Tungsten prices are showing a mild downward correction after a Guangdong major producer’s long-term contract prices fell short of expectations, triggering lower market quotes and local profit-taking. We整理 Chinatungsten Online data, including concentrates, APT, WC powder, and scrap benchmarks.
Tungsten prices are currently exhibiting a slight downward correction. On March 26, 2026, a major tungsten enterprise in Guangdong announced its long-term contract prices, which fell short of market expectations; this triggered a subsequent downward revision in market quotes. Localised profit-taking has reinforced the bearish signal in the short term, even as medium-to-long term confidence remains broadly intact.
Market Overview: Why Prices Are Softening (Without Panic)
According to Chinatungsten Online, the risk accumulated during the previous high-price period has not yet been fully cleared. Downstream end-users are facing pressure on cost pass-through and absorption, while some profit-position inventory has not been fully liquidated. As a result, tungsten prices are expected to maintain a pattern of slight downward adjustment in the short term.
Notably, the market has not witnessed large-scale panic selling or mass liquidation. This suggests that bullish sentiment for the medium-to-long term remains dominant, overall industry confidence has not collapsed, and both supply and demand sides are manoeuvring cautiously rather than capitulating.
The tungsten scrap market — characterised by fragmented participants, high price sensitivity, and frequent short-term trading — is particularly exposed to sentiment swings. Recent fluctuations have exerted a distinct drag on transaction prices, with scrap tungsten rods and drill-bit scrap showing the largest pullback versus peak levels.
Tungsten Price Table — March 26, 2026
All prices as reported by Chinatungsten Online at press time, March 26, 2026.
| Product | Price | YTD Change |
|---|---|---|
| 65% Wolframite Concentrate | RMB 1,010,000/ton | +119.6% YTD |
| 65% Scheelite Concentrate | RMB 1,009,000/ton | +119.8% YTD |
| Ammonium Paratungstate (APT) | RMB 1,490,000/ton | +122.4% YTD |
| European APT | USD 2,500–2,800/mtu | +188.0% YTD |
| Tungsten Powder | RMB 2,370/kg | +119.4% YTD |
| Tungsten Carbide (WC) Powder | RMB 2,310/kg | +122.1% YTD |
| Cobalt Powder | RMB 580/kg | +11.5% YTD |
| 70% Ferrotungsten | RMB 1,410,000/ton | +116.9% YTD |
| European Ferrotungsten | USD 305–330/kg W | +128.0% YTD |
| Scrap Tungsten Rods | RMB 1,050/kg | +75.0% YTD |
| Scrap Tungsten Drill Bits | RMB 1,030/kg | +77.6% YTD |
Source: Chinatungsten Online · YTD = Year-to-date change from Jan 1, 2026 · WoW = Week-on-week
What This Means for Solid Carbide Tool Buyers
- From-peak drawdown is now visible across the chain: concentrates are ~3.8% below peak; APT ~2.0% below peak; tungsten and WC powder ~1.3% below peak.
- Scrap is correcting more sharply: rods are ~23.4% below peak and drill-bit scrap ~24.8% below peak, reflecting sentiment-driven short-term trading.
- Despite the pullback, WC powder at RMB 2,310/kg remains +122% YTD — substrate cost pressure for carbide tools is still historically high.
- Downstream buyers remain cautious due to cost pass-through constraints; procurement should prioritise quote discipline and supplier transparency on WC powder indexing.
Procurement Recommendation
If you consume carbide drills and end mills continuously, consider splitting purchases into smaller tranches with tighter quote validity while the market digests the Guangdong contract pricing. The goal is to avoid overpaying on short-term noise while still protecting against a re-tightening of powder availability if end-user restocking resumes.
Our Solid Carbide Tools — Factory Direct from Changzhou
Internal coolant solid carbide drills, ø3–20mm. Quotes aligned to current WC powder and APT levels.
General-purpose carbide twist drills. 53 SKUs. Cost-effective when through-coolant is not required.
Square end mills from ø1–20mm. Carbide substrate dominates cost; factory-direct helps reduce pass-through lag.
3D contouring end mills. Consolidate volumes to optimise pricing under high WC powder conditions.
Corner radius tools for shoulder milling and semi-finish. Multiple radii/variants from one factory source.
Outlook
In the near term, tungsten prices are likely to continue a controlled, slight adjustment as the market digests contract pricing signals and clears residual profit positions. Absent panic liquidation, the consolidation framework remains intact. Watch downstream restocking behaviour and concentrate supply discipline as the primary drivers for the next directional break.
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