Tungsten Concentrate Prices Plunge Over 20% In the First Half of October

Analysis of Latest Tungsten Market from Chinatungsten Online

Tungsten prices continued their downward slide this week, driven by panic-induced selling. Caught between a desire to mitigate risk and the expectation of further price drops, buyers have limited their procurement to essential, immediate needs, pushing the overall price floor lower. As the decline intensifies, there is a growing desire across the supply chain to stabilize the market. However, this will require alignment among suppliers and support from the demand side.

In the tungsten concentrate market, the breach of the psychological threshold of RMB 400,000/standard ton triggered a concentrated release of panic, accelerating the price collapse. At the time of writing, the price for 55% grade tungsten concentrate has fallen below RMB 300,000/ton, a cumulative decline of over 20% since the beginning of October. While there is an increasing push to find a market bottom, confidence in actual negotiations has yet to recover.

Prices for ammonium paratungstate (APT) have adjusted to the RMB 420,000-460,000/ton range. Trading activity remains sparse, and smelting enterprises are facing significant operational pressure, many are maintaining low operating rates while awaiting clearer signals from upstream and downstream sectors.

Quotes for tungsten powder and tungsten carbide powder are hovering around the RMB 700,000/ton mark. Market liquidity is poor, and buyers, purchasing only to meet immediate, sporadic needs, are pushing for lower prices. This keeps the market under persistent pressure, with actual transaction prices tending toward the lower end of the range. In fact, tungsten carbide powder is frequently trading below RMB 700,000/ton.

Cobalt powder prices have softened to around RMB 340,000/ton, a decline of over 40% since April. With weak end-user demand coupled with sufficient supply, the lack of fundamental support has dampened market sentiment, keeping prices under pressure.

70% ferrotungsten is quoted at approximately RMB 500,000/ton. Weakness in both costs and demand has left the market struggling. Downstream procurement has slowed, and trading remains sluggish.

The scrap tungsten market was relatively stable, with prices fluctuating in a narrow range. Lacking substantive positive support from either upstream or downstream of the industry chain, participants remained cautious and most deals consisted of small trial orders.

Prices of Tungsten Products on October 16, 2026

Tungsten Price Trend from January to October 2026

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