Profit Divergence in China's Tungsten Industry - September 11, 2026

Analysis of Latest Tungsten Market from Chinatungsten Online

This week, domestic tungsten prices remained largely stable overall, with uneven profit distribution across the industrial chain and diverging confidence between upstream and downstream players.

Tungsten industry profits continue to skew toward the mining end, supported by resource scarcity and suppliers’ firm stance on prices. However, downstream demand matching remains limited, placing some pressure on price negotiations. The price of 55% tungsten concentrate hovering around RMB 410,000/standard ton.

Profit margins in the smelting and powder segments remain thin, reinforcing the willingness to stabilize the market. Ammonium paratungstate (APT) has maintained low operating rates and a relatively slow circulation pace, with quotes holding around RMB 595,000/ton. Inquiry and transaction activity on the powder side picked up somewhat during the week, mostly small-batch restocking for immediate needs. Transaction prices for tungsten powder concentrated in the range of RMB 890-920/kg, while mainstream deals for tungsten carbide powder settled at RMB 850-880/kg.

Profit transmission on the alloy side has remained relatively stable. However, constrained by risk-averse sentiment and soft end-user demand, overall inventory-building enthusiasm is low, with most players sticking to cautious back-to-back operations.

International tungsten prices have continued to fluctuate at high levels amid ongoing shortages of smelting capacity, transmitting cost pressure deep into the downstream industrial chain. A major North American industrial tools distributor noted that raw material costs for tungsten carbide cutting tools have risen by nearly 500% and expects another round of price increases from the end of the fourth quarter through early next year. Recently, European APT prices stood at USD 2,900-3,000/mtu (equivalent to approximately RMB 1.722-1.781 million/ton). European ferrotungsten prices remained temporarily stable at USD 170-180/kg W (equivalent to approximately RMB 799,000-846,000/ton).

Prices of Tungsten Products on September 11, 2026

Tungsten Price Trend from January to September 2026

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