Tungsten Market  Situation on October 18, 2025

This week, tungsten prices showed a mixed trend of ups and downs, with complex bullish and bearish views in the market. Trading was stuck in a seesaw game between buyers and sellers, and the overall market fluctuation range was relatively narrow.

• In the mining and smelting market, the willingness to hold back sales and wait for price increases has strengthened, and quotations have edged up slightly;
• After a supplementary decline and adjustment at the beginning of the week, the powder market showed a stalemate and stable trend;
• The cemented carbide market continues to be squeezed by both costs and demand, with cautious purchasing and sales based on actual needs;
• The tungsten scrap market has experienced a sentiment shift from holding back sales to support prices to profiting from shipments, and the market stabilized and entered a wait-and-see state after a positive upward movement.

• In the short term, the tungsten market may continue to be in a state of weak balance between supply and demand. Coupled with the uncertainties in the global political and economic environment and geopolitical situation, tungsten product prices will maintain a range-bound fluctuation pattern.
• In the medium and long term, as the global economy gradually recovers, manufacturing demand picks up, and the scarcity and strategic attributes of tungsten resources become more prominent, tungsten prices are
• expected to gain upward momentum. However, it is necessary to be alert to the expansion of overseas resource development and scrap supply, as well as the risk of de-globalization.
• • The price of 65% scheelite concentrate is quoted at 270,000 RMB per standard ton, which is 5.9% lower than the highest price within the year and 90.1% higher than the beginning of the year.
  • The price of ammonium paratungstate (APT) is quoted at 395,000 RMB per ton, down by 5.5% from the annual peak and up by 87.2% compared with the start of the year.
  • The price of APT in Europe ranges from 600 to 670 USD per ton-unit (equivalent to 379,000 to 423,000 RMB per ton), representing an increase of 92.4% since the beginning of the year.
  • The price of tungsten powder is quoted at 615 RMB per kilogram, 4.7% lower than the highest price of the year and 94.6% higher than that at the start of the year.
  • The price of tungsten carbide powder is quoted at 600 RMB per kilogram, down by 4.8% from the annual high and up by 92.9% compared with the beginning of the year.
  • The price of 70 ferro-tungsten is quoted at 382,000 RMB per ton, 6.8% lower than the highest price within the year and 77.7% higher than the beginning of the year.
  • The price of ferro-tungsten in Europe ranges from 86 to 89.5 USD per kilogram of tungsten (equivalent to 429,000 to 446,000 RMB per ton), an increase of 99.4% since the start of the year.
  • The price of waste tungsten bars is quoted at 420 RMB per kilogram, 5.6% lower than the annual peak and 90.9% higher than the beginning of the year.
  • The price of waste tungsten drill bits is quoted at 400 RMB per kilogram, down by 12.1% from the highest price of the year and up by 75.4% compared with the start of the year.