China APT and Tungsten Powder Processing Fees Surge, Overseas Premiums Hit Record

Processing fees at the midstream are where this story actually bites: a 331% and 447% jump in APT and tungsten powder fees signals tightness that has moved beyond raw ore and into the conversion chain, which is what downstream alloy and component makers ultimately pay for. The record overseas premium is the more telling detail, since it implies buyers outside China are absorbing costs that domestic processing economics alone would not justify. Whether that premium persists or narrows as export mix shifts toward higher-value products is the open question worth watching.