SMM

March 10-14, 2025 This week, the average cost in the APT industry was 208,836 yuan/mt, the average industry profit was -1,586 yuan/mt, and the average profit margin was -0.77%. Currently, mines are gradually resuming production. Although the slow pace of raw material supply provides some support to the market, tungsten prices have continued to decline due to persistently weak downstream demand. Confidence among raw material traders has weakened, and their quotations have gradually decreased. This trend has significantly reduced the production costs of APT smelters. Although the price inversion issue has not yet been resolved, the profit margin has increased substantially as a result.