The global tungsten market maintained a firm upward trend, underpinned by tight supply, resilient demand, and rising geopolitical risks. However, actual trading remained cautious due to cost burdens and liquidity pressure across the supply chain, while scrap recycling showed periodic volatility.
Tungsten Concentrate
Supply of tungsten concentrate stayed tight, with holders generally reluctant to sell. Heightened geopolitical tensions continued to lift tungsten’s valuation as a strategic metal, keeping prices robust.
APT prices stayed firm on cost‑push factors, though trading turned cautious with limited lot sizes as financial pressure increased.
Domestic APT: CNY 1.30 million/mt (+94.0% YTD)
European APT: USD 1,890–1,998/mtu (CNY 1.158–1.224 million/mt, +111.3% YTD)
Tungsten Powder
Quotations were mixed, with deals mainly for long‑term clients and rigid demand. High offers were mostly for market testing, and overall trading was prudent.
European Ferrotungsten: USD 209–230/kg W (CNY 1.013–1.114 million/mt, +59.6% YTD)
Tungsten Scrap
The post‑Spring Festival rally cooled amid economic uncertainty, a pullback in the secondary market, and profit‑taking sentiment. Market views diverged with mixed bids.
Used Tungsten Bars/Rods: CNY 1,320/kg (+120.0% YTD)
