The Ammonium Paratungstate (APT) market has stabilized at a high level, though liquidity across the supply chain requires further verification. According to China Tungsten Online, as of June 11, 2026, the price of APT stood at RMB 800,000/ton, a 47.4% retreat from its peak but a 19.4% increase since the beginning of the year.
Long-term contract prices for tungsten enterprises are basically in line with spot market prices, further stabilizing APT market sentiment. For smelting companies, this signal means that downstream large-scale consumer enterprises have a certain acceptance capacity for current cost levels, and also indicates that the necessity for significant price increases is weakening before a significant increase in end-user demand.
The current APT market is driven by both cost and demand. Smelters' procurement and production are more focused on existing orders, with limited willingness to actively expand inventory. Some companies remain optimistic about medium- to long-term price increases under resource constraints, while others are more focused on the fulfillment of end-user orders, adopting a low-inventory, fast-turnover operating strategy. In the short term, APT prices are likely to remain high, with the pace of recovery in end-user consumption determining the market direction in the next phase.
