Tungsten Prices Surge: Nearing a Peak?

Tungsten Prices Maintain Strong Momentum, Peak Uncertainty Grows.

The tungsten market commenced 2026 by extending the powerful bullish trend dominant throughout 2025. As of January 13, 2026, prices across the tungsten product spectrum have registered significant gains. This surge is fueled by a combination of tangible supply constraints, a strategic re-evaluation of tungsten's value as a critical raw material, and sustained market optimism. The pivotal question for participants is whether current levels indicate a market peak or if the rally has further momentum.

The picture is from China Tungsten Online（中钨在线）

Market Dynamics by Segment

1. Tungsten Concentrate Market: Supply Tightness Drives Rally

The tungsten concentrate market remains the rally's core. Its strategic resource status fosters hoarding and a bullish outlook among holders, causing extremely tight spot supply and leading upstream price increases.

• 65% Black Tungsten Concentrate: ~$69,167/t.
• 65% White Tungsten Concentrate: ~$69,028/t.

2. Ammonium Paratungstate (APT) Market: Caught Between Costs and Demand

The APT market shows firm prices due to raw material scarcity and high costs. However, activity is tempered by export controls and downstream caution, limiting spot transactions.

• Domestic APT: ~$100,694/t.
• Europe APT: ~$1,319-$1,371 per ton unit​ (approx. $95,800-$99,600/t).

3. Tungsten Powder Market: Caution Amid Cost Pressure

The powder market faces a squeeze. While costs rise, participants remain cautious, leading to subdued purchasing and order-by-order deals.

• Tungsten Powder: ~$162.50/kg.
• Tungsten Carbide Powder: ~$156.94/kg.
• Cobalt Powder (reference): ~$79.17/kg.

4. Ferrotungsten Market: Following the Broader Trend

Ferrotungsten prices are boosted by supply-side issues and costs, but steel sector demand is relatively muted. The market adjusts in line with the overall industry trend.

• 70% Ferrotungsten: ~$95,833/t.
• Europe Ferrotungsten: ~$184.72-$197.22 per kg W​ (approx. $92,400-$98,600/t).

5. Tungsten Scrap Market: Recycling Gains Appeal

High prices improve recycling economics, boosting scrap market sentiment. However, uncertainty and capital pressures lead to cautious negotiations, containing overall activity.

• Scrap Tungsten Bar: ~$97.22/kg.
• Scrap Tungsten Drill Bit: ~$94.44/kg.

Macroeconomic and Policy Support

China's industrial policy for 2026 emphasizes stabilizing key sectors like non-ferrous metals. The longer-term focus on advanced technologies (quantum, robotics, 6G, etc.) underpins potential future demand for critical materials like tungsten.

A Market at a Crossroads

The tungsten prices​ rally continues, underpinned by fundamental supply constraints. However, emerging demand caution creates a delicate balance. The market's direction hinges on supply discipline, downstream endurance, and macroeconomic conditions, leaving the question of a peak unanswered for now.

Note: The above article refers to and draws on "China Tungsten Online".

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Technical data compiled from customer post-run reports, and published engineering references. No operational guarantee implied.

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