India FOB drill bits (90%+, clean) eased to $97.5/kg this week, down $5.00 from $102.50 last Thursday. India FOB inserts scrap followed the same move, down $5.00 to $92.5/kg from $97.5.
This Week’s Numbers
| Benchmark | This Week | Last Week | Change |
|---|---|---|---|
| India FOB Drill Bits 90%+ | $97.50/kg | $102.50/kg | -$5.00 |
| India FOB Inserts Scrap | $92.50/kg | $97.50/kg | -$5.00 |
| China Drill Bits Scrap | $86.93/kg | $94.46/kg | -$7.53 |
| China Rod Scrap | $87.68/kg | $94.46/kg | -$6.78 |
| Rotterdam APT | $3,000/mtu | $3,000/mtu | Flat |
| USD/INR | 95.90 | 95.90 | Flat |
Source: SMM Tungsten Weekly Thursday assessment. India FOB figures reflect clean drill bits and inserts scrap, 90%+ WC content, dealer-reported FOB India.
Context
Both India FOB benchmarks moved down in lockstep this week, tracking a broader softening on the China side: drill bits scrap and rod scrap both fell more than the India move, narrowing the arbitrage gap dealers had been working through August and early September.
China’s domestic market is heading into its pre-holiday lull — the Mid-Autumn Festival and National Day week ahead typically brings thinner trading volume, and several APT producers are reported offline for scheduled maintenance right now. That combination usually shows up as lower reported liquidity rather than a directional call, and this week’s scrap prints look consistent with that seasonal pattern rather than a fresh demand shift.
Rotterdam APT held flat at $3,000/mtu and USD/INR was unchanged at 95.90, so this week’s India FOB move was a scrap-side story, not a currency or European-benchmark story.
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For live reference prices, see the Global Tungsten Price Hub and India Market Rates.