Tungsten Market Hits the Slow-Motion Button - July 30, 2026

Analysis of Latest Tungsten Market from Chinatungsten Online

Since late July, the tungsten market has seemed to shift into "slow-motion" mode. 

Prices for major tungsten products are hovering near key psychological thresholds, with inquiries between upstream and downstream sectors characterized by cautious probing. Transactions are largely driven by essential demand and long-term contracts, while liquidity in the spot market has contracted. Market participants are adopting a wait-and-see approach regarding the long-term contract purchase prices set by leading tungsten enterprises for the upcoming month and the actual materialization of demand.

Mainstream quotes for 55% tungsten concentrate remain stable at RMB 410,000/ton. While this level represents a drop of over 60% from the historical peak of over RMB 1 million seen in March, it still reflects a 90% increase compared to the average price in 2025. Holders of stock are reluctant to breach their psychological price floors, while buyers, constrained by demand pressures, hesitate to take a bullish stance. Consequently, the market is in a stalemate where prices refuse to fall further, yet trading volumes remain sluggish.

Ammonium paratungstate (APT) prices are deadlocked at the critical level of RMB 600,000/ton, supported primarily by raw material costs and the long-term contract purchase prices of major tungsten enterprises. However, the demand side has failed to provide sufficient upward momentum. Downstream powder metallurgy enterprises are focusing on inventory depletion and restocking based on immediate needs. With neither price nor volume breaking through, the market is currently trading sideways while awaiting a clear direction.

Quotes for tungsten powder and tungsten carbide remain around RMB 970/kg and RMB 920/kg, respectively, though actual transactions often involve price concessions to secure orders. Some suppliers are willing to offer moderate discounts to accelerate capital recovery or lock in deals, while others maintain a wait-and-see attitude, supported by cost considerations. Downstream cemented carbide enterprises are generally cautious in their purchasing, restocking only to meet essential requirements.

The price of 70% ferrotungsten remains at RMB 660,000/ton. Upstream mining operations are firm on pricing, preventing a decline in raw material costs, while demand from the downstream special steel and casting industries remains lackluster during the off-season. With neither side showing a strong inclination to adjust prices, ferrotungsten prices are largely tracking raw material costs and the pace of downstream tenders.

The tungsten waste and scrap market is also in a state of delicate balance. Recyclers are reluctant to sell at low prices, and tax invoice policies are further restricting the release of available material. Buyers are unwilling to pay higher prices. Amid a wait-and-see market sentiment, the pace of transactions has slowed, and the market continues to fluctuate within a narrow range.

Prices of Tungsten Products on July 30, 2026

Tungsten Price Trend from January 2025 to July 2026

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