Group 1 - The tungsten market is experiencing tight supply as miners hold back inventory, supporting high prices for tungsten products [1][2] - As of January 20, 2026, the price for black tungsten concentrate (≥65%) is reported at 520,000 CNY per ton, reflecting a 13.0% increase since the beginning of the year [3] - The price for white tungsten concentrate (≥65%) is reported at 519,000 CNY per ton, with a 13.1% increase since the start of the year [4] Group 2 - The price for ammonium paratungstate (APT) in China is reported at 760,000 CNY per ton, up 13.4% year-to-date, while European APT prices range from 987 to 1050 USD per ton (approximately 60.8 to 64.7 million CNY), marking a 10.7% increase [4] - Tungsten powder prices are at 1,230 CNY per kilogram, showing a 13.9% increase since the beginning of the year [4] - The price for tungsten carbide powder is reported at 1,190 CNY per kilogram, with a 14.2% increase year-to-date [5] Group 3 - Tungsten iron prices are reported at 725,000 CNY per ton, reflecting an 11.5% increase since the start of the year [8] - The price for tungsten scrap materials, such as waste tungsten rods and drill bits, has also seen significant increases, with waste tungsten rods priced at 720 CNY per kilogram (up 20.0%) and waste tungsten drill bits at 695 CNY per kilogram (up 19.8%) [10][11] Group 4 - The macroeconomic environment in China is stable, with GDP projected to reach 14,018.79 billion CNY in 2025, growing by 5% [12] - The automotive industry is driving demand for tungsten products, particularly in hard alloy tools and wear parts, although the rise of electric vehicles may reduce tungsten usage in traditional cutting tools [12] - In 2025, China's automotive production and sales are expected to reach 34.53 million and 34.40 million units, respectively, with new energy vehicles accounting for 47.9% of total new car sales [12]

Core Viewpoint - Tungsten prices are stabilizing, with market activities decreasing as year-end approaches, leading to cautious sentiment among traders and end-users [1] Group 1: Market Conditions - The tungsten market is experiencing a steady and horizontal price trend, with reduced purchasing activities due to increasing financial pressure as the New Year approaches [1] - Suppliers are showing profit-taking behavior, particularly in the scrap tungsten market, which has seen panic fluctuations, while the raw material market remains cautious [1] Group 2: Price Trends - In the tungsten concentrate market, sellers maintain a bullish outlook, with prices remaining stable despite some cashing out; 65% black tungsten concentrate is priced at 462,000 yuan per standard ton, up 223.1% from the beginning of the year [1] - The price for 65% white tungsten concentrate is reported at 461,000 yuan per standard ton, reflecting a 224.7% increase since the start of the year [1] Group 3: Scrap Tungsten Market - The scrap tungsten market is experiencing panic due to profit-taking, leading some recyclers to lower prices or halt purchases, resulting in market disorder [1] - Scrap tungsten bar prices are at 650 yuan per kilogram, up 195.5% year-to-date, while scrap tungsten drill prices are at 620 yuan per kilogram, reflecting a 171.9% increase since the beginning of the year [1]