Tungsten Prices Drop Nearly 70% - October 12, 2026

Analysis of Latest Tungsten Market from Chinatungsten Online

China's tungsten market remains in a state of sluggish consolidation, with trading activity continuing to be quiet. Buyers are pressing for lower prices, and some holders are making concessions to recoup capital, leading to some transactions occurring at lower price points.

Industry insiders note that consumer confidence, eroded by a complex global geopolitical and economic environment and the dramatic volatility of tungsten prices over the past two years, may take a considerable time to recover. The restocking cycle in the fourth quarter is a key focal point.

According to statistics from China Tungsten Online, prices for major tungsten products have dropped by nearly 70% from their historical highs over the past seven months, effectively retreating to levels seen in late November 2025. While there is growing willingness on the supply side to establish a price floor, demand-side consumption remains sluggish, intensifying the tug-of-war between supply and demand.

The supply-demand dynamic in the tungsten concentrate market remains deadlocked, with neither side seeing rapid volume growth. Holders are gradually seeking a stabilization point, yet low-priced material continues to disrupt the market, keeping overall price levels under pressure. The negotiated price range for 55% tungsten concentrate is approximately RMB 300,000-330,000/standard ton, with cost pressures from raw materials cascading down the supply chain.

Smelters face a particularly difficult situation. Cost-price inversions have forced many to halt production or operate at low capacity. Transactions are largely conducted on a back-to-back basis, with bulk orders rarely seen. Enterprises generally trade cautiously based on immediate, essential needs. The price of Ammonium Paratungstate (APT) is approximately RMB 480,000-510,000/ton.

The tungsten powder sector is under significant pressure. Weakness in upstream raw materials, combined with sluggish demand from downstream cemented carbide manufacturers and end-user markets, has kept operating rates and liquidity low for powder producers, shifting bargaining power toward downstream buyers. Current price ranges are approximately RMB 760,000-800,000/ton for tungsten powder and RMB 740,000-770,000/ton for tungsten carbide powder.

Cobalt powder, a key raw material for cemented carbide, has also weakened in tandem with upstream raw material trends and pressure from downstream sectors, including ternary batteries, consumer electronics, and alloys. It is currently quoted at RMB 350,000/ton, having dropped by approximately 40% over the past six months.

With declining costs and cautious procurement by steel mills, the ferrotungsten sector is generally trading based on prevailing market rates and immediate needs, with prices remaining under pressure. The price for 70% ferrotungsten stands at approximately RMB 550,000/ton.

The recycling sector is facing similar pressure, with market sentiment heavily influenced by panic. Prices for scrap tungsten carbide rods have dropped nearly 25% since the National Day holiday. While some recyclers have recently shown a greater inclination to establish a price floor, demand remains sluggish, and a wait-and-see atmosphere prevails as the market awaits news of a substantive catalyst.

Prices of Tungsten Products on October 13, 2026

Tungsten Price Trend from January to October 2026

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