Tungsten Price Update — March 30, 2026: Quiet Spot Market, Firm Global References

Tungsten prices were broadly steady on Monday: physical supply and demand sat in a stalemate, and deals were mostly hand-to-mouth. Even so, resilient international tungsten indications and a modest weekend rebound in scrap helped prevent sentiment from turning negative.

The following analysis summarises the latest tungsten market read from Chinatungsten Online as of March 30, 2026. Spot activity remained measured—participants described a standoff between buyers and sellers—with business executed mainly to cover immediate needs rather than to build strategic inventory.

Two forces offset that flat spot tone. First, international tungsten price references have stayed comparatively firm, which anchors expectations for export-linked and premium-grade business. Second, the scrap tungsten segment saw a slight lift over the weekend after a softer stretch, which helped stabilise mood in the secondary supply chain.

Concentrates: Geopolitics, Risk Appetite, and the Supply Narrative

In the tungsten concentrate market, a complex international economic backdrop and elevated geopolitical risk continued to support risk-off positioning. Expectations of tight ore and concentrate availability have not disappeared; participants still treat the medium- to long-term outlook as constructive even when short-term profit-taking causes choppy prints.

Sixty-five percent wolframite concentrate was quoted at RMB 1,005,000 per metric ton—about 4.3% below its recent peak but still up roughly 118.5% since the start of the year. Sixty-five percent scheelite concentrate printed at RMB 1,004,000/ton, also off about 4.3% from the top, with a similar year-to-date gain near 118.7%.

APT: Cost Support and Cautious Trading

Ammonium paratungstate (APT) benefited from solid cost carry-through from upstream units and from alignment with international benchmarks. Overall pricing was described as firm, but execution stayed cautious—many accounts preferred to wait for clearer direction rather than chase volume.

Domestic APT was indicated around RMB 1,480,000/ton, roughly 2.6% below its peak while remaining up about 120.9% year-to-date. European APT was quoted near USD 2,800–3,150 per mtu (equivalent to roughly RMB 1.713–1.927 million/ton at prevailing conversion), up about 223.4% versus the start of the year—an exceptionally large move that continues to matter for global carbide and specialty chemical buyers.

Metal Powders: Limited Short-Term Flex, Export Friction

In tungsten powder, producers showed limited appetite for aggressive repricing in this round. Export flows faced tighter compliance review, while domestic trade moved largely on a fill-in basis—together, that kept turnover subdued. Up- and downstream players were focused on passing through higher legacy costs and managing inventory pace, which argues against sharp day-to-day swings.

Tungsten metal powder was quoted near RMB 2,360/kg (about 1.7% off its peak, up roughly 118.5% YTD). Tungsten carbide powder sat near RMB 2,300/kg (also about 1.7% below the top, up roughly 121.2% YTD). Cobalt powder printed near RMB 580/kg, up about 11.5% since January—still an important secondary input for cemented carbide grades.

Ferrotungsten: Cost-Driven Stability

Ferrotungsten pricing tracked input costs with limited drama: offers were steady, and end-user purchasing remained selective. Seventy percent ferrotungsten was quoted near RMB 1,400,000/ton (about 1.4% below its peak, up roughly 115.4% YTD). European ferrotungsten was indicated near USD 320–330 per kg of tungsten content (equivalent to roughly RMB 1.548–1.597 million/ton), up about 136.4% year-to-date.

Scrap: Stabilisation After Profit-Taking

Scrap tungsten reacted to firmer raw-material references and limited willingness among recyclers to cut prices simply to flush stock. In several regions, sellers who had already taken profits—or who had sold into fear earlier—showed more interest in defending levels, nudging the upper end of the range slightly higher.

Scrap tungsten rods were quoted near RMB 1,080/kg (about 21.2% below the peak but still up roughly 80.0% YTD). Scrap tungsten drill bits were near RMB 1,050/kg (about 23.4% off the top, up roughly 81.0% YTD).

Tungsten Price Table — March 30, 2026

All prices below are as reported by Chinatungsten Online at publication time, March 30, 2026. Domestic quotes are in RMB unless noted; European indications are quoted in USD with year-to-date change where provided.

What This Means for Solid Carbide Tool Buyers

• Spot inertia does not erase the YTD rally: WC powder near RMB 2,300/kg is still more than double January levels—budgets and customer quotes need current tables, not older list prices.
• European APT and ferrotungsten remain extremely elevated in USD terms; global programmes should track FX, duties, and regional premia alongside China domestic prints.
• Scrap has corrected more from peak than primary chain materials; treat scrap as a sentiment and liquidity indicator, not the sole anchor for long-term carbide economics.
• Until concentrates loosen materially or downstream demand weakens structurally, the bias is still “expensive inputs”—even on a quiet Monday.

Procurement Recommendation

Refresh quotes on larger tool programmes on a rolling basis, split long programmes into tranches, and validate any scrap-linked discount narratives against APT and WC powder. Factory-direct channels typically reflect domestic powder moves faster than multi-tier distributor lists.

Outlook

Near-term pricing may continue to trade sideways in the spot market while international references and cost-backed APT levels set a high floor. If scrap stabilisation broadens, sentiment could improve modestly; if macro risk escalates further, concentrate tightness could return as the dominant narrative. Carbide buyers should plan for volatile—but still historically elevated—tungsten inputs through Q2.