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The escalating Middle East conflict has propelled tungsten prices into a powerful March opening

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Following the February 28, 2026 US-Israel large-scale military strikes on Iran (Operation Epic Fury), Iran retaliated and threatened actions around the Strait of Hormuz—a critical global oil chokepoint. This triggered sharp risk-off sentiment: gold +2.14%, silver +2.80%, Brent crude +12.59% on Monday open (with some pullback later), amplifying volatility across commodities.

Amid this geopolitical spillover and ongoing strategic metal re-rating, tungsten supply remains tight due to limited mine output in China. The market’s bullish momentum from February continues strongly.

Latest prices (as reported):

  • 65% Black Tungsten Concentrate: RMB 830,000 / standard ton (+80.4% YTD)

  • 65% White Tungsten Concentrate: RMB 829,000 / standard ton (+80.6% YTD)

  • APT (Ammonium Paratungstate): RMB 1,250,000 / ton (+86.6% YTD)

  • European APT: $1,890–1,998 / ton unit (≈ RMB 1,149,000–1,214,000 / ton, +111.3% YTD)

  • Tungsten Powder: RMB 1,990 / kg (+84.3% YTD)

  • Tungsten Carbide Powder: RMB 1,930 / kg (+85.6% YTD)

  • 70# Ferrotungsten: RMB 1,160,000 / ton (+78.5% YTD)

  • European Ferrotungsten: $209–230 / kg W (≈ RMB 1,005,000–1,054,000 / ton, +59.6% YTD)

  • Scrap Tungsten Rods: RMB 1,240 / kg (+106.7% YTD)

  • Scrap Tungsten Drill Bits: RMB 1,220 / kg (+110.3% YTD)

While multi-fold gains over the past year are building resistance at transaction levels, the combination of constrained supply and heightened strategic value keeps tungsten firmly in a strong uptrend.

Geopolitics meets critical materials—what’s your take on where tungsten heads next?

#Tungsten #Commodities #MiddleEast #Geopolitics #StrategicMetals