Tungsten prices edged lower this week as sentiment in scrap turned sharply negative and a major producer’s new long-term contract quotes undercut the previous stalemate. Primary concentrates and powders adjusted more gradually; we summarise Chinatungsten Online levels and what they mean for carbide buyers.
This week, the tungsten complex showed a mild but broad downward correction. The initial pivot came from the scrap segment: panic-style selling and rapid price pullbacks created a contagion effect, and bearish sentiment spread quickly through the trade. Shortly afterwards, a leading tungsten enterprise published a fresh round of long-term contract prices modestly below the levels that had previously anchored the market. That move signalled a reset higher up the chain and placed the entire tungsten market under short-term pressure—even though the adjustment in primary materials remained comparatively orderly.
By contrast, prices for raw tungsten materials proved more resilient. Supported by ore scarcity and the long-term strategic value attached to tungsten, participants largely defended floor pricing for concentrates and in-process materials. Adjustments there have been cautious, with less disorder than in scrap.
The scrap market, however, was distinctly volatile. Because retail and small-lot holders are highly sentiment-driven, some accounts with open profits accelerated exits. That amplified fear and produced pockets of aggressive discounting to clear inventory. At the same time, larger positions entered nearer previous peaks were slow to crystallise losses, which widened the bid–offer gap and left transactions mostly small, exploratory, and highly dependent on each party’s liquidity and risk tolerance.
Chinatungsten Online expects tungsten prices to face further mild downward pressure near term, as elevated cost burdens from the earlier rally are still being digested downstream and profit-taking psychology has not fully stabilised. Until clearer signals emerge from fundamentals or the macro backdrop, the baseline bias is cautiously soft rather than collapsing.
Market Overview: Scrap First, Primary Chain Second
The sequence matters for procurement: scrap often leads sentiment in both directions because it clears fastest and carries the least standardisation. When scrap disconnects sharply from concentrates and APT, the useful question is whether primary pricing will follow over several sessions—or whether scrap is temporarily overshooting. This week’s pattern—softer contracts plus scrap stress—suggests buyers should keep powder and APT as the anchors for carbide tool economics, not scrap prints alone.
Tungsten Price Table — March 27, 2026
All prices below are as reported by Chinatungsten Online at publication time, March 27, 2026. Domestic quotes are in RMB unless noted; European indications are quoted in USD with year-to-date change where provided.
| Product | Price | YTD Change |
|---|---|---|
| 65% Wolframite Concentrate | RMB 1,005,000/ton | +118.5% YTD |
| 65% Scheelite Concentrate | RMB 1,004,000/ton | +118.7% YTD |
| Ammonium Paratungstate (APT) | RMB 1,480,000/ton | +120.9% YTD |
| European APT | USD 2,500–2,800/mtu | +188.0% YTD |
| Tungsten Powder | RMB 2,360/kg | +118.5% YTD |
| Tungsten Carbide (WC) Powder | RMB 2,300/kg | +121.2% YTD |
| Cobalt Powder | RMB 580/kg | +11.5% YTD |
| 70% Ferrotungsten | RMB 1,400,000/ton | +115.4% YTD |
| European Ferrotungsten | USD 305–330/kg W | +130.9% 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
- Primary chain levels (concentrates, APT, metal and WC powder) are off their peaks only modestly versus scrap, which is down double digits from peak—consistent with sentiment-led scrap volatility.
- WC powder at RMB 2,300/kg is still up roughly +121% YTD; substrate cost for cemented carbide remains historically elevated despite the weekly soft patch.
- European APT and ferrotungsten continue to show very large YTD moves in USD terms—global buyers should watch FX and regional premia alongside China domestic prints.
- Procurement teams should shorten quote windows slightly while the market digests new contract levels and scrap noise, without assuming a deep structural collapse absent a change in concentrate fundamentals.
Procurement Recommendation
Split larger tool programmes into tranches with fresh quotes tied to current WC powder and APT, and use factory-direct channels where possible to reduce lag versus spot powder. If scrap quotations look disconnected from primary pricing, validate against concentrate and APT before renegotiating long-term carbide supply agreements.
Our Solid Carbide Tools — Factory Direct from Changzhou
Internal coolant solid carbide drills, ø3–20 mm. Quotes aligned to current WC powder and APT levels.
General-purpose carbide twist drills. 53 SKUs when through-coolant is not required.
Square end mills ø1–20 mm. Substrate cost tracks WC powder; factory pricing updates faster than multi-tier lists.
3D contouring end mills for mould and die under high powder-cost conditions.
Corner radius tools for shoulder milling; consolidate volumes where possible.
Outlook
Near-term tungsten pricing is likely to remain under gentle downward pressure while high legacy costs work through the chain and scrap sentiment finds a calmer range. If concentrate availability tightens again or downstream restocking returns, the market could stabilise; until then, expect cautious, range-bound behaviour with scrap continuing to show the widest week-to-week swings.
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