The Underlying Logic Behind Tungsten Ore's Surging Prices

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This week, tungsten prices continued their relentless upward momentum. Market fundamentals remained characterized by tight supply and cautious transactions, while expectations for the strategic value of tungsten amid turbulent international geopolitics stayed relatively positive. Yesterday, price hikes announced by Jiangxi industry institutions and major tungsten producers for long-term contracts further bolstered market confidence.

In the tungsten scrap market, hesitation and pricing discrepancies observed earlier in the week have eased somewhat as signals of firm long-term procurement prices from producers spread. However, the current price surge—exceeding historical precedents—and numerous macroeconomic uncertainties continue to cloud the tungsten market outlook. A fierce tug-of-war persists between industry players hoarding inventory and those seeking to cash out.

On the macro front, the 2026 Government Work Report outlined this year’s primary development targets: economic growth of 4.5%-5%, striving for better results in practice; an urban surveyed unemployment rate of around 5.5% with over 12 million new urban jobs created; a consumer price index increase of approximately 2%; household income growth keeping pace with economic growth; a basic balance in international payments; grain production of about 1.4 trillion jin; and a reduction in carbon dioxide emissions per unit of GDP by approximately 3.8%.

Monetary policy direction: Continue implementing a more proactive fiscal policy and a moderately loose monetary policy. Prioritize promoting stable economic growth and reasonable price recovery as key considerations for monetary policy; maintain basic stability of the RMB exchange rate at a reasonable and balanced level; enhance coordination between reform measures and macro policies. Improve expectation management mechanisms to boost social confidence.

As of press time,

65% black tungsten concentrate was quoted at 920,000 yuan per metric ton, up 16.5% week-on-week and 100.0% year-to-date.

65% white tungsten concentrate was quoted at CNY 919,000 per metric ton, up 16.5% week-on-week and 100.2% year-to-date.

Ammonium paratungstate (APT) was quoted at CNY 1.36 million per metric ton, up 16.2% week-on-week and 103.0% year-to-date.

European APT prices were quoted at USD 1,890-1,998 per tonne-degree (equivalent to CNY 1.155-1.221 million per tonne), up 9.5% week-on-week and 111.3% year-to-date.

Tungsten powder prices were quoted at CNY 2,160 per kilogram, up 14.9% week-on-week and 100.0% year-to-date.

Tungsten carbide powder was quoted at CNY 2,100/kg, up 15.4% week-on-week and 102.0% year-to-date.

Cobalt powder was quoted at CNY 580/kg, unchanged week-on-week and up 11.5% year-to-date.

Ferrotungsten 70 was quoted at CNY 1.3 million/ton, up 18.2% week-on-week and 100.0% year-to-date.

European ferrotungsten prices ranged from USD 220-270/kg of tungsten (equivalent to CNY 1.063-1.305 million/ton), rising 15.0% week-on-week and 78.2% year-to-date.

Scrap tungsten rod prices were quoted at CNY 1,320/kg, up 26.9% week-on-week and 120.0% year-to-date.

Scrap tungsten drill bit prices were quoted at CNY 1,300/kg, up 27.5% week-on-week and 124.1% year-to-date.

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