During the Chinese New Year holiday, the overseas tungsten market showed a strong upward trend. As of February 20, SMM data showed that the price of ammonium paratungstate (APT) CIF Rotterdam port was $1,750-1,850/mtu, with an average price of $1,800/mtu, up 13.56% WoW; the price of ferrotungsten (Rotterdam warehouse) was $195-205/kg W, with an average price of $200/kg W, up 1.5% WoW.

In mid-to-late February, European tungsten prices continued to rise. According to the SMM survey, downstream inventories in the European market remained tight, and downstream shortages were severe. Guided by rigid demand, there were a few transactions in the market, with transaction prices at $1,800-1,900/mtu. As Chinese enterprises basically stopped offering during the holiday, the APT price at the Rotterdam port during the holiday already exceeded the price in the Chinese market on February 13. Due to raw material shortages in the European market, each new transaction drives higher offers, making prices more likely to rise than fall.

European Scrap Tungsten Market Continued to Follow the Rise, India Expected to Catch Up After the Holiday

Regarding representative pricing, a tungsten enterprise announced significantly raised long-term contract prices for the second half of February today: 55% wolframite concentrate was offered at 730,000 yuan/metric ton, up 60,000 yuan/metric ton MoM; 55% scheelite concentrate was offered at 729,000 yuan/metric ton, up 60,000 yuan/metric ton unit MoM; APT (zero-grade, national standard) was offered at 1.07 million yuan/mt, up 100,000 yuan/mt MoM. Overall, the tight supply situation in the tungsten market continued after the holiday, providing continued support for prices.