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  Tungsten Market Dynamics in July: Driven by Tight Ore Supply and Mixed Demand Factors

  July's tungsten market rose on tight ore supply, with prices up ~25% for concentrates and downstream products. New mining laws raised costs, curbing supply. Military and overseas demand (amid China's export controls) supported the market, though traditional sectors weakened. Short-term high consolidation; long-term ore scarcity may boost concentration, shifting to emerging/military fields.

• Data: SHFE, DCE market movement (Jul 16)

  The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 16 Jul, 2025

• Upstream mine sector leads the gains, and the tungsten market rises again [SMM analysis]

  [SMM Analysis: Upstream Ore Supply Leads the Gains, Tungsten Market Climbs Again] Entering July, the tungsten market was once again driven by the positive impact of ore supply tightness, with prices climbing upwards. The circulation of tungsten concentrate in the market was tight, making it difficult for downstream players to restock. The center of transaction prices for spot orders rose steadily. As of today, SMM 65% black tungsten concentrate closed at 178,500 yuan/mt, up about 25% from the beginning of the year.

• The market still expects an increase in domestic and overseas supply. Attention can be paid to the performance of the US PPI data in the evening. [SMM Zinc Futures Brief Comment]

  [The market still expects an increase in domestic and overseas supply. Attention can be paid to the performance of the US PPI data in the evening.] The most-traded SHFE zinc 2508 contract opened at 22,030 yuan/mt. After the opening, longs and shorts engaged in fierce competition, and SHFE zinc maintained a fluctuating trend, eventually closing down at 22,045 yuan/mt, down by 40 yuan/mt or 0.18%. Trading volume decreased to 89,469 lots, and open interest decreased by 5,993 lots to 78,311 lots.....

• Downstream procurement is relatively cautious, and the spot price of EMM is running steady temporarily [SMM EMM Daily Review]

  [SMM EMM Daily Review: Downstream Purchases Remain Cautious, EMM Spot Prices Stabilize] The average spot price of EMM in major producing areas is 13,500-13,600 yuan/mt, unchanged MoM; the average FOB price is $1,880-$1,920/mt, unchanged MoM. Supply side, most EMM producers are holding back from selling. Recently, influenced by the SiMn futures market and the rising price of raw material sulphuric acid, the spot order quotes of individual producers have increased, with a strong refusal to budge on prices, and there are fewer low-priced goods in the market. Demand side, downstream steel mills are still in the traditional off-season, and purchases remain cautious. High-price transactions have not advanced, and the overall wait-and-see sentiment is strong. Follow-up attention should still be paid to the progress of steel tenders and market transaction conditions.