According to China Energy Network, tungsten prices maintain a steady upward trajectory, driven primarily by dual factors: supply-side constraints and strategic premium pricing. Demand remains relatively cautious overall, supported mainly by downstream essential needs with limited incremental contributions. The recent announcement of the “Artificial Sun” research initiative has amplified market expectations regarding the application potential and development prospects of tungsten alloys in the fusion energy sector. In the tungsten concentrate market, suppliers maintain a cautious selling stance to uphold prices, with supply remaining tight, supporting the high-level market performance. The price of 65% black tungsten concentrate stands at CNY 336,000 per metric ton, marking a 135% increase since the beginning of the year. 65% white tungsten concentrate traded at CNY 335,000/mt, up 135.9% year-to-date. In the ammonium paratungstate (APT) market, cost support and demand pressure created a tug-of-war dynamic. Manufacturers adopted cautious buying and selling strategies, maintaining firm prices with overall production rates remaining limited.

Domestic APT prices in China reached CNY 490,000 per ton, a 132.2% increase from the beginning of the year. European APT prices ranged from USD 735-780 per ton-degree (equivalent to CNY 461,000-489,000 per ton), up 129.6% year-to-date.

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