In recent days, tungsten products first experienced a slight, steady decline as usual. Subsequently, the high prices of tungsten concentrates have begun to rebound somewhat. Supplies of waste tungsten resources—such as scrap tungsten steel and waste cemented carbide—have tightened slightly. As we approach the “Golden September” in September, some manufacturers have resumed production, leading to a modest increase in demand and a slight recovery in waste tungsten prices. However, tungsten products like APT and tungsten powder continue to be traded at relatively low prices. It’s now quite difficult to secure tungsten concentrates at low prices, prompting manufacturers to adopt a more cautious attitude toward sales and patiently await developments after September. After all, following the off-season months of July and August, with foreign holidays coming to an end and domestic production gradually resuming, it’s only natural for demand to see a slight uptick.

　　In August, China’s Caixin manufacturing PMI preliminary reading came in at 47.1, the lowest level since March 2009, falling short of the expected 48.2 and below the previous value of 47.8. This marks the sixth consecutive month that the index has remained below the 50.0 threshold, indicating a further slowdown in China’s manufacturing sector during the third quarter. Among them, the output index dropped to 46.6, down 0.5 percentage points from July’s figure. Sub-index indicators such as the new orders index, the new export orders index, and the employment index also all showed declines. Looking at the sub-indicators, both domestic and foreign demand remain weak, while input prices and factory-gate prices continue to be in contraction territory, reflecting ongoing significant downward pressure on the manufacturing sector.

　　In the tungsten products sector, during the past week (August 17–21), tungsten products initially experienced a slight, steady decline as usual. Subsequently, high prices for tungsten concentrates began to show signs of recovery. Supply of waste tungsten resources—such as scrap tungsten steel and scrap cemented carbide—has tightened somewhat. As we approach the “Golden September” in September, some manufacturers have resumed production, leading to a modest increase in demand and a slight rebound in waste tungsten prices. However, APT and tungsten powder—key tungsten products—continue to see more transactions at lower prices. It’s now relatively difficult to secure low-priced tungsten concentrates, prompting manufacturers to adopt a slightly more cautious stance and hold back on sales, waiting patiently for the market conditions after September. After all, following the off-season months of July and August, with overseas holidays coming to an end and domestic production gradually resuming, it’s only natural that demand will see a slight uptick.

　　In the first few days of last week, the price of tungsten concentrate continued to decline slightly. However, as the weekend approached, quotes at higher price levels began to show a slight rebound. Reportedly, the current quoted price for 65-degree black tungsten concentrate has already exceeded this month’s guideline price of 70,000 yuan per ton, with some offers now reaching as high as 70,000 yuan or even 71,000 yuan per ton. Although actual transactions remain rather sluggish, this development indicates that both mines and traders are reluctant to sell at low prices, pinning their hopes on an improvement in demand during the “Golden September” period and increasing the likelihood of a recovery in the tungsten market. As a result, transactions at lower price levels have gradually become less frequent.

　　Unfortunately, there’s still no news about procurement and storage efforts at present. Perhaps the concern remains that, following the collapse of a certain company, tungsten products might be dumped onto the market in large quantities, which is why no action has been taken yet. We’ll just have to keep an eye on the situation. Recently, market speculation suggests that price stabilization is quite likely.

　　On August 21, the price of 65-degree black tungsten concentrate was between 66,000 yuan/ton and 70,000 yuan/ton, down 500 yuan/ton from the previous week; the price of 65-degree white tungsten concentrate was between 64,000 yuan/ton and 66,000 yuan/ton, down 1,000 yuan/ton from the previous week.

　　Regarding other tungsten products, last week prices of APT, powders, and other tungsten products continued to decline. Unlike tungsten concentrate, which showed tentative signs of recovery with higher quoted prices, demand from downstream industries remains sluggish. Moreover, transactions involving high-priced tungsten concentrate have been relatively few, meaning it will take some time before this upward trend can be passed on to the downstream tungsten market. At present, manufacturers across the board are still pinning their hopes on a potential rebound in market demand during the "Golden September" period.

　　On August 21, the price of APT was between 102,000 yuan/ton and 106,000 yuan/ton, down 10,000 yuan/ton from the previous week. The price of ferrotungsten (FeW70) ranged from 127,000 yuan/base ton to 130,000 yuan/base ton, while the price of ferrotungsten (FeW80) was between 137,000 yuan/base ton and 140,000 yuan/base ton—both down 10,000 yuan/base ton from the previous week. The price of sodium tungstate remained unchanged at between 93,000 yuan/ton and 96,000 yuan/ton compared to the previous week. The price of tungsten powder stayed steady at between 172 yuan/kg and 175 yuan/kg compared to the previous week. The price of tungsten carbide powder decreased by 1 yuan/kg from the previous week, ranging from 170 yuan/kg to 173 yuan/kg.