China's Tungsten Market Trend in July 2026

Analysis of Latest Tungsten Market from Chinatungsten Online

In July 2026, China's tungsten market exhibited a trend of declining prices early in the month, bottoming out mid-month, and trading sideways towards the end. Trading activity remained subdued throughout the month, with participants across the industry chain generally adopting a cautious, wait-and-see stance. Negotiations between buyers and sellers remained deadlocked, hindering market liquidity.

Looking back at the first half of the year, tungsten prices reversed course after hitting a historical peak in mid-March; market sentiment shifted sharply, and the supply-demand dynamic transitioned from a seller's market to a buyer's market. Entering June, the market moved from a phase of rapid decline to one of bottoming out, with prices for major tungsten products seeking a new equilibrium after significant volatility. As of this writing, prices for tungsten concentrate, ammonium paratungstate (APT), and tungsten powder are fluctuating within narrow ranges, anchored at key psychological thresholds of RMB 400,000, RMB 600,000, and RMB 950,000 per tonne, respectively.

Currently, on the supply side, the potential for a significant further decline is limited due to the combined effects of resource conservation policies, cost support, and the reluctance of inventory holders to sell at lower prices. However, a substantial recovery in demand will take time; inventory destocking remains slow, and there is insufficient momentum to drive prices upward. In the short term, tungsten prices are likely to continue fluctuating within the current narrow range. For the medium to long term, key factors to monitor include the pace at which new mines come online and their impact on supply; the growth of actual end-user demand; macroeconomic uncertainties; and the ongoing influence of policies regarding production, mining, and exports.

Tungsten and cobalt products newly prices as followings.

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.

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 1.792-1.958 million/ton), down 0.02% from its peak but up 241.3% year-to-date.

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.

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

European ferrotungsten price: USD 190-200/kg W (equivalent to RMB 897,000-945,000/ton), down 37.7% from its peak but up 47.3% year-to-date.

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 31, 2026

Tungsten Price Trend from January 2025 to July 2026

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