Tungsten Market Holds Steady, Eyes on Long-Term Prices - September 7, 2026

Analysis of Latest Tungsten Market from Chinatungsten Online

The tungsten market remained largely stable on Monday, with no clear resolution to the ongoing stalemate between upstream and downstream segments of the industry chain. 

Mine-end prices continued to provide a floor for intermediate and finished product prices, which held steady. On the demand side, sentiment remained cautious and relatively weak. Market trading was subdued, with participants focusing on today’s industry institution price forecasts and the actual implementation of long-term procurement prices by major tungsten enterprises.

Prices for tungsten concentrate grading 55% or higher continued to trade above RMB 410,000/ton. Recent competitive auctions by mining companies in Yunnan, Guangdong and other regions proceeded relatively smoothly overall, and the circulation of compliant resources at current price levels remained comparatively stable. Ammonium paratungstate (APT) prices stayed locked near the RMB 595,000/ton cost line amid a stalemated supply-demand balance and a slower pace of transactions. Tungsten powder prices found a degree of support around RMB 900,000/ton, with downstream buyers purchasing cautiously according to actual needs and limited follow-through on large orders. Scrap tungsten rod prices remained under pressure, as buyers showed a clear inclination to push for lower purchase prices. However, holding costs constrained panic selling, limiting overall market trading activity.

Cobalt powder prices came under pressure and eased to RMB 420/kg. On the supply side, constraints related to policies in the Democratic Republic of the Congo (DRC) persisted, though the release of Indonesian resources and the expansion of global recycling capacity helped alleviate some of the pressure. Demand remained subdued due to soft orders from the cemented carbide and battery materials sectors, with insufficient restocking momentum among downstream users weighing on the cobalt market’s price centre of gravity.

European market conditions continued to receive support from relatively tight supply chains, with liquidity expected to gradually recover after the summer holiday period. European APT prices stood at USD 2,900–3,000/mtu (equivalent to approximately RMB 1.723–1.782 million/ton), up 220.7% from the beginning of the year but down 6.1% from recent highs. European ferrotungsten prices held steady at USD 170–180/kg W (equivalent to approximately RMB 799,000–846,000/ton), up 27.3% year-to-date but down 46.2% from peak levels.

Prices of Tungsten Products on September 7, 2026

Tungsten Price Trend from January to September 2026

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