Latest Tungsten Market Analysis from Chinatungsten Online

The tungsten market continues to show a clear upstream-downstream divergence: upstream segments signal strengthening bottoming and rebound momentum, while downstream sentiment remains subdued, leading to overall cautious trading.  

Tungsten Concentrate  

Recent safety incidents have amplified market sentiment around bottoming stabilization, reinforcing holders’ reluctance to sell and support prices.  

65% Wolframite Concentrate: RMB 410,000/ton (down 61.0% from peak; down 10.9% from beginning of year).  

65% Scheelite Concentrate: RMB 409,000/ton (down 61.0% from peak; down 10.9% from beginning of year).  

Ammonium Paratungstate (APT)  

Easing cost pressures and improved confidence prompted tentative price hikes in some segments. The substantial domestic-foreign price gap provided sentiment support, though weak demand and dual-use item regulations continue to constrain transactions.  

Domestic APT: RMB 660,000/ton (down 56.6% from peak; down 1.5% from beginning of year).  

European APT: USD 3,000–3,140/mtu (equivalent to RMB 180,100–188,500/ton; down 2.2% from peak; up 233.7% from beginning of year).  

Tungsten Powder  

Prices have fallen toward the RMB 1 million/ton threshold. With earlier price bubbles largely deflated and raw material prices stabilizing, industry players anticipate improved downstream restocking confidence to drive market recovery.  

Tungsten Powder: RMB 1,000/kg (down 58.3% from peak; down 7.4% from beginning of year).  

Tungsten Carbide Powder: RMB 950/kg (down 59.4% from peak; down 8.7% from beginning of year).  

Cobalt Powder: RMB 565/kg (down 2.6% from peak; up 8.7% from beginning of year).  

Ferrotungsten  

Market sentiment remains(wait-and-see), with steel mills maintaining cautious procurement. Transactions are primarily driven by immediate demand.  

70% Ferrotungsten: RMB 700,000/ton (down 50.7% from peak; up 7.7% from beginning of year).  

European Ferrotungsten: USD 255–257.5/kg W (equivalent to RMB 121,100–122,300/ton; down 21.2% from peak; up 86.4% from beginning of year).  

Tungsten Scrap  

Tight supply—due to holders’ reluctance to sell amid slightly improved demand—has pushed prices modestly higher. Sustainability hinges on raw material trends and downstream recovery. 

Scrap Tungsten Carbide Rods: RMB 650/kg (down 52.6% from peak; up 8.3% from beginning of year).  

Scrap Tungsten Carbide Drill Bits: RMB 600/kg (down 56.2% from peak; up 3.5% from beginning of year).  

Summary Analysis  

The current tungsten market exhibits a stark "domestic sluggishness vs. overseas strength, upstream resilience vs. downstream weakness" divide. Upstream segments, buoyed by safety incident-driven sentiment and seller restraint, show early signs of bottoming—though actual supply disruptions remain limited, leaving the rebound fragile. APT and powder prices, having corrected sharply from historic peaks, now approach cost-support levels after bubble deflation. However, cautious procurement by downstream cemented carbide producers and steel mills, compounded by dual-use regulations dampening domestic trade, suggests genuine demand recovery remains distant.