Tungsten prices remain under pressure; while market inquiries have increased, actual transactions remain limited. Traders largely maintain a wait-and-see attitude, resulting in a stalemate between buyers and sellers.

On the supply side, the release of raw material production capacity remains generally stable, constrained by regulatory requirements regarding domestic mining and trading compliance. However, due to lackluster downstream end-user demand, inventories in the intermediate sector have seen a marginal buildup. Some holders are showing a greater willingness to sell due to capital turnover pressures—particularly during this price correction phase—leading to a periodic rise in supply pressure within the circulation sector, which to some extent undermines the upstream sector's resolve to hold prices firm. Additionally, attention is focused on the global resource gap and the progress of domestic and international mine development driven by profit incentives.

On the demand side, downstream end-users are adopting relatively conservative stocking strategies, prioritizing procurement based on immediate needs or specific orders, with a prevailing wait-and-see sentiment. Influenced by cost pressures and adjustments in profit distribution across the supply chain, procurement cycles have notably lengthened; most enterprises prefer to consume existing inventories while awaiting clearer market signals or a favorable window for restocking. Following market adjustments during the week, there has been an uptick in inquiries, though the conversion rate into actual transactions remains to be seen. Tungsten and cobalt products newly prices as followings.

• 65% wolframite concentrate price: RMB 445,000/ton, down 57.6% from its peak and 3.3% in 2026.
• 65% scheelite concentrate price: RMB 444,000/ton, down 57.7% from its peak and 3.3% in 2026.
• Ammonium paratungstate (APT) price: RMB 650,000/ton, down 57.2% from its peak and 3.0% in 2026.
• European APT price: USD 3,000-3,265 /mtu (equivalent to RMB 1.802-1.961 million/ton), down 0.2% from its peak but up 240.5% in 2026.
• Tungsten powder price: RMB 1,030/kg, down 57.1% from its peak and 4.6% in 2026.
• Tungsten carbide powder price: RMB 980/kg, down 58.1% from its peak and 5.8% in 2026.
• Cobalt powder price: RMB 495/kg, down 14.7% from its high and 4.8% lower than at the start of the year.
• 70% ferrotungsten price: RMB 690,000/ton, down 51.4% from its peak but up 6.2% in 2026.
• European ferrotungsten price: USD 205-220/kg W (equivalent to RMB 974,000-1,045,000/ton), down 34.6% from the peak but up 54.6% in 2026.
• Scrap tungsten carbide rod price: RMB 746/kg, down 51.9% from its peak but up 9.7% in 2026.