Latest Tungsten Market Analysis – Post Spring Festival Update

Source: Chinatungsten Online

After the Spring Festival holiday, the China tungsten raw material market resumed trading gradually. On the first trading day, operating rates were still in the early recovery stage and production capacity had not fully normalized. However, overall market prices remained firm, reflecting strong underlying support.

Market Drivers Behind the Price Strength

Several key factors continue to support the upward momentum in the tungsten market:

1. Tight Global Supply and Strong International Market

The international tungsten market remains structurally tight due to limited resource availability and constraints in mining technology. Persistent supply shortages and high production costs have kept global prices elevated, providing strong support to the domestic China tungsten market.

2. Geopolitical Risks and Strategic Metal Revaluation

Ongoing geopolitical tensions have further highlighted the strategic importance and scarcity value of tungsten as a critical mineral. As a key industrial and defense-related raw material, tungsten continues to gain attention as a strategic resource.

3. Capital Market Sentiment and Non-Ferrous Metals Rally

Optimistic long-term expectations for precious metals and a broader rally in the non-ferrous metals sector have boosted market sentiment. Tungsten, which already showed strong upward momentum in 2025, has benefited from capital market attention and positive price expectations.

---

Current Tungsten Product Prices

As of press time, major tungsten raw materials and related products are quoted as follows:

• 65% Wolframite Concentrate: RMB 705,000/ton
  ↑ 1.2% compared with pre-Spring Festival levels
  ↑ 53.3% from the beginning of the year
• 65% Scheelite Concentrate: RMB 704,000/ton
  ↑ 1.2% pre-holiday
  ↑ 53.4% year-to-date
• Ammonium Paratungstate (APT): RMB 1.05 million/ton
  ↑ 2.9% pre-holiday
  ↑ 56.7% year-to-date
• European APT: USD 1,650–1,900/mtu
  (Equivalent to RMB 1.007–1.16 million/ton)
  ↑ 29.1% pre-holiday
  ↑ 92.9% year-to-date
• Tungsten Powder: RMB 1,740/kg
  ↑ 2.4% pre-holiday
  ↑ 61.1% year-to-date
• Tungsten Carbide Powder: RMB 1,690/kg
  ↑ 2.4% pre-holiday
  ↑ 62.5% year-to-date
• Cobalt Powder: RMB 580/kg
  ↑ 11.5% year-to-date
• 70% Ferrotungsten (FeW70): RMB 990,000/ton
  ↑ 2.1% pre-holiday
  ↑ 52.3% year-to-date
• European Ferrotungsten: USD 200–210/kg W
  (Equivalent to RMB 966,000–1,014,000/ton)
  ↑ 4.9% pre-holiday
  ↑ 49.1% year-to-date
• Scrap Tungsten Rods: RMB 890/kg
  ↑ 2.3% pre-holiday
  ↑ 48.3% year-to-date
• Scrap Tungsten Drill Bits: RMB 860/kg
  ↑ 2.4% pre-holiday
  ↑ 48.3% year-to-date