China's Tungsten Market Weakens in September 2026

Analysis of Latest Tungsten Market from Chinatungsten Online

In the first three quarters of 2026, China’s tungsten market overall followed a trajectory of “surge higher, sharp drop, probing the bottom,” with prices gradually shifting from being sentiment-driven to reflecting actual supply and demand fundamentals.

Taking 65% wolframite concentrate as the representative product, prices started at approximately RMB 460,000/ton at the beginning of the year. Driven by tight supply, a revaluation of strategic attributes, and speculative sentiment, they surged continuously and reached a historic peak of RMB 1,050,000/ton on 12 March. Thereafter, under the impact of profit-taking, weak downstream offtake, and height-aversion sentiment, prices turned sharply downward and had already halved to around RMB 410,000/ton by late May. Entering the third quarter, the tungsten market shifted into a bottom-grinding phase characterized by narrowing volatility and thin trading. Prices largely fluctuated repeatedly within the RMB 400,000-420,000/ton range. As the traditional peak season in September failed to materialize, actual transactions and restocking willingness remained insufficient. By month-end, wolframite concentrate prices fell below the RMB 400,000/standard ton threshold and closed at RMB 380,000/standard ton. Prices of ammonium paratungstate (APT) and tungsten powder followed a similar trend, closing at RMB 560,000/ton and RMB 850,000/ton, respectively.

At present, the scarcity of resources and policy constraints on the supply side continue to provide bottom support, and the strategic-attribute premium has not fully dissipated. However, slower-than-expected recovery in traditional demand sectors, limited consumption share from emerging applications, slow inventory destocking, and funding turnover pressure jointly suppress market transactions and price momentum.

On the import-export front, imports of tungsten ore and concentrate from overseas increased significantly, filling the supply gap caused by declining domestic mine grades, output contraction, and constraints on compliant capacity. Exports, meanwhile, shifted from raw materials toward downstream deep-processed products. The structural reshaping of China’s import-export pattern still requires adaptation and coordination across all segments of the industrial chain.

Looking ahead to the fourth quarter, the market will continue to focus on marginal changes in upstream and downstream supply and demand. Until there is a material improvement in fundamentals or sentiment, tungsten prices are likely to maintain a range-bound oscillation between cost support and demand validation. Please continue to follow China Tungsten Online market information.

Prices of Tungsten Products on September 30, 2026

Tungsten Price Trend from January to September 2026

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