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Tungsten Market Overview: Continued Firmness Amid Caution

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Tungsten prices have maintained a strong upward trajectory, supported by several core factors:

  • Persistent supply tightness in tungsten ore resources, with miners and holders adopting a strong reluctance to sell.

  • Resilient downstream demand, particularly in high-performance alloys, tools, and defense applications.

  • Heightened international geopolitical tensions, which continue to boost the strategic valuation of tungsten.

However, actual market transactions remain cautious. Participants face mounting cost pressures and tighter financing conditions across the supply chain, leading to limited volumes per deal and a more wait-and-see attitude in spot trading.

Today Tungsten Carbide Price

Key Price Highlights (as of early March 2026)

  • Tungsten Concentrates:65% black tungsten concentrate: 870,000 RMB per metric ton (+89.1% year-to-date).65% white (scheelite) concentrate: 869,000 RMB per metric ton (+89.3% year-to-date).

  • Ammonium Paratungstate (APT) — the headline mover:Domestic China APT: 1,300,000 RMB per ton (+94.0% since the start of the year).European APT: 1,890–1,998 USD per ton unit (equivalent to approximately 1.158–1.224 million RMB per ton), reflecting a striking +111.3% year-to-date gain.

  • Tungsten Powders:Tungsten powder: 2,050 RMB per kg (+89.8% YTD).Tungsten carbide powder: 1,990 RMB per kg (+91.4% YTD).

  • Ferrotungsten:70% ferrotungsten: 1.25 million RMB per ton (+92.3% YTD).European ferrotungsten: 209–230 USD per kg tungsten (≈ 1.013–1.114 million RMB per ton), up +59.6% year-to-date.

  • Cobalt Powder (often compared in hardmetal contexts): 580 RMB per kg (+11.5% YTD).

  • Tungsten Scrap Market — showing mixed signals: After a strong post-Chinese New Year rally, momentum has moderated due to macroeconomic uncertainties, recent secondary market pullbacks, and profit-taking among participants.Scrap tungsten rods: 1,320 RMB per kg (+120.0% YTD).Scrap tungsten drill bits: 1,300 RMB per kg (+124.1% YTD). Offers now display both increases and decreases, reflecting diverging sentiment.

What’s Driving the Rally?

The tungsten market’s performance in 2026 so far mirrors broader commodity dynamics amplified by tungsten’s unique position. Geopolitical escalations (including ongoing Middle East tensions) have spotlighted tungsten’s critical role in defense, aerospace, and high-tech manufacturing. Combined with structural supply constraints — from mining quotas and production limits in major producing regions — this has created a sustained bullish environment.

While cost-push factors keep upstream and midstream prices elevated, downstream buyers (steel mills, tool manufacturers, etc.) continue to purchase on an as-needed basis, avoiding excessive inventory buildup at these levels.

Outlook

The tungsten complex appears set for continued firmness in the near term, though transaction volumes may stay subdued until clearer signals emerge on financing conditions, demand recovery, or any easing of geopolitical premiums. For now, APT’s breakthrough above 1.3 million RMB/ton serves as a powerful marker of just how far the market has come in a relatively short period — and underscores tungsten’s evolving role as a high-stakes strategic resource in an uncertain global landscape.

Stay tuned for further updates as this dynamic market evolves.

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