Tungsten market analysis: the tungsten market remains firm at a high level, with a steady to rising trend in the market [tungsten ore prices are stable with a slight increase]

The mentality of tungsten ore traders to hold back and maintain high prices is intensifying. The frequent occurrence of high-price transactions in the market in recent times has further boosted the sentiment of holding back, which directly drives the market bargaining center to steadily shift upwards. Smelters currently adhere to the core logic of purchasing on demand and have no intention of actively driving the market higher. Based on current actual trading feedback, the bargaining price for 55-60 degree tungsten ore bulk has exceeded 336,000 yuan/ton. 
    【APT market climbs higher】 
    Today, the APT market continued its strong trend, with quotations stabilizing at high levels. The prevailing market quotations are currently hovering around 495,000 yuan/ton and above, with some quotations even surpassing the 500,000 yuan/ton mark. On the supply side, raw material supply remains tight, driving quotations higher. Coupled with limited capacity release in the smelting process, the circulation of APT spot goods has further contracted. On the demand side, downstream enterprises have been affected by tight liquidity, resulting in no significant increase in actual transactions. However, under cost pressures, quotations have passively followed suit, and traders continue to be reluctant to sell due to difficulties in replenishing their inventories, further exacerbating the tightness of spot goods. Although there is a low willingness to purchase at the back end, emerging sectors have a relatively high acceptance of high-priced raw materials, providing some support to the market. 
    [The bargaining focus of tungsten powder products has shifted upwards] 
    Currently, the high-level operation trend of the tungsten powder market has been further strengthened, with the bargaining focus of products slightly shifting upwards. The rigid contraction on the supply side and the continuous pressure on the cost side have formed a dual thrust, resulting in increased replenishment pressure for powder production enterprises. Although the downstream rigid demand procurement pace has not significantly accelerated, the continuous strengthening of cost support has driven the expectation of market price support to continuously intensify. Currently, the mainstream bargaining ranges for medium-grained tungsten carbide powder and tungsten powder have been adjusted upwards to around 750-765 yuan/kg and 780-795 yuan/kg, respectively, but high-level transactions are still difficult to implement smoothly in batches. 
    [Ferrotungsten market sees slight upward trend] 
    The current tungsten iron market continues to experience a slight upward trend, with market quotations slowly rising amidst the dynamic balance between cost and demand. The overall market exhibits operational characteristics of strong cost support and continued demand differentiation, with transactional negotiations in the high-price range becoming the focus of market attention. 
    "Tungsten scrap market consolidates at high levels" 
    The current tungsten scrap market is experiencing a pattern of high consolidation. The upstream tungsten concentrate prices continue to maintain a high and firm trend, with solid cost support. However, downstream enterprises, affected by the sluggish recovery of end-user demand, remain reluctant to purchase, mostly opting for rigid inventory replenishment. The overall transaction pace in the market has slowed down, with both suppliers and demanders continuing to engage in a game of strategic maneuvering within the high price range. The mainstream quotation for scrap rods remains stable in the range of 447-457 yuan/kg, with the price center of gravity basically unchanged from yesterday, and the market's stalemate atmosphere has not significantly eased. 
    "International tungsten market experiences high volatility" 
    The current high volatility in the international tungsten market is attributed to the combined effects of multiple macro variables and industrial micro-level interactions. The core contradiction lies in the intertwined nature of long-term resource value revaluation and short-term market sentiment fluctuations. From the supply side, the pace of capacity release in major resource countries coexists with disturbances from geopolitical risks. This includes potential incremental expectations brought by new projects, as well as periodic supply contractions caused by factors such as logistics and policies, resulting in the international market exhibiting characteristics of both "tight balance" and "structural shortage" in tungsten concentrate and tungsten iron resources. On the demand side, the differentiated trends across different regions and sectors further exacerbate price fluctuations. The rigid demand from the military and high-end manufacturing sectors in Europe and the United States provides price support, while the sluggish demand from some emerging economies and traditional manufacturing sectors suppresses upward potential. Additionally, macroeconomic factors such as fluctuations in the US dollar exchange rate and global energy price trends indirectly affect short-term fluctuations in international tungsten prices by influencing trade costs and corporate financial expectations.