Tungsten Powder Price Holds Steady, Cobalt Powder Price Falls

Analysis of Latest Tungsten Market from Chinatungsten Online

Domestic tungsten prices rebounded slightly this week before consolidating, with both upstream and downstream sectors generally adopting a cautious, wait-and-see attitude. 

A tug-of-war persists between upstream efforts to support prices and downstream pressure to lower them. The gap between buyers' and sellers' price expectations remains difficult to bridge, leading to a market stalemate where actual transactions rely largely on sporadic orders driven by immediate needs. Traders are generally maintaining a flexible "quick-in, quick-out" strategy to mitigate volatility risks. The market risk appetite remains low.

In the short term, tungsten prices lack clear trend-driving factors. On one hand, cost support and the upstream sector's willingness to hold prices firm provide a floor for the market. On the other hand, weak demand during the off-season and inventory pressures limit upside potential. Until there are marginal shifts in supply and demand or a breakthrough in the current market stalemate, tungsten prices are expected to continue fluctuating within a narrow range, with a cautious wait-and-see sentiment dominating among participants.

In the tungsten concentrate market, the tug-of-war between supply and demand continues, resulting in limited price volatility. Recent market attention has focused on competitive bidding sales by certain mining companies. The success of these transactions influences market expectations and bargaining sentiment. The price for 55% tungsten concentrate is quoted at approximately RMB 410,000/ton.

In the ammonium paratungstate (APT) market, the significant price gap resulting from divergent supply-demand dynamics between domestic and international markets has sparked discussion. The domestic market remains deadlocked between bullish and bearish sentiments. Limited demand drivers are curbing upward momentum, making it difficult for domestic prices to align with the higher levels seen in international markets. Domestic APT prices traded sideways this week at around RMB 610,000/ton. European APT prices were quoted at USD 3,000-3,279/mtu (equivalent to approximately RMB 1.796-1.963 million/ton).

In the tungsten powder market, cost factors have reduced the availability of low-priced material, yet sluggish demand limits the scope for growth in both transaction volume and price. Orders for downstream tungsten products, such as tungsten metal and cemented carbide, remain driven primarily by essential needs, with procurement characterized by cautious negotiation. Prices for tungsten powder and tungsten carbide powder have stabilized at approximately RMB 975/kg and RMB 925/kg, respectively.

In the cobalt powder market, although raw material supplies remain controlled by major producing nations like the Democratic Republic of the Congo, consumption in sectors such as cemented carbide and batteries remains under pressure, thereby dampening market performance. During the week, the price of cobalt powder faced downward pressure, settling at approximately RMB 465/kg.

In the ferrotungsten market, a stalemate originating from the raw material sector persisted. Manufacturers' quotes remained stable, while downstream steel enterprises maintained a slow, on-demand purchasing pace, with a prevailing wait-and-see attitude across the market. Domestic prices for 70% ferrotungsten consolidated at around RMB 660,000/ton. European ferrotungsten prices were quoted at USD 195-210/kg W (equivalent to RMB 923,000-995,000/ton).

In the tungsten waste and scrap market, divergent views regarding market direction remained evident amidst flat raw material prices and cautious downstream demand. Large-scale transactions were limited, and a wait-and-see sentiment dominated the market. The price for tungsten scrap rods stood at approximately RMB 760/kg.

Prices of Tungsten Products on July 24, 2026

Tungsten Price Trend from January 2025 to July 2026

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