Tungsten Prices Stay Elevated as Supply Tightens and Costs Surge Across the Industry
The global tungsten market remained strong this week, with prices holding firm and showing daily fluctuations. Since the start of the year, tungsten raw material prices have increased by more than 10%, breaking through several key psychological thresholds. Prices for tungsten concentrate, ammonium paratungstate (APT), and tungsten powderhave all moved decisively higher, reflecting tightening supply conditions and bullish market sentiment.
Currently, tungsten concentrate prices have exceeded RMB 500,000 per ton, APT has climbed above RMB 700,000 per ton, and tungsten powder has surpassed RMB 1.2 million per ton. The primary drivers behind this upward trend are restricted supply availability, cautious selling behavior from producers, and firm expectations for further price appreciation.
As a result, downstream manufacturers—including producers of cemented carbide cutting tools, special steels, and tungsten electrodes—are facing sustained cost pressure. Many have been forced to implement additional product price adjustments to offset rising raw material expenses.
Pre-Holiday Demand Supports Prices, but Market Activity Expected to Slow
With the Spring Festival holiday approaching, short-term restocking activity has provided temporary support to tungsten product prices. However, as the holiday period draws closer, overall market liquidity is expected to ease, with fewer transactions and slower trading activity.
The tungsten scrap market, which is dominated by smaller traders and is highly sensitive to price movements, has already shown noticeable reactions. Recent profit-taking behavior has led to a modest softening in scrap prices. Nevertheless, elevated primary raw material prices continue to offer strong underlying support for recycled tungsten products.
Latest Tungsten Market Prices (Year-to-Date Change)
- 65% Wolframite Concentrate: RMB 510,000/ton, +10.9% YTD
- 65% Scheelite Concentrate: RMB 509,000/ton, +10.9% YTD
- Ammonium Paratungstate (APT): RMB 750,000/ton, +11.9% YTD
- European APT: USD 950–987/mtu (≈ RMB 586,000–609,000/ton), +5.3% YTD
- Tungsten Powder: RMB 1,210/kg, +12.0% YTD
- Tungsten Carbide Powder: RMB 1,170/kg, +12.5% YTD
- Cobalt Powder: RMB 580/kg, +11.5% YTD
- 70% Ferrotungsten: RMB 715,000/ton, +10.0% YTD
- European Ferrotungsten: USD 138.5–142/kg W (≈ RMB 676,000–693,000/ton), +2.0% YTD
- Scrap Tungsten Rods: RMB 710/kg, +18.3% YTD
- Scrap Tungsten Drill Bits: RMB 685/kg, +18.1% YTD
Outlook
Looking ahead, tungsten prices are expected to remain resilient in the near term, supported by tight supply fundamentals and high production costs. While seasonal factors may temporarily dampen trading activity, the broader market remains underpinned by structural supply constraints and strong cost support, particularly for cemented carbide and advanced tooling applications.
