Tungsten Prices Rise 30% in February 2026

Analysis of Latest Tungsten Market from Chinatungsten Online

In February 2026, the Chinese tungsten market continued its strong momentum. Except for the three days before the Spring Festival holiday when prices stabilized, the prices of major tungsten raw materials generally saw daily jumps of RMB 10,000/ton to RMB 60,000/ton, with a cumulative monthly increase of 30% and a year-to-date increase of nearly 80%.

According to statistics from China Tungsten Online, as of press time, in RMB per ton, the price of tungsten concentrate exceeded RMB 800,000, ammonium paratungstate rose to RMB 1.2 million, tungsten powder approached RMB 2 million, and scrap tungsten rods reached RMB 1.1 million! Compared to this time last year, tungsten product prices have increased by 4-5 times.

The main reasons for the continued high tungsten prices are supply-side constraints and market sentiment. First, strengthened measures regarding total domestic tungsten mining volume control, compliant mining, and trade supervision, coupled with declining grades of old ore and short-term limitations on new mine capacity, have laid the foundation for supply tightening. Second, the resumption of operations by mining companies after the Spring Festival has been relatively slow compared to downstream industries; traditionally, the peak production increase is expected after March, further exacerbating the short-term supply shortage. Furthermore, amidst a complex international economic and geopolitical landscape, the valuation of tungsten as a strategic resource has been continuously rising, driving market sentiment and attracting capital inflows.

However, market activity remains sluggish. Holders of tungsten are reluctant to sell, primarily anticipating further price increases, while buyers maintain a cautious, wait-and-see approach. The continued strong rise in tungsten prices has put significant pressure on market liquidity. Industry insiders point out that the current tungsten market is characterized by four highs simultaneously: high prices, high profits, high costs, and high risks. Seller-driven market dynamics are evident, and concerns about supply chain contradictions and potential risks warrant attention.

As of press time,

65% wolframite concentrate is priced at RMB 800,000/ton, up 73.9% from the beginning of the year.

65% scheelite concentrate is priced at RMB 799,000/ton, up 74.1% from the beginning of the year.

Ammonium paratungstate (APT) is priced at RMB 1,200,000/ton, up 79.1% from the beginning of the year.

European APT is priced at USD 1650-1900/mtu (equivalent to RMB 1 million-1.151 million/ton), up 92.9% from the beginning of the year.

Tungsten powder is priced at RMB 1940/kg, up 79.6% from the beginning of the year.

Tungsten carbide powder is priced at RMB 1880/kg, up 80.8% from the beginning of the year.

Cobalt powder is priced at RMB 580/kg, up 11.5% from the beginning of the year.

70% ferrotungsten is priced at RMB 1.12 million/ton, up 72.3% from the beginning of the year.

European ferrotungsten is priced at USD 206-220/kg W(equivalent to RMB 987,000-1,054,000/ton), up 54.9% from the beginning of the year.

Scrap tungsten rods are priced at RMB 1100/kg, up 83.3% from the beginning of the year.

Scrap tungsten drill bits are priced at RMB 1080/kg, up 86.2% from the beginning of the year.

Prices of Tungsten Products on February 28, 2026

Tungsten Price Trend from January 2025 to February 2026

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