China Tungsten Market in Stalemate: Concentrate Above RMB 410,000, APT at RMB 600,000

On August 12, China's domestic tungsten market sustained its stalemate with prices consolidating sideways. Trading activity has picked up recently, but has yet to generate scale-level support, leaving prices without sufficient momentum. Transactions remained largely negotiation-based and conducted on an as-needed basis.

In the tungsten concentrate segment, miners showed strong resolve to hold prices firm, and low-priced supply was hard to find on the market. Concentrate with grades above 55% remained securely above RMB 410,000 per standard tonne, though market liquidity stayed relatively thin. In the ammonium paratungstate (APT) segment, bulls and bears remained locked in contention amid the interplay of cost support and demand pressure, with the transaction focus staying stuck near the RMB 600,000 per tonne threshold.

In the tungsten powder segment, buyers and sellers kept up a wait-and-see tug of war. Order volumes increased somewhat, but pricing power remained under pressure, with tungsten powder centering around RMB 950 per kg and tungsten carbide powder negotiated at approximately RMB 880 per kg. In the ferrotungsten segment, trading initiative was lacking amid the broader standoff across the supply chain, and prices held flat in a wait-and-see mode, with 70-grade ferrotungsten quoted steady at around RMB 660,000 per tonne. In the tungsten scrap segment, holders held back supply in search of higher prices, but end-users and recyclers showed limited acceptance, leaving the market torn between upside and downside and prices consolidating in a narrow range.