Tungsten Market Update: Prices Extend Gains as Supply Tightens Further
According to the latest data from Chinatungsten Online, the upward momentum in the tungsten market remains firmly intact, with overall price levels continuing to move higher. That said, actual trading activity is constrained by elevated production costs and the approaching Spring Festival holiday, which has dampened market liquidity. In the short term, the balance between supply and demand has become increasingly tense, with transactions largely focused on rigid, essential demand.
This morning, two major tungsten producers in Jiangxi Province released updated quotations, both showing notable price increases, further reinforcing bullish market sentiment.
Tungsten Concentrate Market: Limited Supply Supports High Prices
In the tungsten concentrate market, mine-side selling remains extremely cautious. Producers are reluctant to release inventory, keeping available spot resources tight and providing strong support for current price levels.
- 65% Wolframite Concentrate: RMB 520,000/ton, +13.0% YTD
- 65% Scheelite Concentrate: RMB 519,000/ton, +13.1% YTD
APT Market: Strong Cost Support, Weak Downstream Activity
In the ammonium paratungstate (APT) market, tight raw material supply and rising production costs continue to push smelter quotations higher. However, downstream buyers remain cautious, resulting in limited transaction volume.
- Domestic APT: RMB 760,000/ton, +13.4% YTD
- European APT: USD 987–1,050/mtu (≈ RMB 608,000–647,000/ton), +10.7% YTD
Tungsten Powder and Carbide Powder: Cost Pressure Passed Downstream
Cost inflation continues to flow through the tungsten powder and tungsten carbide powder markets. Powder metallurgy producers are largely following upstream price increases passively, while downstream end-users show limited ability to absorb higher costs. As a result, the market remains locked in a supply-demand standoff, with transactions proceeding slowly.
- Tungsten Powder: RMB 1,230/kg, +13.9% YTD
- Tungsten Carbide Powder: RMB 1,190/kg, +14.2% YTD
- Cobalt Powder: RMB 580/kg, +11.5% YTD
Ferrotungsten Market: Weak Steel Demand Caps Trading Activity
The ferrotungsten market continues to track movements in upstream tungsten ore prices. However, downstream steel industry demand remains subdued, limiting overall transaction performance.
- 70% Ferrotungsten: RMB 725,000/ton, +11.5% YTD
- European Ferrotungsten: USD 140–145/kg W (≈ RMB 683,000–707,000/ton), +3.6% YTD
Tungsten Scrap Market: Profit-Taking Emerges Ahead of Holiday
In the tungsten scrap and recycling market, sentiment remains mixed. On one hand, elevated primary tungsten prices provide strong support; on the other, high price levels increase the risk of inventory accumulation. As the Spring Festival approaches, some traders are opting to realize profits at current highs, improving short-term liquidity. Nevertheless, overall market participation remains cautious.
- Scrap Tungsten Rods: RMB 720/kg, +20.0% YTD
- Scrap Tungsten Drill Bits: RMB 695/kg, +19.8% YTD
Market Outlook
Looking ahead, tungsten prices are expected to remain resilient, underpinned by tight concentrate supply and high production costs. While seasonal factors may continue to restrain transaction volumes, downside risks appear limited, particularly for APT, tungsten powder, and tungsten carbide materials. Market attention will remain focused on producer pricing strategies and post-holiday demand recovery.
