In the first quarter of 2026, the Chinese tungsten market maintained a strong upward trend, primarily driven by persistently tight raw material supply, resilient downstream demand, and optimistic market expectations regarding the strategic attributes of tungsten. Entering March, the tungsten market exhibited a pattern of initial rise followed by a decline.

In the first half of March, the tungsten market continued its upward momentum, with prices of major tungsten raw materials constantly hitting new historical highs: tungsten concentrate prices exceeded 1 million yuan/ton, ammonium paratungstate (APT) prices exceeded 1.5 million yuan/ton, tungsten powder prices exceeded 2.4 million yuan/ton, and scrap tungsten rod prices also exceeded 1.3 million yuan/ton.

In the second half of March, the tungsten product market experienced a turning point. On the one hand, the further recovery of mine operating rates after the Two Sessions in early March alleviated some of the supply shortage pressure; on the other hand, the financial pressure under high prices and cautious attitudes from consumers led to a cautious and cold market trading atmosphere and overall tightening of liquidity. The market supply and demand relationship underwent a phased adjustment, intensifying the game between buyers and sellers, and negotiations reached a stalemate. Against this backdrop, profit-taking emerged first in the tungsten scrap market, triggering localized panic selling, and fear of high prices quickly spread to the upstream raw material sector.

However, although tungsten raw material prices retreated from their highs in the second half of the month, the overall decline was relatively mild, reflecting the continued resilience of the tungsten market and the absence of a panic sell-off. A wait-and-see attitude prevailed. China Tungsten Online believes that the current tungsten market is in a period of high-level consolidation, and the market will likely experience weak and stable fluctuations in the short term. The market will continue to monitor changes in macroeconomic and political news and the actual verification of demand.

As of press time,

• 65% wolframite concentrate was priced at RMB 1.000,000/ton, down 4.8% from its peak, but up 117.4% from the beginning of the year.

• 65% scheelite concentrate was priced at RMB 999,000/ton, down 4.8% from its peak, but up 117.7% from the beginning of the year.

• Ammonium paratungstate (APT) was priced at RMB 1.480,000/ton, down 2.6% from their peak, but up 120.9% from the beginning of the year.

• European APT was priced at USD 2,800-3,150/mtu (equivalent to RMB 1.713-1.927 million/ton), up 223.4% from the beginning of the year.

• Tungsten powder was priced at RMB 2,360/kg, down 1.7% from their peak, but up 118.5% from the beginning of the year.

• Tungsten carbide powder was priced at RMB 2,300/kg, down 1.7% from their peak, but up 121.2% from the beginning of the year.

• Cobalt powder was priced at RMB 580/kg, up 11.5% from the beginning of the year.

• 70% ferrotungsten was priced at RMB 1.400,000/ton, down 1.4% from its peak, but up 115.4% from the beginning of the year.

• European ferrotungsten was priced at USD 320-330/kg W (equivalent to RMB 1.548-1.597 million/ton), up 136.4% from the beginning of the year.

• Scrap tungsten rods were priced at RMB 1080/kg, down 21.2% from its peak, but up 80.0% from the beginning of the year.

• Scrap tungsten drill bits were priced at RMB 1050/kg, down 23.4% from its peak, but up 81.0% from the beginning of the year.