Monday tungsten prices continued a mainly stable trend. Buyers and sellers conducted talks primarily driven by rigid demand, with both upside and downside room constrained. Market trading remained in a stalemate with narrow-range consolidation, focusing on the pace of restocking at the consumption end and inventory digestion progress across the industry chain.
Spot circulation of tungsten concentrate remained relatively tight, mainly because holders were unwilling to sell at lower prices while buyers negotiated cautiously. The market stayed in a supply-demand tug-of-war, with prices consolidating in a stalemate. Negotiations for 55% tungsten concentrate centered around RMB 410,000/standard ton.
The ammonium paratungstate (APT) market continued to face dual pressure from both upstream and downstream segments of the industrial chain. Overall transaction pace was slow, dominated by long-term contract fulfillment and rigid-demand restocking. Mainstream negotiations concentrated in the RMB 590,000–600,000/ton range.
Confidence in the tungsten powder market showed divergence. Downstream restocking enthusiasm was limited, with new orders mostly small-batch rigid demand, resulting in a cautious trading atmosphere. Mainstream transactions for medium-particle tungsten powder were around RMB 890–920/kg, while tungsten carbide powder mostly traded near RMB 850–880/kg.
Ferrotungsten market quotations moved with the broader market and temporarily stabilized near RMB 640,000/ton. Upstream raw material fluctuations were limited, while downstream demand from special steel and alloys remained on an as-needed procurement basis. Market participants largely adopted a wait-and-see approach, with limited drivers for actual transactions.
The tungsten scrap market saw subdued supply and demand on both sides. Persistent divergence in buying and selling intentions continued to restrict resource circulation. Recent slight slowdown in downstream consumption pace put relative pressure on the overall negotiation focus.
On September 11, 2026, the Ministry of Natural Resources released the *China Mineral Resources Report (2026)* at the 2026 China International Mining Conference. During the 14th Five-Year Plan period, China discovered 398 large and medium-sized deposits of strategic minerals, including 225 large and medium-sized oil and gas fields. Newly proven geological reserves of oil and gas maintained high growth. Exploration of copper, gold, potash and other minerals achieved historic breakthroughs, while exploration of strategic emerging minerals such as lithium, helium and high-purity quartz realized leapfrog development. By the end of the 14th Five-Year Plan, China’s reserves of 14 minerals—including rare earths, tungsten, tin, molybdenum, antimony, gallium, germanium, indium, fluorite and graphite—ranked first in the world; reserves of nine minerals—including coal, iron, manganese, titanium, lithium, zinc, phosphorus and magnesite—ranked among the world’s top four.
