RMB -500/ton this week, up 20.3% from the beginning of the year.

The price of ammonium paratungstate (APT) is RMB 251,000/ton, adjusted by RMB -1,000/ton this week, up 19.0% from the beginning of the year.

The price of tungsten powder is RMB 377/kg, adjusted by RMB -1/kg this week, up 19.3% from the beginning of the year.

The price of tungsten carbide powder is RMB 370/kg, adjusted by RMB -2/kg this week, up 19.0% from the beginning of the year.

The price of 70 ferrotungsten was 258,000/ton, unchanged this week, up 20.0% from the beginning of the year.

The price of European ferrotungsten was USD 51.7-52/kg W, unchanged this week, up 17.9% from the beginning of the year.

The price of European APT was USD 430-475/mtu, unchanged this week, up 37.1% from the beginning of the year.

▏ In-Depth Analysis of Fundamentals

(1) Strengthening Supply-Side Constraints

Resource bottlenecks are prominent: the grade of existing mines is declining, and the development of new resources faces multiple barriers such as environmental protection access and technical breakthroughs;

Policy regulation is becoming stricter: mining rights in nature reserves are being cleared and total mining control indicators are tightened. In addition, the central environmental protection inspection is becoming normalized, and the supply-side reform continues to deepen;

Changes in trade flows: The control policies of key mineral trade in various countries are becoming stricter, and the global resource acquisition costs are systematically rising.

(2) Demand-Side Structural Upgrade

The resilience of traditional fields remains: the bottoming effect of infrastructure investment supports the demand for cemented carbide tools, and the inventory cycle of the machining industry has bottomed out and rebounded;

The momentum of emerging fields is strong: the modernization of military equipment has spawned the demand for high-temperature alloys, the consumption growth rate of tungsten alloys in semiconductor targets, nuclear energy materials and other fields has continued to grow, and the penetration rate of tungsten materials for new energy vehicles has increased.

(3) Policy and Geopolitical Influence

Export control effect: The export quota management of strategic products such as APT optimizes the domestic supply structure and forces the industrial chain to extend to high value-added links;

Resource security strategy: The key mineral list system strengthens the expectation of resource security and attracts social capital to allocate to the exploration and development field;

Intensified geopolitical game: The deepening of global geopolitical game may disrupt the international trade system or accelerate the regional reconstruction of the supply chain. The tungsten market structure faces risks and opportunities for reshaping.

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