What drives the price premium of ammonium metatungstate over APT in the current tungsten bull market?

What drives the price premium of ammonium metatungstate over APT in the current tungsten bull market?
AMT commands a structural premium over APT due to its downstream positioning and regulatory status. While APT prices hit 1.05-1.20 million yuan/ton in early 2026, AMT benefits from being a higher-value derivative used directly in catalysts, specialty chemicals, and advanced tungsten compounds. The supply chain tightness originates upstream: China's tungsten mining quotas fell for the third consecutive year, cumulative decline of 14%, while average ore grades dropped to 0.28%, raising mining costs over 18%. Domestic tungsten concentrate social inventories fell below 8,000 tons, barely 15-20 days of consumption. APT producers face raw material shortages and environmental shutdowns, limiting conversion to AMT. Additionally, AMT's exemption from export controls creates overseas demand that domestic APT cannot satisfy, pushing converters to prioritize AMT production. The price spread reflects both processing value and regulatory arbitrage opportunity.