Latest Tungsten Market Analysis: Prices Firm as Lunar New Year Approaches
According to the latest market data from Chinatungsten Online, tungsten prices continued to edge higher on Monday, supported by firm raw material costs. While primary raw materials remained strong, activity in the tungsten scrap market stayed muted, reflecting cautious sentiment among traders. Market participants are now closely watching for new long-term contract prices expected to be released by major tungsten producers later this week.
Market Sentiment Ahead of the Lunar New Year
As the Lunar New Year holiday draws near, the tungsten industry is gradually entering its seasonal slow period. Holders of tungsten concentrates and scrap materials are increasingly focused on locking in profits and improving cash flow. However, due to high production costs and expectations of a post-holiday rebound, sellers have limited flexibility to offer meaningful price discounts.
On the demand side, downstream consumers—including cemented carbide tool manufacturers and alloy producers—remain resistant to elevated raw material prices. Most buyers are adopting a hand-to-mouth purchasing strategy, maintaining only essential inventory while closely monitoring market developments. Additionally, some small and medium-sized enterprises are experiencing weaker order intake and tighter cash positions, prompting early production curtailments or提前放假 ahead of the holiday. As a result, overall trading volumes remain subdued.
Current Tungsten Market Prices (Year-to-Date Change)
- 65% Wolframite Concentrate: RMB 512,000/ton, +11.3% YTD
- 65% Scheelite Concentrate: RMB 511,000/ton, +11.3% YTD
- Ammonium Paratungstate (APT): RMB 755,000/ton, +12.7% YTD
- European APT: USD 987–1,050/mtu (≈ RMB 608,000–647,000/ton), +10.7% YTD
- Tungsten Powder: RMB 1,220/kg, +13.0% YTD
- Tungsten Carbide Powder: RMB 1,180/kg, +13.5% YTD
- Cobalt Powder: RMB 580/kg, +11.5% YTD
- 70% Ferrotungsten: RMB 720,000/ton, +10.8% YTD
- European Ferrotungsten: USD 140–145/kg W (≈ RMB 683,000–707,000/ton), +3.6% YTD
- Scrap Tungsten Rods: RMB 710/kg, +18.3% YTD
- Scrap Tungsten Drill Bits: RMB 685/kg, +18.1% YTD
Market Outlook
In the near term, tungsten prices are expected to remain well supported by high raw material costs and limited supply flexibility. Although seasonal factors may continue to suppress transaction volumes, downside risks appear limited, particularly for APT, tungsten powder, and tungsten carbide products. Market attention will remain focused on producer contract pricing and post-holiday demand recovery, which will be key drivers of price direction in the coming weeks.
