Latest Tungsten Market Analysis 2026: Prices Surge Over 50% Amid Supply Tightness
The global tungsten market in 2026 has entered a strong bullish cycle. According to data from Chinatungsten Online, domestic tungsten prices in China continued their sharp rise at the beginning of the week, followed by high-level consolidation as the Spring Festival holiday approached.
This report provides a detailed analysis of tungsten concentrate, APT, tungsten powder, tungsten carbide powder, ferrotungsten, cobalt powder, and tungsten scrap prices, along with insights into global supply and demand trends.
1. China Tungsten Market Overview: Initial Surge, Then Stabilization
This week, the domestic tungsten market showed a pattern of:
- Strong early-week price increases
- Gradual stabilization at high levels
The upward momentum since early 2026 has been driven primarily by:
- Long-term pricing support from major tungsten producers
- Tight raw material supply
- Strong cost transmission across the tungsten industry chain
However, as the Spring Festival holiday approaches, market trading activity has slowed, and prices have shifted from rapid increases to a phase of high-level consolidation.
2. Why Are International Tungsten Prices Rising?
(1) Supply Chain Shortages
China controls approximately 80% of global tungsten resources, making it the dominant player in the global supply chain.
Key factors impacting international supply include:
- China’s export controls
- Crackdowns on illegal tungsten mining
- Reduced production and logistics capacity during the Spring Festival
- Limited short-term production expansion outside China
Currently, non-Chinese tungsten projects are unable to fill the supply gap, resulting in continued upward pressure on global prices.
(2) Price Catch-Up Effect
International tungsten prices have been rising rapidly due to:
- A lag between domestic Chinese prices and overseas market prices
- Overseas buyers accelerating procurement in anticipation of further price increases
This “price chasing” behavior has further amplified the bullish momentum.
Latest Tungsten Price Update (2026)
Below are the latest tungsten-related prices and year-to-date increases:
Tungsten Concentrate Prices
- 65% Wolframite Concentrate: RMB 697,000/ton
- ↑ 51.5% since the beginning of 2026
- 65% Scheelite Concentrate: RMB 696,000/ton
- ↑ 51.6% year-to-date
The sharp increase reflects severe raw material tightness at the upstream level.
Ammonium Paratungstate (APT) Prices
- China APT Price: RMB 1,020,000/ton
- ↑ 52.2% year-to-date
- European APT Price: USD 1,200–1,550/mtu
- Equivalent to RMB 734,000–948,000/ton
- ↑ 49.5% year-to-date
APT, as the core intermediate product in the tungsten industry chain, reflects strong cost pass-through pressure across downstream sectors.
Tungsten Powder & Tungsten Carbide Powder Prices
- Tungsten Powder: RMB 1,700/kg
- ↑ 57.4% year-to-date
- Tungsten Carbide Powder: RMB 1,650/kg
- ↑ 58.7% year-to-date
These significant increases are directly impacting cutting tool manufacturers, mining tools, and wear-resistant component producers.
Ferrotungsten & Cobalt Powder Prices
- 70% Ferrotungsten (China): RMB 970,000/ton
- ↑ 49.2% year-to-date
- European Ferrotungsten: USD 190–201/kg W
- Equivalent to RMB 918,000–971,000/ton
- ↑ 42.2% year-to-date
- Cobalt Powder: RMB 580/kg
- ↑ 11.5% year-to-date
Ferrotungsten continues to benefit from tight raw materials and strong alloy steel demand.
Tungsten Scrap Prices
- Scrap Tungsten Rods: RMB 870/kg
- ↑ 45.0% year-to-date
- Scrap Tungsten Drill Bits: RMB 840/kg
- ↑ 45.8% year-to-date
High primary material prices are driving increased interest in tungsten recycling, but scrap supply remains limited.
Tungsten Market Outlook 2026
Looking ahead, the tungsten market remains structurally tight due to:
- Strong upstream supply control
- Limited global resource diversification
- Ongoing policy restrictions
- Cost transmission across the industrial chain
In the short term, prices are likely to remain at elevated levels with high volatility, especially around holiday-related production adjustments.
If overseas supply does not improve significantly, the global tungsten market could continue its bullish trend into the next quarter.
