Tungsten Market Report – June 3, 2026
Tungsten Market Report – June 3, 2026
Tungsten Market Analysis (Simplified)
In recent sessions, tungsten prices have bottomed out and rebounded, driven by sentiment recovery and marginal supply-demand improvement. However, the market remains in a complex tug-of-war, with solid support but limited upside due to cautious buying and macro uncertainty. Overall, industry sentiment is prudent, with muted volume and price momentum.
Bullish Factors:
1. Sentiment Recovery & Supply Support: Sellers hold inventory, supported by upstream profits.
2. Seasonal Supply Constraints: Southern China’s rainy season disrupts mining (typhoons, floods).
3. Tightening Regulations: Safety accidents and new mining laws boost costs, slowing supply.
4. Cyclical Demand: Delayed purchases resurface; downstream firms replenish stocks.
5. High-End Demand Growth: Expansion in semiconductors, new energy, defense (slow but steady).
6. Price Differential Support: International prices exceed domestic, providing sentiment relief.
7. Reserve Policies: Potential government intervention in case of market distress (psychological support).
Bearish Factors:
1. Demand Weakness: Downstream buyers (e.g., carbide producers) are cautious amid cost pressures and limited macro-driven growth.
2. Substitution Risk: Rising costs accelerate material substitution (e.g., steel, ceramics in carbides; high-carbon wire in PV).
3. Supply Growth: New projects (Dahutang, Kazakhstan’s Bakuta), secondary recycling, and geopolitical shifts (Western alliances) increase supply uncertainty.
Uncertainties:
1. Geopolitics: Conflicts could disrupt trade flows and strategic premiums.
2. Macro Risks: Trade policies, currency fluctuations, and financial market volatility may exacerbate price swings.
Latest Tungsten Product Reference Prices
65% wolframite concentrate | 450,000 yuan/standard metric ton, down 57.1% from the peak and down 2.2% from the beginning of the year
|
65% scheelite concentrate | 449,000 yuan/standard metric ton, down 57.2% from the peak and down 2.2% from the beginning of the year |
Ammonium paratungstate (APT) | 730,000 yuan/ton, down 52.0% from the peak and up 9.0% from the beginning of the year. |
European APT price | 2,900–3,180 USD/mtu (equivalent to approximately 1,736,000–1,903,000 yuan/ton), down 3.2% from the peak and up 230.4% from the beginning of the year |
Tungsten powder | 1,150 yuan/kg, down 52.1% from the peak and up 6.5% from the beginning of the year |
Tungsten carbide powder | 1,100 yuan/kg, down 53.0% from the peak and up 5.8% from the beginning of the year |
Cobalt powder | 560 yuan/kg, down 3.5% from its high this year and up 7.7% from the beginning of the year. |
70% ferro-tungsten | 740,000 yuan/ton, down 47.9% from the peak and up 13.9% from the beginning of the year. |
European ferro-tungsten price | 210–250 USD/kg W (equivalent to approximately 994,000–1,184,000 yuan/ton), down 29.2% from the peak and up 67.3% from the beginning of the year |
Tungsten scrap bars | 730 yuan/kg, down 46.7% from the peak and up 21.7% from the beginning of the year |
Tungsten scrap drill bits | 680 yuan/kg, down 50.4% from the peak and up 17.2% from the beginning of the year |
Your email address will not be published. Required fields are marked with *