The tungsten market as a whole is showing a stalemate and maintaining stability, mainly affected by the dual effects of rising raw material prices but insufficient acceptance by the consumer end. The supply-demand contradiction in the market is still prominent, and trading activity is limited. Businesses are concerned about the pace of downstream manufacturing recovery, global supply chain stability, and the impact of policy regulation.
The price of 65% black tungsten concentrate is reported at 144000 yuan/standard ton, maintaining a high level of consolidation, but the market presents a situation of "low mining is not easy, high selling is insufficient", the game between supply and demand intensifies, the bargaining space is limited, and the market liquidity is average.
The price of ammonium paratungstate (APT) is reported at 214000 yuan/ton, which creates a strong atmosphere on the cost side. Some companies have raised their ex factory prices to alleviate profit compression; However, the feedback from the demand side is sluggish, and market transactions are mainly based on small orders for essential needs. The export business has reduced order volume and extended order cycles due to the review of dual-use items. There is a divergence between long and short positions in the market, and there is a clear tug of war in bargaining space.
The price of tungsten powder is reported at 318 yuan/kg, and the price of tungsten carbide powder is reported at 313 yuan/kg. Cost pressure has prompted some manufacturers to slightly increase their quotations. However, the progress of downstream end user demand is limited, and the growth of new orders is relatively slow. The market is cautious in replenishing inventory according to demand, and the market follows the trend, resulting in insufficient trading initiative.
Since April, the prices of hard alloy products have experienced a collective upward trend, mainly due to the increase in production costs of alloy enterprises caused by the rise in tungsten cobalt raw material prices. However, downstream end users generally have a low acceptance of upstream cost transfer, and their procurement strategies are cautious and on-demand. Especially against the backdrop of the raging US tariff storm, industry insiders have operated cautiously and the actual trading has been deadlocked.
The price of cobalt powder is temporarily stable at 268 yuan/kg. Due to supply chain risks, the international market remains at a high level, but domestic cobalt inventory levels are still sufficient, resulting in limited short-term supply pressure. Coupled with downstream terminal demand facing substitutability risks, the market's willingness to trade at high levels is not high, and the cobalt market is hindered, leading to a recent decrease in activity.