Analysis of Latest Tungsten Market from Chinatungsten Online
In May 2026, the Chinese tungsten market experienced a period of accelerated downward adjustment. Prices of major tungsten raw materials generally fell back to levels seen at the beginning of the year or the end of 2025, a drop of approximately 60% from the historical peak in mid-March, with a cumulative decline of over 40% within the month.
As the market bubble gradually deflated, short-term profit-taking by intermediate traders decreased, and a bottoming-out and rebound trend gradually formed at mines and intermediate tungsten raw material smelting enterprises. By the end of the month, downstream enterprises increased their inquiries about tungsten powder raw materials, and the market for tungsten concentrate and tungsten chemicals such as ammonium paratungstate (APT), which are at the source of the industrial chain, shifted from a wait-and-see attitude to tentative price increases. The overall willingness and expectation for market stabilization across all links of the industrial chain significantly improved compared to the previous period.
However, this phase of price increases is largely due to a recovery in sentiment on the supply side, lacking support from large-scale downstream demand. The market remains in a sensitive adjustment cycle. Currently, the tungsten market is characterized by mixed bullish and bearish news, with differing opinions on price increases and decreases. Participants generally hope that the market will first form a relatively stable operating range to reduce procurement risks and gradually stimulate actual demand.
As of press time,
65% wolframite concentrate: RMB 420,000/ton, down 60.0% from the peak of it, and 8.7% from the beginning of the year.
65% scheelite concentrate: RMB 419,000/ton, down 60.1% from the peak of it, and 8.7% in 2026.
Ammonium paratungstate (APT): RMB 670,000/ton, down 55.9% from the peak of it, unchanged from the beginning of the year.
European APT: USD 3,000-3,140/mtu (equivalent to RMB 1.798-1.882 million/ton), down 2.2% from the peak of it, but up 233.7% in 2026.
Tungsten powder: RMB 1,000/kg, down 58.3% from the peak of it, and 7.4% in 2026.
Tungsten carbide powder: RMB 950/kg, down 59.4% from the peak of it, and 8.7% in 2026.
Cobalt powder price: RMB 565/kg, down 2.6% from the peak of it, but up 8.7% in 2026.
70% ferrotungsten: RMB 700,000/ton, down 50.7% from the peak of it, but up 7.7% in 2026.
European ferrotungsten: USD 230-250/kg W (equivalent to RMB 1.09-1.185 million/ton), down 26.2% from the peak of it, but up 74.6% in 2026.
Scrap tungsten carbide rods: RMB 680/kg, down 50.4% from the peak of it, but up 13.3% in 2026.
Scrap tungsten carbide drill bits: RMB 650/kg, down 54.0% from the peak of it, but up 8.6% in 2026.
Prices of Tungsten Products on May 29, 2026
Tungsten Price Trend from January 2025 to May 2026
