Tungsten Prices Have Fallen 60% from Historic Highs - September 22, 2026

Analysis of Latest Tungsten Market from Chinatungsten Online

Domestic tungsten prices have retreated by approximately 60% from the historical highs seen in March of this year, and market trading activity remains sluggish. 

Downstream inventory restocking has fallen short of expectations, operating rates on the supply side have declined, and most transactions are being negotiated on a case-by-case basis. Cautious wait-and-see sentiment prevails ahead of the Mid-Autumn Festival and National Day holidays, with prices fluctuating within a weak range.

65% wolframite concentrate is quoted at approximately RMB 405,000/standard ton. A gap in price expectations between buyers and sellers has led to a market standoff and limited trading activity.

Ammonium paratungstate (APT) is quoted at about RMB 580,000/ton. Downstream willingness to take delivery is relatively weak, spot transactions are rare, and inverted price pressure remains pronounced.

Tungsten powder is quoted at approximately RMB 880/kg. Continuous bargaining persists along the industrial chain, new orders are insufficient, and the short-term market remains under pressure.

Tungsten carbide powder is quoted at about RMB 840/kg. Downstream sectors like cemented carbide are restocking cautiously, with transactions driven mainly by sporadic essential demand, resulting in limited overall market activity.

Cobalt powder is priced at around RMB 395/kg. Supply-demand fundamentals are relatively loose, tilting slightly toward a buyer’s market, with prices still in a weak-stable cycle.

70% ferro-tungsten is quoted at approximately RMB 620,000/ton and generally follows the market trend. Weak sentiment on the raw-material side combined with cautious attitudes on the consumption side has resulted in relatively thin trading.

The tungsten scrap market is under pressure and trending lower. Sentiment plays a significant role, reinforcing end-users’ wait-and-see stance and recyclers’ tendency to push prices down. Offers on the market are rather chaotic, making deals more difficult to conclude.

On the international market, insufficient smelting capacity continues to support prices in a high-level sideways pattern.  European APT is quoted at USD 2,900-3,000/mtu (equivalent to RMB 1.718-1.778 million/ton), up 220.7% from the beginning of the year.  European ferro-tungsten is quoted at USD 170-175/kg W (equivalent to RMB 797,000-820,000/ton), up 25.5% from the beginning of the year.

Prices of Tungsten Products on September 22, 2026

Tungsten Price Trend from January to September 2026

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