Seasonal Slowdown Expected to Weigh on US Tungsten Demand Through Summer

The U.S. Tungsten market saw a strong surge in April as firm downstream procurement, rising upstream offers and mounting logistics pressures pushed landed costs higher. Early month strength in export offers and firmer APT benchmarks set an upward tone, while geopolitical disruptions and concentrate delivery issues further tightened spot availability. Demand remained solid across key sectors, with aerospace, automotive tooling and oil field drilling continuing to anchor consumption. Powder metallurgy plants and defense procurement added additional momentum, drawing attention to limited spot units even as some buyers prepared to work through inventories. Upstream constraints, freight related premiums and geopolitical risk continued to reinforce a firm pricing environment for Tungsten, while increased scrap activity provided only partial relief. Looking ahead, the near term outlook for Tungsten is mixed, shaped by seasonal slowdowns, maintenance at processors and shifting availability from exporters, yet supported by elevated freight costs, policy driven risk premiums and tariff related floors that may sustain volatility.