Latest Tungsten Market Analysis – Strong Uptrend Continues in Early March
Source: Chinatungsten Online
Entering the first week of March 2026, the China tungsten market maintained the strong upward momentum that began in February. Prices across the tungsten value chain—from concentrate to tungsten powder—continued to rise sharply, supported by tightening supply conditions and heightened geopolitical risks.
Key Drivers Behind the Tungsten Price Surge
1. Supply Constraints from Limited Mining Operations
Reduced operating rates at tungsten mines have intensified raw material shortages, tightening market supply. Structural constraints in resource availability continue to provide firm support for tungsten concentrate and downstream product prices.
2. Escalating Geopolitical Risks and Strategic Metal Revaluation
On February 28, escalating tensions in the Middle East significantly increased global risk aversion. Military conflict and disruptions to the Strait of Hormuz, a critical global oil transportation route, triggered strong volatility in international commodity markets.
At Monday’s market opening:
- London gold rose 2.14%
- Silver gained 2.80%
- Brent crude surged 12.59%
Although gains later narrowed, the sharp fluctuations demonstrated how geopolitical risks can amplify commodity price movements. Against this backdrop, tungsten’s status as a strategic and scarce critical mineral has been further reinforced, supporting its resilient price performance.
However, after experiencing multi-fold gains within a single year, trading activity is showing signs of accumulating resistance as buyers digest higher price levels.
Current Tungsten Prices (Year-to-Date Increase)
As of press time, major tungsten products are quoted as follows:
- 65% Wolframite Concentrate: RMB 830,000/ton
↑ 80.4% year-to-date - 65% Scheelite Concentrate: RMB 829,000/ton
↑ 80.6% year-to-date - Ammonium Paratungstate (APT): RMB 1,250,000/ton
↑ 86.6% year-to-date - European APT: USD 1,890–1,998/mtu
(Equivalent to RMB 1,149,000–1,214,000/ton)
↑ 111.3% year-to-date - Tungsten Powder: RMB 1,990/kg
↑ 84.3% year-to-date - Tungsten Carbide Powder: RMB 1,930/kg
↑ 85.6% year-to-date - Cobalt Powder: RMB 580/kg
↑ 11.5% year-to-date - 70% Ferrotungsten (FeW70): RMB 1,160,000/ton
↑ 78.5% year-to-date - European Ferrotungsten: USD 209–230/kg W
(Equivalent to RMB 1.005–1.054 million/ton)
↑ 59.6% year-to-date - Scrap Tungsten Rods: RMB 1,240/kg
↑ 106.7% year-to-date - Scrap Tungsten Drill Bits: RMB 1,220/kg
↑ 110.3% year-to-date
Market Outlook
The tungsten price trend in 2026 continues to reflect structural supply tightness, geopolitical uncertainty, and strategic resource revaluation. While upward momentum remains strong, sustained multi-fold gains may face increasing resistance from downstream buyers and potential demand-side adjustments.
Market participants should closely monitor:
- Global geopolitical developments
- Mining production recovery rates
- Capital market sentiment in the non-ferrous metals sector
Keywords Included:
tungsten market March 2026, China tungsten price, APT price 2026, tungsten concentrate price, tungsten powder price, ferrotungsten price, scrap tungsten price, critical mineral tungsten, geopolitical impact on metals.
