Latest Tungsten Market Analysis: Rapid Price Acceleration Raises Market Risk Awareness
According to Chinatungsten Online, tungsten prices have risen sharply since the start of 2026, increasing at an average pace of approximately 1.5% per day. In recent sessions, the rally has accelerated further, with tungsten powder and tungsten carbide powder prices breaking above the RMB 1.4 million per ton level, posting daily gains of 3.5%–4%. This rapid appreciation has pushed the tungsten market into a phase of heightened sensitivity.
Market Debate: Short-Term Peak or Structural Revaluation?
Industry opinions are increasingly divided over whether current price levels represent a temporary spike driven by speculative expectations or a medium- to long-term revaluation of tungsten’s intrinsic value. Under the prevailing one-sided bullish trend, many market participants believe that part of the future price upside has already been priced in. However, the upper boundary of this price cycle remains unclear, intensifying the tug-of-war between buyers and sellers.
High Prices Curb Trading Activity Despite Strong Sentiment
Although market quotations remain highly active and sentiment stays elevated, actual transaction volumes have failed to rise in tandem with prices. Downstream manufacturers and trading companies are increasingly cautious, concerned about purchasing risks at historically high prices as well as the potential impact of supply shortages on order fulfillment.
Under these conditions, spot transactions are largely conducted on a case-by-case basis, typically with cash settlement, reflecting a sharp rise in risk-averse behavior. In addition, some producers—facing mounting cost pressure and delivery challenges—are reportedly considering advancing their holiday schedules, which may further constrain short-term market liquidity.
Latest Tungsten Prices (Year-to-Date Change)
- 65% Wolframite Concentrate: RMB 585,000/ton, +27.2% YTD
- 65% Scheelite Concentrate: RMB 584,000/ton, +27.2% YTD
- Ammonium Paratungstate (APT): RMB 870,000/ton, +29.9% YTD
- European APT: USD 1,080–1,325/mtu (≈ RMB 664,000–815,000/ton), +30.7% YTD
- Tungsten Powder: RMB 1,450/kg, +34.3% YTD
- Tungsten Carbide Powder: RMB 1,400/kg, +34.6% YTD
- Cobalt Powder: RMB 580/kg, +11.5% YTD
- 70% Ferrotungsten: RMB 800,000/ton, +23.1% YTD
- European Ferrotungsten: USD 148–168/kg W (≈ RMB 720,000–817,000/ton), +14.9% YTD
- Scrap Tungsten Rods: RMB 810/kg, +35.0% YTD
- Scrap Tungsten Drill Bits: RMB 790/kg, +36.2% YTD
Market Outlook
In the near term, tungsten prices are likely to remain elevated but highly volatile, supported by strong cost transmission, constrained supply, and strategic material considerations. However, with downstream resistance growing and risk appetite declining, price fluctuations may intensify, especially if speculative momentum weakens. Market participants should closely monitor inventory dynamics, producer pricing policies, and downstream demand resilience to assess the sustainability of the current price surge.
