Prices of APT and Tungsten Carbide Powder Decline - June 25, 2026

Analysis of Latest Tungsten Market from Chinatungsten Online

The tungsten market is operating under downward pressure. On the raw material side, aside from long-term contracts, there is limited significant trading volume, placing downward pressure on negotiated prices.

Regarding supply, measures such as mining controls, environmental inspections, export restrictions, and stricter tax invoicing regulations have constrained compliant supply. When combined with the strategic classification of tungsten as a critical mineral and expectations of a related price premium, the assessment of a tight supply-demand balance in the medium-to-long term remains intact, supporting a relatively positive long-term outlook. However, in the short term, there is a clear supply-demand mismatch; buyer enthusiasm is low, and some sellers face liquidity constraints, leading to a temporary loosening of supply and downward pressure on prices. Notably, recent impediments to the circulation of scrap material that cannot be invoiced have somewhat alleviated pressure on intermediate products like tungsten concentrate and ammonium paratungstate (APT), keeping the overall supply surplus manageable and helping the market maintain relative stability despite its weakness.

On the demand side, significant tungsten price volatility over the past year has eroded market confidence; downstream procurement is largely defensive, with little willingness to actively restock. The traditional cemented carbide sector is sensitive to cost fluctuations, leading to cautious consumption and a reluctance to chase higher prices; users tend to extend tool replacement cycles or reduce reliance through material substitution and technological upgrades, resulting in a slowdown in overall consumption momentum. There is a gap between the growth narrative and the consumption reality in emerging application sectors. For instance, sectors that have garnered significant attention recently—such as photovoltaic tungsten wire and PCB micro-drills—demonstrate strong technical suitability and growth potential, with optimistic outlooks. However, these applications currently account for a limited share of total tungsten demand and are not yet sufficient to drive overall consumption. Furthermore, demand gaps in the international defense sector are difficult to fill with domestic resources due to export controls on dual-use items.

China Tungsten Online believes that while the strategic foundation provided by supply-side compliance constraints remains intact, restoring demand-side confidence will take time. Short-term liquidity and capital pressures are exerting downward force, and tungsten prices are expected to fluctuate within a weak range. In the medium to long term, if penetration rates in emerging sectors rise steadily and global supply constraints tighten further, there is room for price recovery. However, this process may be uneven; key factors to watch include the pace of policy implementation, signals of a rebound in actual downstream demand, and changes in the macroeconomic environment. 

On the macro front, on June 24, 2026, the Ministry of Commerce issued an announcement regarding the further improvement of procedures for handling reports of violations concerning export controls on strategic minerals and dual-use items.

Tungsten and cobalt products newly prices as followings.

65% wolframite concentrate price is RMB 510,000/ton, it has retreated 51.4% from its peak but risen 10.9% since the beginning of the year.

65% scheelite concentrate price is RMB 509,000/ton, it has retreated 51.5% from its peak but risen 10.9% since the beginning of the year.

Ammonium paratungstate (APT) price is RMB 750,000/ton, it has retreated 50.7% from its peak but risen 11.9% since the beginning of the year.

European APT price is USD 2,900-3,210/mtu (equivalent to RMB 1.738-1.924 million/ton), it has retreated 2.7% from its peak but risen 232.1% since the beginning of the year.

Tungsten powder price is RMB 1,200/kg, it has retreated 50.0% from its peak but risen 11.1% since the beginning of the year.

Tungsten carbide powder price is RMB 1,150/kg, it has retreated 50.9% from its peak but risen 10.6% since the beginning of the year.

Cobalt powder price is RMB 510/kg, it has retreated 12.1% from its high and fallen 1.9% since the beginning of the year.

70% ferrotungsten price is RMB 770,000/ton, it has retreated 45.8% from its peak but risen 18.5% since the beginning of the year.

European ferrotungsten price is USD 200-240/kg W (equivalent to price 948,000-1.138 million/ton); it has retreated 32.3% from its peak but risen 60.0% since the beginning of the year.

Tungsten scrap carbide rod price is RMB 720/kg, it has retreated 47.5% from its peak but risen 20.0% since the beginning of the year.

Prices of Tungsten Products on June 25, 2026

Tungsten Price Trend from January 2025 to June 2026

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