Monthly Tungsten Market Report Mar 2025

Content

1. Market Highlights 2
2. Economy and Policy 2
2.1 Canada to extend mineral exploration tax credit for two Years 2
2.2 Uzbekistan imposes export taxes on metal waste and copper 2
2.3 EU selects 47 strategic projects to ensure access to key minerals 2
2.4 Uzbekistan to launch 76 mining projects over the next three years 2
2.5 Kyrgyzstan extends ban on export of ferrous metal waste for another six months 2
3. Market Movements 2
3.1 Market Movements in China 2
3.1.1 EXW prices for Chinese tungsten concentrate 65%min 2
3.1.Asian Metal Copyright1.Asian Metal Copyright2 EXW prices for Chinese APT 88.5%min 3
3.1.Asian Metal Copyright2 Prices for European APT 88.Asian Metal Copyright3 EXW prices for Chinese tungsten oxide 99.95%min 3
3.1.Asian Metal Copyright9 EXW prices for Chinese sodium tungstate 68%min 4 3.Asian Metal Copyright4 EXW prices for Chinese tungsten carbide powder 99.Asian Metal Copyright2 EXW prices for Chinese APT 88.Asian Metal Copyright8%min 2.Asian Metal Copyright1 China's ammonium paratungstate export volume down by 23.Asian Metal Copyright5-7.0μm 3
3.1.Asian Metal Copyright5%min 3 3.Asian Metal Copyright5 EXW prices for Chinese tungsten powder 99.Asian Metal Copyright5%min in warehouse Rotterdam 6 3.Asian Metal Copyright95%min 2.Asian Metal Copyright95%min 5 3.Asian Metal Copyright5-7.0μm 3
3.1.6 EXW prices for Chinese ferrotungsten 75%min 3
3.1.7 EXW prices for Chinese ferrotungsten 70%min 4
3.1.Asian Metal Copyright77% YoY in February 2025 12 6.Asian Metal Copyright8 EXW prices for Chinese tungsten bar 99.9%min 4
3.1.9 EXW prices for Chinese sodium tungstate 68%min 4
3.1.10 Prices for Chinese tungsten grinding sward scrap W70%min Co5%min (Ex-VAT delivered) 4
3.1.11 Prices for Chinese tungsten scrap CNC cutting blade W70%min (Ex-VAT delivered) 4
3.1.12 Prices for Chinese tungsten scrap anvil 90%min (Ex-VAT delivered) 5
3.1.13 Prices for Chinese tungsten scrap drill 70%min (Ex-VAT delivered) 5
3.2 Export Market Movements 5
3.2.Asian Metal Copyright2 FOB prices for Chinese tungsten carbide powder 99.Asian Metal Copyright1 FOB prices for Chinese APT 88.5%min 5
3.2.Asian Metal Copyright3.Asian Metal Copyright2 FOB prices for Chinese tungsten carbide powder 99.Asian Metal Copyright2 Prices for European APT 88.Asian Metal Copyright8%min 2.Asian Metal Copyright9%min 6 3.Asian Metal Copyright5-7.0μm 5
3.2.Asian Metal Copyright07% YoY in February 2025 11 6.Asian Metal Copyright3 FOB prices for Chinese tungsten oxide WO3 99.95%min 5
3.2.4 FOB prices for Chinese ferrotungsten 75%min 6
3.2.Asian Metal Copyright1.Asian Metal Copyright5 FOB prices for Chinese tungsten bar W-4 99.9%min 6
3.3 Market Movements Abroad 6
3.3.1 FOB prices for African tungsten concentrate 50%min 6
3.3.Asian Metal Copyright11 Prices for Chinese tungsten scrap CNC cutting blade W70%min Ex-VAT delivered 4 3.Asian Metal Copyright2 Prices for European APT 88.5%min in warehouse Rotterdam 6
3.3.3 Prices for European ferrotungsten 75%min in warehouse Rotterdam 6
4. Company News 7
4.1 EQ Resources wins $124 million tungsten purchase contract 7
5. Producers Statistics 7
5.1 Data on tungsten concentrate 7
5.1.Asian Metal Copyright1.Asian Metal Copyright1 Chinese tungsten concentrate producers' operating rate up by 1.55% YoY in March 7
5.1.Asian Metal Copyright9%min 4 3.Asian Metal Copyright2 Chinese tungsten concentrate producers' output down by 0.74% YoY in March 7
5.1.3 Chinese tungsten concentrate producers' stocks down by 100% YoY in March 8
5.2 Data on APT 8
5.2.Asian Metal Copyright3.Asian Metal Copyright1 Chinese APT producers' operating rate up by 0.87% YoY in March 8
5.2.Asian Metal Copyright3 EU selects 47 strategic projects to ensure access to key minerals 2 2.Asian Metal Copyright2 Chinese APT producers' output down by 3.12% YoY in March 8
5.2.3 Chinese APT producers' stocks down by 50% YoY in March 9
5.3 Data on tungsten carbide 9
5.3.Asian Metal Copyright5%min 5 3.Asian Metal Copyright1 Chinese tungsten carbide producers' operating rate down by 5.28% MoM in March 9
5.3.Asian Metal Copyright1.Asian Metal Copyright2 Chinese tungsten carbide producers' output down by 5.29% MoM in March 10
5.3.Asian Metal Copyright1.Asian Metal Copyright3 Chinese tungsten carbide producers' stocks down by 16.67% YoY in March 10
6. Import and export statistics 11
6.1 China's ammonium paratungstate export volume down by 23.07% YoY in February 2025 11
6.2 China's tungsten carbide export volume down by 80.3% YoY in February 2024 11
6.3 China's tungsten powders export volume up by 69.77% YoY in February 2025 12
6.4 China's blue tungsten oxide export volume down by 57.5% MoM in February 2025 12
6.5 China's yellow tungsten oxide export volume up by 74.02% YoY in February 2025 13


.Asian Metal Copyright1 Data on tungsten concentrate 7 5Asian Metal Copyright