Global Tungsten Prices Surging: Is the Domestic Chinese Market Stabilizing?
Introduction
As we move through the first quarter of 2026, the global cemented carbide industry is facing a transformative "price-performance" shift. While international prices for Ammonium Paratungstate (APT) are reaching record highs due to geopolitical tensions, the Chinese domestic market—the world's primary tungsten hub—is entering a phase of high-level consolidation.
For manufacturers specializing in wire drawing dies, cold heading dies, and tungsten carbide rollers, understanding these price dynamics is no longer optional—it is critical for survival.
📊 Quick View: Core Tungsten Market Trends (March 31, 2026）
| Item | Current Price | YTD Change | From Peak | Market Status |
|---|---|---|---|---|
| 65% Black Wolframite | 1.005M CNY/ton | +118.5% | -4.3% | Tight supply; firm mid-to-long term outlook |
| APT (China) | 1.48M CNY/ton | +120.9% | -2.6% | Strong cost support; cautious sentiment |
| APT (Europe) | 1.71M–1.92M CNY/ton | +223.4% | / | Severe price inversion; extreme global demand |
| Tungsten Powder | 2360 CNY/kg | +118.5% | -1.7% | Strict export audits; domestic on-demand buying |
| Tungsten Carbide | 2300 CNY/kg | +121.2% | -1.7% | Low volatility; focusing on cost pass-through |
| 70 Ferro-Tungsten | 1.4M CNY/ton | +115.4% | -1.4% | Following market trends; passive buying side |
| Tungsten Scrap (Rods) | 1080 CNY/kg | +80.0% | -21.2% | Bottoming out; recent slight rebound |
1. Market Divergence: The International Price Gap
The current tungsten market is characterized by a significant price "inversion" between China and the rest of the world:
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European APT Market: Prices have skyrocketed to $2800–$3150/mtu, representing a 223.4% increase since the beginning of the year.
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China Domestic Market: Prices currently sit at approximately CNY 1.48 million/ton.
The Insight: This massive gap highlights the extreme supply chain anxiety in overseas markets. For international buyers, sourcing finished or semi-finished carbide tools from China remains a strategic cost-saving move, even as export regulations tighten.
2. Tungsten Carbide Powder: A New Cost Floor
Tungsten Carbide (WC) powder, the backbone of high-performance industrial tools, is currently priced at 2300 CNY/kg, up 121.2% year-to-date.
While this is a slight 1.7% retreat from the historical peak, the willingness of suppliers to lower prices is extremely limited. This indicates:
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Solid Cost Support: The price increase from ore to powder is now fully integrated.
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Steady Demand: Downstream manufacturers are moving past the initial "price shock" and resuming procurement based on actual production needs.
3. Tungsten Scrap: A Signal of the Market Bottom
Tungsten scrap prices recently experienced a 21.2% correction from their highs (now at 1080 CNY/kg). However, the latest data shows a bottoming-out rebound. This suggests that the cost of tungsten-based products has found its support level; further significant drops in the near term are unlikely.
4. Strategic Recommendations for Global Procurement
Navigating this high-cost environment requires more than just reactive purchasing. We recommend three key strategies:
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Audit Your Material Sources: With the massive surge in ore prices, some suppliers may turn to recycled materials. Ensure your supplier maintains a "Virgin Material Only" policy to guarantee tool longevity and precision.
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Capitalize on Relative Cobalt Stability: Cobalt powder prices have only risen 11.5% this year. Optimizing your alloy grades (where technical specifications allow) may provide a slight buffer against the tungsten spike.
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Account for Lead Times: Due to stricter export audits in China, we advise global clients to extend their procurement planning by 4–6 weeks to avoid production downtime.
Conclusion
The cemented carbide industry is being redefined by supply scarcity and geopolitical shifts. While costs are at historic highs, China's integrated supply chain continues to offer the most reliable stability for global manufacturing.
Relink Tools specializes in high-precision wire drawing dies, rollers, and fastener tools. We are committed to using 100% virgin materials, ensuring that even in a volatile market, your production quality remains uncompromising.