Tungsten Market: Supply-Demand Stalemated - July 28, 2026

Analysis of Latest Tungsten Market from Chinatungsten Online

Tungsten prices have generally remained stable. Trading in the spot market is cautious, with limited improvement in liquidity. Stakeholders across the industry chain are maintaining a wait-and-see attitude, and the atmosphere of market standoff persists.

In the tungsten concentrate market, the willingness of upstream miners to sell is constrained by both costs and market expectations, keeping the pace of supply release relatively controlled. Meanwhile, downstream smelting and processing enterprises are purchasing primarily to meet immediate needs, showing little willingness to actively stock up. Short-term market sentiment is characterized by caution, and price elasticity remains limited.

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, signals regarding end-user demand remain unclear. Smelters generally maintain a cautious stance on buying and selling, showing little enthusiasm for inquiries or restocking, resulting in a generally subdued trading atmosphere, focusing mostly on meeting immediate demand.

Ammonium paratungstate (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, demand recovery in downstream sectors such as cemented carbide remains insufficient, resulting in low market circulation efficiency. Back-to-back trading remains the dominant model, with some room for negotiation on actual transaction prices. The market is awaiting the release of restocking orders from downstream sectors.

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 465/kg, down 19.8% from its high and 10.6% year-to-date. 

In the ferrotungsten market, activity on both the supply and demand sides is subdued. Market participants are adopting a cautious wait-and-see approach. Trading is driven primarily by immediate needs, and prices remain stable for the time being.

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, holders are reluctant to sell while buyers remain cautious, resulting in a standoff. Trading activity is slow, and prices are fluctuating within a specific range.

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 28, 2026

Tungsten Price Trend from January 2025 to July 2026

• < Prev
• Next >