Since late July China’s tungsten market has moved out of the violent 1H
volatility into a calmer consolidation. August extended that trend: prices have
traded close to cost support and underpinned by long-term contracts, and
observed volatility has narrowed materially. Spot volumes are driven by real
delivery demand; speculative buying and stockpiling are weak, and market
participants are focused on fundamental data. Near term, prices are likely to
trade in a range-bound, mildly weak pattern — downside capped by cost floors and
a strategic‑resource premium, while upside will require confirmed transactions
and evidence of seasonal demand realization. In September, focus will shift to
actual consumption and new long‑order pricing; the interplay of supply-side
rigidity versus rising imports and the conversion pace of emerging demand will
shape further direction.
