Latest Tungsten Market Analysis: Volatility Rises as Prices Surge on Speculation and Tight Supply
According to Chinatungsten Online, the tungsten market has entered a highly sensitive and volatile phase, characterized by disorderly pricing behavior among holders and traders. As a result, mainstream price spreads have widened sharply, reflecting heightened uncertainty and speculative activity across the supply chain.
This week’s sharp increase in tungsten prices was driven by two key forces. On one hand, major tungsten producers raised long-term contract prices, which, although still within the prevailing market range, helped reinforce bullish sentiment. On the other hand—and more importantly—market hoarding and speculative behavior intensified. Against the backdrop of constrained resource supply and the growing strategic importance of tungsten, most holders are unwilling to sell at lower prices. At the same time, some traders have actively pushed quotations higher, further amplifying price volatility.
Holiday Effect Weakens Demand, Spot Trading Remains Sluggish
With the Spring Festival holiday approaching, the increasingly chaotic market environment has strengthened wait-and-see sentiment among downstream end-users. Purchasing enthusiasm remains weak, and spot market transactions are sluggish, with most deals limited to rigid demand or the execution of long-term contracts. Overall, market liquidity remains insufficient, despite elevated price levels.
Latest Tungsten Prices (Year-to-Date Change)
- 65% Wolframite Concentrate: RMB 570,000/ton, +23.9% YTD
- 65% Scheelite Concentrate: RMB 569,000/ton, +24.0% YTD
- Ammonium Paratungstate (APT): RMB 845,000/ton, +26.1% YTD
- European APT: USD 1,080–1,325/mtu (≈ RMB 665,000–816,000/ton), +30.7% YTD
- Tungsten Powder: RMB 1,400/kg, +29.6% YTD
- Tungsten Carbide Powder: RMB 1,350/kg, +29.8% YTD
- Cobalt Powder: RMB 580/kg, +11.5% YTD
- 70% Ferrotungsten: RMB 780,000/ton, +20.0% YTD
- European Ferrotungsten: USD 148–150/kg W (≈ RMB 721,000–730,000/ton), +8.4% YTD
- Scrap Tungsten Rods: RMB 790/kg, +31.7% YTD
- Scrap Tungsten Drill Bits: RMB 760/kg, +31.0% YTD
Market Outlook
In the short term, tungsten prices are likely to remain elevated and volatile, supported by tight supply, speculative hoarding, and strong cost transmission across the value chain. However, with downstream demand constrained by seasonal factors and high prices, further price increases may face resistance once speculative momentum weakens. Market participants are advised to closely monitor producer pricing policies, inventory movements, and post-holiday demand recovery, which will be critical in determining the next phase of the tungsten price cycle.
