In January 2026, the Chinese tungsten market started the year on a strong note, with mainstream tungsten product prices rising steadily, averaging around 1.5% per day. As of January 30, 2026, key tungsten product prices were as follows:
- Tungsten concentrate: above RMB 600,000/ton
- Ammonium Paratungstate (APT): reached RMB 900,000/ton
- Tungsten powder: RMB 1.48 million/ton
- Tungsten carbide powder: RMB 1.43 million/ton
Key Drivers Behind the Tungsten Price Surge
The strong upward trend in tungsten prices is driven by several factors:
- Supply Constraints
Stricter regulatory oversight on compliant mining and selective hoarding by suppliers have tightened market supply. - Robust Demand from High-Tech and Traditional Industries
Strong demand persists from high-end sectors such as aerospace, electronics, and advanced machinery, as well as some traditional machining industries. - Strategic Revaluation of Tungsten
Global supply chain restructuring, international economic uncertainty, and geopolitical risks have heightened competition for key minerals, elevating tungsten’s strategic value. - Market Sentiment Linked to Safe-Haven Assets
The rally in gold, silver, and copper has reinforced bullish sentiment in the strategic metals market, supporting tungsten price gains.
Market Volatility and Risk Factors
It is important to note that after reaching record highs, gold and silver prices experienced a sharp pullback overnight, with intraday declines of 5.7% and 8.5%, respectively, before narrowing. This reflects ongoing uncertainty in global financial markets and highlights potential risks for the tungsten industry:
- Capital flows are highly sensitive to macroeconomic conditions, monetary policy expectations, and investor sentiment.
- Sudden shifts in market sentiment can amplify short-term upward trends but may also increase the risk of future price corrections.
Pre-Holiday Market Outlook
As the Spring Festival approaches, the Chinese tungsten market is entering the traditional pre-holiday slowdown:
- Some producers will pause operations or schedule holiday shutdowns next month.
- Trading activity is expected to be subdued, with market focus on the balance between supplier holding strategiesand profit-taking by buyers.
