Tungsten Concentrate Back to RMB 300,000/standard ton - October 20, 2026

Analysis of Latest Tungsten Market from Chinatungsten Online

Following a chaotic and sharp decline in the tungsten market after the National Day holiday, a clear shift in sentiment has emerged, driven by large-scale procurement from major tungsten enterprises.

Holders are showing a stronger resolve to support prices, and interest from downstream buyers has picked up. However, actual transactions remain largely confined to essential, immediate needs, with many market participants still adopting a wait-and-see approach. The scale and pace of any future rebound will depend on how well the rhythm of supply-side releases aligns with the strength of actual follow-through from buyers.

The price of 55% tungsten concentrate has returned to the support level of RMB 300,000/standard ton. During the earlier sharp downturn, price quotes from the mining sector had become disorganized; now, as liquidity returns to the smelting sector, concentrate prices have stabilized and begun to recover. Industry veterans suggest that this price level serves as a strong psychological support, though future trends will depend on whether actual transaction volumes increase.

Negotiations for ammonium paratungstate (APT) are centering on the RMB 440,000-470,000/ton range. With many smelters having reduced or halted production over the past few months, compounded by the entry of major enterprises making concentrated purchases, market sentiment has improved. Sellers are becoming more reserved, and with spot supplies tightening, price support has strengthened.

In the tungsten powder segment, prices are edging upward in line with broader market trends. Tungsten powder is being quoted at approximately RMB 700-740/kg, while mainstream quotes for tungsten carbide powder are gravitating toward the RMB 700/kg mark. Suppliers are feeling more optimistic about the market outlook, while buyers are making measured, demand-driven inquiries. Overall, market participants remain cautious, awaiting clearer signals regarding the future direction of the market.

Tungsten scrap prices have shown relatively high elasticity, with the price range for items like milling cutters shifting noticeably upward. There is increased interest in inquiries and procurement, though holders, mindful of their inventory costs and anticipating further price gains, are increasingly reluctant to sell. The tug-of-war between buyers and sellers continues, and total actual transaction volume remains relatively limited.

The price of cobalt powder has continued to trend downward, reaching approximately RMB 320/kg. The market lacks support from both cost factors and supply-demand dynamics, resulting in generally weak sentiment. Prices have fallen by approximately 45% since April. 

On October 19, 2026, CME Group announced the launch of tungsten futures contracts, with trading scheduled to begin in early Q1 2027, in response to the growing demand for critical minerals. This development signifies that the pricing logic for the tungsten market will no longer be driven solely by fundamental supply-demand dynamics and geopolitical factors. The introduction of financial instruments will add a new layer of complexity to the pricing of tungsten products; while the forward curve could help guide the industry toward more rational pricing, it may also amplify market volatility during shifts in market sentiment or macroeconomic liquidity.

Prices of Tungsten Products on October 20, 2026

Tungsten Price Trend from January to October 2026

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