Stark Contrast Between Domestic and International Tungsten Markets - September 15, 2026

Analysis of Latest Tungsten Market from Chinatungsten Online

Domestic tungsten prices have recently continued to consolidate within a narrow range. Both supply and demand sides remain cautious and predominantly in a wait-and-see mode. Market activity is light overall, as participants await increased stockpiling from the consumption end and the finalization of long-term contract purchase prices by major tungsten producers in the second half of the month.

The tungsten ore sector retains a willingness to support the market. However, with contracted digestion capacity in the midstream smelting segment, the market’s bargaining center of gravity has eased slightly. Prices for 55% tungsten concentrate have mainly traded in the range of RMB 405,000-415,000/standard ton. Midstream smelting and powder operations remain squeezed from both ends: raw-material costs are difficult to push lower, while downstream orders have yet to reach significant scale, limiting room for both trading volume and price movement. Ammonium paratungstate (APT) prices have held around RMB 590,000-600,000/ton, with smelters running at relatively low operating rates. Tungsten powder and tungsten carbide powder have been negotiated at approximately RMB 900,000/ton and RMB 850,000/ton, respectively. Downstream cemented-carbide producers have not fully restored consumption confidence and continue to follow a “produce-to-order” strategy, with restocking limited to rigid-demand orders.

The tungsten scrap market remains under pressure. Recent purchasing enthusiasm has cooled, and buyers are clearly inclined to push prices lower. Some holders are making price concessions to cash out, while others remain on the sidelines due to high costs, resulting in continued weak market liquidity.

The contrast between international and domestic tungsten markets remains sharp. Supply-chain gaps continue to support international prices at elevated levels. As of the time of writing, European APT prices stood at USD 2,900-3,000/mtu (equivalent to roughly RMB 1.722-1.782 million/ton), up approximately 794% from the beginning of 2025. European ferro-tungsten was quoted at USD 170-180/kg W (equivalent to roughly RMB 799,000-846,000/ton), an increase of about 298% from early 2025.

According to CCTV Finance citing S&P Global data, global tungsten demand (measured as WO₃) is estimated at approximately 162,000 tonnes in 2025. Demand is projected to grow at roughly 2% per year, exceeding 180,000 tonnes by 2030 and reaching 202,000 tonnes by 2035.

Prices of Tungsten Products on September 15, 2026

Tungsten Price Trend from January to September 2026

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