Xin Lang Cai Jing·2025-12-09 13:41Core Viewpoint - China's net exports have turned negative in the past two months, indicating significant changes in tungsten supply and demand dynamics, with tight supply expected to persist in the short term, leading to price increases for long-term contracts [1][5]. Group 1: Market Conditions - Domestic and international tungsten supply is tight, and this situation is unlikely to ease in the short term, resulting in an upward adjustment of long-term prices [1][5]. - Tungsten inventory levels are low, and the strategic importance of tungsten resources has increased, making it easier for prices to rise rather than fall in the short term [1][5]. Group 2: Price Adjustments - The price for 65% black tungsten concentrate is currently at 358,000 yuan per ton, while APT (Ammonium Paratungstate) is around 530,000 yuan per ton [1][5]. - Major domestic tungsten companies have announced long-term prices for December, with Jiangxi Tungsten Holding Group quoting 350,000 yuan per ton for black tungsten concentrate, an increase of 25,000 yuan per ton from the previous period [2][6]. - Zhangyuan Tungsten's long-term prices for December include black tungsten concentrate at 350,000 yuan per ton (up 22,000 yuan), white tungsten concentrate at 349,000 yuan per ton (up 22,000 yuan), and APT at 510,000 yuan per ton (up 32,000 yuan) [2][6]. - Xiamen Tungsten has set its APT long-term cash purchase price at 500,000 yuan per ton, an increase of 30,000 yuan from the last period [2][6]. - The Ganzhou Tungsten Association has forecasted average prices for December 2025, with black tungsten concentrate at 350,000 yuan per ton (up 41,000 yuan), APT at 510,000 yuan per ton (up 57,000 yuan), and medium particle tungsten powder at 880 yuan per kilogram (up 150 yuan) [2][6].