65% Wolframite Concentrate Price Reaches RMB 900,000/ton - March 5, 2026

Analysis of Latest Tungsten Market from Chinatungsten Online

According to data from China Tungsten Online, as of press time, the price of tungsten concentrate has reached RMB 900,000/ton (RMB), ammonium paratungstate has reached RMB 1.33 million/ton, and both tungsten powder and tungsten carbide powder have exceeded RMB 2 million/ton! This more than fivefold increase since last year is unmatched by any other metal, including precious metals.

Why is the price of tungsten rising? Mainly due to tight supply constraints and a reassessment of its strategic value. From the supply side, factors including total mining volume control, environmental and safety inspections, declining grades in older mines, limited new mine replenishment, and some traders' reluctance to sell have collectively created a tight supply of tungsten raw materials. Furthermore, major producing areas such as Jiangxi have strengthened the management of tungsten ore trade tax invoices, further controlling the circulation of resources outside of mining quotas. On the macro level, the recent escalation of tensions in the Middle East caused by the conflict between the US, Israel, and Iran has further increased the risk premium of global safe-haven assets, including the key strategic metal tungsten.

From the demand side, demand for tungsten products remains resilient in high-end equipment manufacturing and precision machining sectors such as aerospace, electronics, and medical equipment. However, consumption in traditional manufacturing is somewhat suppressed by the high-cost environment. Currently, the main driver of demand growth comes from anticipated non-production-related consumer demand. It is worth noting that the expected growth in military applications needs to consider the impact of export controls on dual-use items, limiting the potential for increased exports, although international resource scarcity is strengthening.

As of press time,

65% wolframite concentrate is priced at RMB 900,000/ton, up 95.7% from the beginning of the year.

65% scheelite concentrate is priced at RMB 899,000/ton, up 95.9% from the beginning of the year.

Ammonium paratungstate (APT) is priced at RMB 1,330,000/ton, up 98.5% from the beginning of the year.

European APT is priced at USD 1,890-1,998/ton (equivalent to RMB 1,152,000-1,218,000/ton), up 111.3% from the beginning of the year.

Tungsten powder is priced at RMB 2100/kg, up 94.4% from the beginning of the year.

Tungsten carbide powder is priced at RMB 2040/kg, up 96.2% 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 1.28 million/ton, up 96.9% from the beginning of the year.

European ferrotungsten is priced at USD 220-270/kg W (equivalent to RMB 1.061-1.302 million/ton), up 78.2% from the beginning of the year.

Scrap tungsten rods are priced at RMB 1320/kg, up 120.0% from the beginning of the year.

Scrap tungsten drill bits are priced at RMB 1300/kg, up 124.1% from the beginning of the year.

Prices of Tungsten Products on March 05, 2026

Tungsten Price Trend from January 2025 to March 2026

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