Tungsten Price Update — March 23, 2026: Prices Hold Firm Amid Tight Supply
Tungsten prices held firm on March 23, 2026, with tungsten carbide powder at RMB 2,320/kg — up 123% since January. We break down the full price table and explain what this means for buyers sourcing solid carbide drills and end mills.
Tungsten prices remained broadly stable on Monday, March 23, 2026, as tight market liquidity kept both buyers and sellers cautious. Sellers showed an increasing willingness to realize profits, while buyers held back on commitments, resulting in muted spot trading activity across the board.
Market Overview: Supply Support vs. Demand Pressure
The tungsten raw material market remained in a holding pattern, with a clear divergence between buyer and seller price expectations. Two competing forces are shaping the market: strong fundamental support driven by historically tight concentrate supply, and real demand-side pressure from cautious downstream buyers reluctant to commit at elevated price levels.
Market participants broadly chose to maintain the status quo — trading conservatively on immediate needs while waiting for clearer directional signals. Notably, tungsten scrap and recycled material prices showed surface stability but softened in practice, with increased profit-taking pushing actual transaction prices lower on a week-on-week basis.
Tungsten Price Table — March 23, 2026
All prices sourced from Chinatungsten Online as of press time on March 23, 2026.
| Produkt | Cena | Zmiana YTD |
|---|---|---|
| 65% Wolframite Concentrate | RMB 1,025,000/ton | +122.8% |
| 65% Scheelite Concentrate | RMB 1,024,000/ton | +123.1% |
| Ammonium Paratungstate (APT) | RMB 1,500,000/ton | +123.9% |
| European APT | USD 2,500–2,800/mtu | +188.0% |
| Tungsten Powder | RMB 2,380/kg | +120.4% |
| Tungsten Carbide (WC) Powder | RMB 2,320/kg | +123.1% |
| Cobalt Powder | RMB 580/kg | +11.5% |
| 70% Ferrotungsten | RMB 1,420,000/ton | +118.5% |
| European Ferrotungsten | USD 305–322/kg W | +128.0% |
| Scrap Tungsten Rods | RMB 1,250/kg | +108.3% |
| Scrap Tungsten Drill Bits | RMB 1,230/kg | +112.1% YoY |
Źródło: Chinatungsten Online · YTD = zmiana od 1 sty 2026 · WoW = tydzień do tygodnia
What This Means for Solid Carbide Tool Buyers
Tungsten carbide (WC) powder is the primary raw material in solid carbide drills and end mills — typically accounting for 70–90% of the substrate by weight. With WC powder at RMB 2,320/kg and up 123% since the start of the year, the cost pressure on finished carbide tool prices is significant and ongoing.
- Solid carbide drill and end mill prices have risen in step with raw material costs throughout Q1 2026.
- European APT — the benchmark for international tool pricing — is up 188% YTD, reflecting tighter supply constraints in Western markets.
- Scrap tungsten prices have softened slightly week-on-week (−3.9% to −5.4%), suggesting some near-term profit-taking, but the broader trend remains strongly elevated.
- Cobalt powder, the binding agent in cemented carbide, has risen a comparatively modest +11.5% YTD, meaning it is not a major driver of current cost inflation.
Procurement Recommendation
For procurement managers sourcing carbide cutting tools, the current market environment favors placing consolidated, volume-based orders directly with factory suppliers to lock in pricing before further upstream cost increases flow through to finished goods. Buying through distributors at this stage adds both markup risk and lead-time uncertainty.
Our Solid Carbide Tools — Factory Direct from Changzhou
Internal coolant-channel solid carbide drills. ø3–20mm. 7 depth ratios. Prices lock in directly at current WC powder costs — no distributor lag.
Standard solid carbide twist drills for P/M/K/N materials. ø3–20mm. 53 SKUs. Cost-effective option when internal coolant is not required.
5 coating variants from ø1–20mm. WC powder is the dominant input cost — factory-direct pricing immediately reflects current market rates.
For 3D contouring, mould and die, and complex surface finishing. 4 coating variants. Buy direct to avoid double-margin on rising raw material costs.
7 corner radii, 3 coatings (TiSiN, nACo, Uncoated). Shoulder milling and semi-finishing in steel, hardened steel, and aluminium.
Outlook
Near-term tungsten price direction will hinge on two factors: whether downstream demand picks up as manufacturers clear inventory backlogs, and whether concentrate supply constraints ease in the coming weeks. Until either materializes, the market is likely to remain rangebound with a mild upward bias, supported by the strategic scarcity narrative around tungsten as a critical mineral.
We will continue publishing weekly tungsten price updates to help procurement teams at manufacturing companies track raw material cost trends and make informed sourcing decisions.
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