Today's Tungsten Ore Price Remains Unchanged—What Happened?
Overview
On March 13, 2026, tungsten ore prices (primarily tungsten concentrate) showed zero fluctuation. This occurs as the market enters a short-term consolidation phase at elevated levels following consecutive sharp surges.
According to the latest quotes from Shanghai Metal Market (SMM):
Black tungsten concentrate ≥65%: ¥1,050,000 – ¥1,051,000/metric ton, average price ¥1,050,500, change 0. Black tungsten concentrate ≥55%: ¥1,047,000 – ¥1,048,000/metric ton, average price ¥1,047,500, change 0. White Tungsten Concentrate ≥65%: ¥1,049,000 – ¥1,050,000/metric ton, average price ¥1,049,500, no change.
Other sources indicate similar trends, with prices firmly established above the million-yuan threshold. However, no further upward momentum is evident today.
Why did the surge suddenly halt today?
Tungsten prices have surged over 110% since early 2026 (with some grades climbing from around 500,000 yuan to over 1 million yuan), experiencing near-daily price jumps after the Spring Festival. Key drivers include:
Extreme supply tightness: Strict domestic production caps in China, ongoing environmental/safety inspections, low mine operation rates, depletion of high-grade black tungsten resources, and white tungsten dominance despite higher costs. Slow release of new overseas capacity (many projects delayed until after 2027).
Strong demand + strategic reassessment: Surging demand from photovoltaic tungsten filaments, defense, semiconductors, new energy sectors, and heightened recognition of tungsten as a global critical mineral. Downstream buyers are locking in supplies with advance payments and holding back sales.
Natural reaction after consecutive surges: Prices have climbed excessively (some segments up over 500%), triggering market caution. Buyers’ tolerance for high prices weakens, prompting some SMEs to pause or reduce purchases, reducing market liquidity. Holders also adopt a wait-and-see approach to “lock in profits,” intensifying short-term market dynamics and temporarily stabilizing prices.
Simply put: Prices rose too steeply and too quickly. Today, everyone is catching their breath and watching for the next move. This isn’t due to sudden demand collapse or supply surge, but rather normal digestion and heightened sensitivity after reaching peak levels.
If supply remains tight or demand receives unexpected stimulus (e.g., escalating geopolitical risks or surging PV/defense orders), prices could continue climbing. However, short-term high-level fluctuations and increased volatility are more likely. The market has entered a “sensitive period” where any minor disturbance could trigger a pullback or another surge.
Summary
Today’s flat trading is merely a brief consolidation after the sharp rally. The overall bullish trend remains intact, but risks are accumulating. Close monitoring of downstream price transmission and macroeconomic sentiment shifts is advised.
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