How does the downstream demand structure for APT affect its price sustainability?

How does the downstream demand structure for APT affect its price sustainability?
APT is the key intermediate between tungsten concentrate and downstream products like tungsten powder, tungsten wire, and cemented carbide. While hard alloys remain the largest consumer at 58% of tungsten demand, the recent price surge is heavily tied to new applications. Photovoltaic tungsten wire has become a major growth driver, with penetration rates jumping from 20% to over 60% in 2024-2025, creating annual demand exceeding 4,500 tonnes. Semiconductor tungsten targets and military applications are also expanding. However, the price spike has hurt downstream buyers—one major producer saw tungsten sales volumes drop 39.79% year-on-year as customers balked at record prices. High prices are also accelerating substitution toward ceramic and superhard cutting tools, which could cap long-term demand growth.