According to SMM statistics, China's APT production in November decreased by about 1% MoM.
In the month, due to high tungsten raw material prices and insufficient downstream demand in the tungsten market, APT smelters maintained stable operating rates, with few enterprises actively increasing spot inventories. Additionally, some smelters experienced slight decreases in operating rates due to insufficient raw material reserves and difficulties in locking in tungsten raw materials corresponding to APT spot prices.
Entering December, as year-end stocking demand from the consumption side has not yet been released, APT market demand may rebound, with overall production expected to see a slight increase.
