In the first quarter of 2025, China's tungsten market showed a trend of rising first and then falling, and the contradiction between supply and demand was prominent.
In January, due to the increase in enterprise maintenance before the Spring Festival and the tightening of the supply side, the tungsten price was strong, but the demand side cooled down after stocking up, and the actual transaction was sluggish.
In February, the export control measures on tungsten-related items significantly suppressed the scale of exports. As enterprises resumed work and production and gradually released certain resources, the market fundamentals pressure increased, and the overall market was weak. According to the data of the General Administration of Customs sorted out by Chinatungsten Online, the domestic exports of ammonium paratungstate, tungsten trioxide, and tungsten carbide in February all decreased by more than 80% month-on-month, and decreased by more than 25%, 67%, and 80% year-on-year respectively.
In March, the tight supply of mineral resources and the shortage of demand on the smelting/alloy side coexisted, resulting in a price tug-of-war. In early March, the market inertia moved downward due to insufficient demand, entered a stalemate sideways cycle in the middle of the month, and formed a tail-up market in the second half of the month due to cost and rigid demand support.
Looking ahead, the domestic supply-demand imbalance and policy shocks will continue to pull the market, and the risk of international economic recession and geopolitical uncertainty will continue to interfere with the consumption environment of tungsten, but will also have a potential driving effect on the strategic value of tungsten. With the superposition of external risks and internal supervision, the market lacks clear directional signals, and most participants are cautious.
Prices of tungsten products on February 31, 2025
Price Trend of Tungsten Products in Q1 2025
