Ammonium Paratungstate (APT) Price Falls Below RMB 500,000/ton - October 14, 2026

Analysis of Latest Tungsten Market from Chinatungsten Online

The tungsten market continues to search for a bottom amidst a dominant bearish sentiment and low risk appetite among participants.

Selling pressure in the spot market has intensified due to the liquidation of speculative inventories and panic selling by some holders seeking to recoup capital and mitigate risk. Downstream enterprises show little willingness to initiate purchases, generally opting to delay procurement and restock only as needed, while maintaining a wait-and-see stance in anticipation of further price drops. A negative feedback loop between upstream selling pressure and a lack of downstream orders is driving the weak price trend. Although there are expectations for a restocking cycle in the fourth quarter, confidence in a market bottom has yet to be firmly established. The clearing of speculative inventory continues, and the supply-demand mismatch is unlikely to reverse in the near term. Lacking substantial positive momentum, the tungsten market remains in a state of weak fluctuation.

Latest Tungsten and Cobalt Price References:

65% Wolframite Concentrate: RMB 315,000/standard ton, down 70.0% from the peak and 31.5% year-to-date.

65% Scheelite Concentrate: RMB 314,000/standard ton, down 70.1% from the peak and 31.6% year-to-date.

Ammonium Paratungstate (APT): RMB 490,000/ton, down 67.8% from the peak and 26.9% year-to-date.

European APT: USD 2,500-2,900/mtu (equivalent to RMB 1.34-1.72 million/ton), down 14.0% from the peak, up 193.5% year-to-date.

Tungsten Powder: RMB 780/kg, down 67.5% from the peak and 27.8% year-to-date.

Tungsten Carbide Powder: RMB 750/kg, down 68.0% from the peak and 27.9% year-to-date.

Cobalt Powder: RMB 350/kg, down 39.7% from the year's high and 32.7% year-to-date.

70% Ferrotungsten: RMB 530,000/ton, down 62.7% from the peak and 18.5% year-to-date.

European Ferrotungsten: USD 158-165/kg W (equivalent to RMB 740,000-770,000/ton), down 50.3% from the peak, up 17.5% year-to-date.

Scrap tungsten Carbide Rod: RMB 475/kg, down 69.4% from the peak and 30.2% year-to-date.

On the macroeconomic front, the International Monetary Fund (IMF) forecasts that global headline inflation will rise from 4.1% in 2025 to 4.7% in 2026, before easing back to 4.1% in 2027. Should the situation in the Middle East remain deadlocked or escalate, energy and food prices could remain high and volatile for an extended period, reigniting inflationary pressures, worsening fiscal and external balances for many nations, and dragging down economic growth. The impact on the tungsten market is mixed: on the positive side, rising energy costs increase mining and smelting expenses, which—combined with tight supplies and heightened strategic defense demand—provide a floor for tungsten prices; on the negative side, an economic slowdown could dampen demand from traditional industrial sectors such as cemented carbide.

Prices of Tungsten Products on October 14, 2026

Tungsten Price Trend from January to October 2026

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