As we entered the first week of March, the tungsten market maintained its robust upward momentum that began in February. This rally was fueled by multiple factors: constrained mine operating rates further tightened supply, while rising geopolitical tensions and a renewed recognition of the metal’s strategic value continued to shape market sentiment.
On February 28, the United States and Israel carried out a large‑scale military operation against Iran, which triggered retaliatory measures and the closure of the Strait of Hormuz—a key oil shipping lane in the Middle East. The resulting regional geopolitical tensions sharply raised global risk aversion, causing substantial turbulence across financial markets. At the Monday opening, gold, silver, and crude oil all jumped sharply: London gold climbed 2.14%, silver 2.80%, and Brent crude 12.59%. Although price gains later moderated, the intense market volatility underscored how geopolitical risks can magnify movements in commodity markets.
Against this environment, tungsten’s status as a strategic resource gained further emphasis, helping sustain its relatively firm price performance. Nevertheless, the sharp multi‑stage price rises seen over the past year have also led to growing resistance in trading activity.
As of the latest update, key tungsten product prices are as follows:
• 65% wolframite concentrate: RMB 830,000/ton, a rise of 80.4% since the start of the year
• 65% scheelite concentrate: RMB 829,000/ton, up 80.6% year‑to‑date
• Ammonium paratungstate (APT): RMB 1,250,000/ton, an increase of 86.6% since early January
• European APT: USD 1,890–1,998/ton (around RMB 1,149,000–1,214,000/ton), up 111.3% year‑to‑date
• Tungsten powder: RMB 1,990/kg, rising 84.3% since the beginning of the year
• Tungsten carbide powder: RMB 1,930/kg, up 85.6% year‑to‑date
• Cobalt powder: RMB 580/kg, an increase of 11.5% since the start of the year
• 70% ferrotungsten: RMB 1,160,000/ton, up 78.5% year‑to‑date
• European ferrotungsten: USD 209–230/kg W (equivalent to RMB 1,005,000–1,054,000/ton), rising 59.6% since early January
• Scrap tungsten rods: RMB 1,240/kg, up 106.7% year‑to‑date
• Scrap tungsten drill bits: RMB 1,220/kg, an increase of 110.3% since the beginning of the year
Post time: Mar-02-2026