Where Will Tungsten Prices Go After the National Day Holiday?

Analysis of Latest Tungsten Market from Chinatungsten Online

Tungsten prices have overall remained in a pressured and relatively weak range recently. Weak confidence on the consumption side, combined with subdued pre-holiday restocking interest, has led to a clear cooling in market trading activity. Yesterday, a listed tungsten enterprise in Guangdong lowered its long-term contract purchase prices, further intensifying the market’s bearish sentiment.

As of press time, the bargaining range for 55% tungsten concentrate stood at approximately RMB 360,000-380,000/standard ton, ammonium paratungstate (APT) was quoted at RMB 540,000-560,000/ton, tungsten powder at RMB 830-860/kg, and tungsten carbide powder at RMB 800-830/kg.

With the National Day holiday approaching, downstream purchasing has slowed. Most companies are primarily digesting existing inventories or making small, as-needed orders, resulting in a significant drop in market activity. Market participants hold divergent views on the post-holiday trend.

One seasoned domestic market observer maintains a relatively positive outlook. The core reasoning is as follows: First, mining-end remain reluctant to sell at low prices; combined with APT smelters having successively reduced or suspended production and destocked since June, the supply-side contraction effect is expected to gradually emerge after the holiday. Second, downstream end-user orders have been delayed, and annual procurement volumes have not yet reached saturation, leaving open the possibility of inventory building at current low price levels. Third, referring to last year’s pattern of pre-National Day pressure followed by a gradual post-holiday rebound, the market may currently be in a phase of temporary bottoming.

Another seasoned market observer takes a more conservative view. On one hand, continuous inflows of imported resources mean the domestic supply gap is not as tight as previously anticipated. On the other hand, end-user consumption sentiment remains weak; companies generally adopt a back-to-back order-taking model and exert downward pressure on raw material prices, combined with destocking pressure still exists, leaving room for further price declines. Nevertheless, even with short-term pressure, the annual average price of tungsten concentrate is still expected to hold above the RMB 400,000/standard ton mark.

In summary, the tungsten market is currently operating under pressure due to poor consumption sentiment and a wait-and-see attitude ahead of the holiday. How the market trends unfold after the National Day holiday will hinge on whether supply contractions effectively materialize, whether end-user demand rebounds, and how market sentiment shifts in response. 

Prices of Tungsten Products on September 29, 2026

Tungsten Price Trend from January to September 2026

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