Tungsten prices continue to face downward pressure, and market confidence is undergoing a severe test. Although market-supporting sentiment—rooted in the scarcity and strategic nature of tungsten resources—still persists, some sellers are actively lowering their offers to generate cash flow. This has intensified the competitive pricing atmosphere and heightened cautiousness among buyers, resulting in significant price spreads within the market. Buyers show little willingness to accept current prices; instead, they are adopting a wait-and-see approach or attempting to negotiate lower prices before making purchases, causing actual market transaction levels to continue trending downward. According to China Tungsten Online, the supply side of the tungsten market currently appears slightly loose, while the demand side remains cautious; consequently, the market lacks effective momentum for a rebound and is expected to continue its weak performance in the short term.

• 65% wolframite concentrate is priced at RMB 880,000/ton, down 16.2% from its peak and up 91.3% year-to-date.
• 65% scheelite concentrate is priced at RMB 879,000/ton, down 16.2% from its peak and up 91.5% year-to-date.
• Ammonium paratungstate (APT) is priced at RMB 1,360,000/ton, down 10.5% from its peak and up 103.0% year-to-date.
• European APT is priced at USD 2,800–3,289/mtu (equivalent to RMB 1.69–1.985 million/ton), up 230.9% year-to-date.
• Tungsten powder is priced at RMB 2,200/kg, down 8.3% from its peak and up 103.7% year-to-date.
• Tungsten carbide powder is priced at RMB 2,140/kg, down 8.6% from its peak and up 105.8% year-to-date.
• Cobalt powder is priced at RMB 575/kg, down 0.9% from its peak and up 10.6% year-to-date.
• 70% ferrotungsten is priced at RMB 1,270,000/ton, down 10.6% from its peak and up 95.4% year-to-date.
• European ferrotungsten is priced at USD 289–310/kg W (equivalent to RMB 1.38–1.48 million/ton), down 7.9% from their peak and up 117.8% year-to-date.
• Scrap tungsten rods are priced at RMB 880/kg, down 35.8% from its peak but up 46.8% year-to-date.
• Scrap tungsten drill bits are priced at RMB 850/kg, down 38.0% from its peak but up 46.6% year-to-date.