Divergence in Domestic and International Tungsten Prices Continues - July 21, 2026

Analysis of Latest Tungsten Market from Chinatungsten Online

Tungsten prices are currently holding steady. Yesterday, the long-term contract purchase price set by a major tungsten enterprise in Jiangxi aligned closely with current spot market levels, reinforcing the market's inclination toward rational stability. 

A temporary equilibrium between supply and demand has formed around current price points, though this balance rests on a relatively fragile foundation. Both buyers and sellers remain cautious and tentative in their trading strategies. Market negotiations are guarded, actual liquidity has yet to see significant expansion, and the scope for short-term price fluctuation remains limited.

In the tungsten concentrate market, RMB 410,000/ton has emerged as a key support level for concentrates with over 50% tungsten content. Sellers are showing increased confidence in holding prices, with some tentative attempts to raise quotes. Downstream users remain cautious, purchasing only to meet immediate needs with little enthusiasm for stockpiling, resulting in limited overall market liquidity.

65% wolframite concentrate price: RMB 415,000/ton, down 60.5% from its peak and 9.8% year-to-date.

65% scheelite concentrate price: RMB 414,000/ton, down 60.5% from its peak and 9.8% year-to-date.

In the ammonium paratungstate (APT) market, long-term contract purchase prices from a major tungsten enterprise showed no significant breakthrough, and a wait-and-see sentiment focused on stability dominates the market. Trading activity is primarily driven by long-term agreements and small-volume spot orders for essential needs. International tungsten prices continue to reflect tight supply and firm pricing, though liquidity in the European market has slowed slightly due to the summer holiday season.

Domestic APT price: RMB 610,000/ton, down 59.9% from its peak and 9.0% year-to-date.

European APT price: USD 3,000-3,279/mtu (equivalent to RMB 1.796-1.963 million/ton), down 0.02% from its peak but up 241.3% year-to-date.

In the tungsten powder market, as signals of stabilization emerge from upstream concentrate and smelting sectors, powder suppliers are increasingly inclined to maintain price stability, narrowing the gap in price negotiations. Consumption in downstream cemented carbide and related application sectors remains generally sluggish, with a prevailing wait-and-see attitude.

Tungsten powder price: RMB 975/kg, down 59.4% from its peak and 9.7% year-to-date.

Tungsten carbide powder price: RMB 925/kg, down 60.5% from its peak and 11.1% year-to-date.

Cobalt powder price: RMB 470/kg, down 19.0% from its high and 9.6% year-to-date.

In the ferrotungsten market, upstream cost support is gradually stabilizing, while downstream steel mills remain cautious in their purchasing. Market sentiment is characterized by cautious stability, and trading activity is subdued.

70% ferrotungsten price: RMB 660,000/ton, down 53.5% from its peak but up 1.5% year-to-date.

European ferrotungsten price: USD195-210/kg W (equivalent to RMB 923,000-995,000/ton), down 37.7% from its peak but up 47.3% year-to-date.

In the tungsten waste and scrap market, low-priced supplies are scarce, and there is limited confidence in buying at high price levels. Market participants hold divergent views on the outlook, with a prevailing sense of caution. Prices show relatively high volatility, while trading volumes remain limited.

Scrap tungsten carbide rod price: RMB 760/kg, down 51.0% from its peak but up 11.8% year-to-date.

Prices of Tungsten Products on July 21, 2026

Tungsten Price Trend from January 2025 to July 2026

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