Tungsten Prices Stable, Cobalt Market Falls - August 14, 2026

Analysis of Latest Tungsten Market from Chinatungsten Online

Domestic tungsten prices remained largely flat this week as buyers and sellers remained deadlocked, with neither side willing to make price concessions. Amidst this standoff, some restocking orders materialized, though most downstream players maintained a wait-and-see approach and delayed purchases, prioritizing the consumption of existing inventories. Market activity was driven primarily by essential demand, and sentiment regarding the future outlook remained cautious.

On the raw material side, mine supply remained controlled and low-priced material was scarce, providing solid cost support for downstream sectors. However, due to the off-season heat and weak consumption, profit margins for intermediate smelters were squeezed, leading to a general decline in operating rates. Currently, the price for 55% tungsten concentrate holds at RMB 410,000-415,000/standard ton, while Ammonium Paratungstate (APT) prices adjusted in line with market trends, with mainstream negotiations hovering around RMB 600,000-610,000/ton.

In the tungsten scrap market, sentiment regarding price direction was mixed. Holders were reluctant to sell in anticipation of price hikes, while recyclers showed limited acceptance of high-priced material, resulting in a continued market stalemate. After testing higher levels early in the week, scrap tungsten prices returned to a flat trend. Trading volume remained tepid, and the scope for price fluctuation was limited.

Regarding the cobalt market, the Democratic Republic of the Congo's (DRC) export ban on copper and cobalt concentrates threatens to tighten the global ore supply chain. However, the short-term impact on intermediate chemical products remains limited. And previously backlogged raw materials have begun arriving at ports, easing supply-side tightness. Conversely, demand-side pressure is more pronounced; insufficient demand drivers in sectors such as power batteries, cemented carbides, and superalloys have pushed the market downward. This week, cobalt powder prices fell 3.26% to RMB 445/kg, marking a cumulative decline of 23.3% since mid-April.

In international markets, European APT prices were quoted at USD 2,900-3,275/mtu (equivalent to RMB 1.731-1.955 million/ton), down 1.7% week-on-week but up 235.6% since the beginning of the year. European ferrotungsten prices stand at USD 170-190/kg W (equivalent to RMB 803,000-897,000/ton), down 2.7% week-on-week but up 30.9% since the beginning of the year.

Prices of Tungsten Products on August 14, 2026

Tungsten Price Trend from January to August 2026

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