After experiencing a disorderly and sharp decline after the National Day, there was a clear shift in sentiment and partial bottom-up volume as large-scale procurement by large tungsten companies entered the market. The willingness of suppliers to stand up for the market has increased, and the popularity of downstream inquiries has picked up, but actual transactions are still mainly based on immediate demand, and they are hesitant to wait and see. The magnitude and speed of the subsequent market rebound will depend on the extent to which the pace of release on the supply side matches the actual follow-up of purchases. The price of 55% tungsten concentrate returned to the support level of 300,000 yuan/standard ton. Prices on the mining side were once chaotic during the sharp decline. Currently, with the release of liquidity on the smelting side, mineral prices have steadily rebounded. Industry veterans believe that this level has strong psychological support, and subsequent trends still need to observe actual transaction volume.

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