Tungsten Market Update — March 24, 2026: Divergent Trends as Stagflation Fears Dampen Sentiment

The tungsten market turned cautious on March 24, 2026, with divergent trends across product segments as Middle East tensions pushed oil prices higher and reignited stagflation fears. Scrap tungsten prices softened on panic selling while primary raw material prices held firm — full price table inside.

The tungsten market on March 24, 2026 is exhibiting divergent trends across product segments. While primary raw materials — concentrates, APT, and processed powders — continue to hold firm, the scrap market is showing distinct signs of weakness. Traders remain cautious across the board, and overall trading volumes are subdued as participants wait for clearer directional signals before committing.

Market Overview: Three Forces Shaping Tungsten Prices

Three primary variables are driving price behaviour in the current tungsten market. The first is supply and demand fundamentals: both the pace of supply release and the appetite for demand-side purchasing remain sluggish, creating a persistent tug-of-war that leaves prices without clear momentum in either direction. Market participants are alert to periodic profit-taking and selling pressure, which adds a layer of caution to every transaction.

The second variable is capital-related: diminished market risk appetite and tightening liquidity are amplifying short-term price volatility beyond what physical supply and demand alone would justify. The third, and most significant new factor today, is the macroeconomic backdrop: an oil price surge triggered by escalating Middle East tensions has ignited global stagflation concerns. The resulting sharp swings in equity and commodity markets have cooled speculative interest in tungsten from both in-industry and outside-industry capital alike.

Scrap Tungsten Market: Panic Selling Shifts Bargaining Lower

The tungsten scrap and recycled material segment is diverging noticeably from primary raw materials. Holders of scrap tungsten rods and drill bits are facing cash flow pressures and pessimistic short-term outlooks, prompting a degree of panic selling that has pushed the focal point of market bargaining further downward. Scrap rods declined 3.9% week-on-week to RMB 1,100/kg, and scrap drill bits fell to RMB 1,080/kg. Despite these week-on-week pullbacks, both products remain significantly higher than at the start of the year — rods are up 83.3% YTD and drill bits up 86.2% year-on-year, underscoring the depth of the underlying structural rally.

Primary raw material prices — wolframite and scheelite concentrates, APT, and processed powders — are holding comparatively steady at the levels established in recent sessions. Bulls and bears remain locked in a standoff: supply release is slow, but so is purchasing appetite on the demand side. Prices lack the momentum for a significant breakout in either direction in the near term.

Tungsten Price Table — March 24, 2026

All prices as reported by Chinatungsten Online at press time, March 24, 2026.

What This Means for Solid Carbide Tool Buyers

For procurement teams sourcing solid carbide drills and end mills, today's market data reinforces several key signals. Tungsten carbide (WC) powder — the primary substrate material in cemented carbide tooling, typically 70–90% of total tool weight — remains at RMB 2,320/kg, up 123% since January. This level of raw material inflation has already flowed through to finished carbide tool pricing across the industry.

• Primary raw material prices (APT, WC powder, concentrates) are holding firm — no near-term relief expected while supply remains tight.
• European APT at +188% YTD continues to be the starkest indicator of how severe the supply squeeze is in Western market benchmarks.
• Scrap tungsten softening week-on-week reflects short-term liquidity stress rather than a structural reversal — it is not a leading indicator of primary price direction.
• The oil price surge and stagflation risk are a new headwind: energy costs affect smelting, grinding, and coating processes throughout the carbide tool supply chain.
• Cobalt powder (+11.5% YTD) remains a minor cost driver relative to tungsten — cemented carbide tool cost inflation is overwhelmingly tungsten-driven.

Procurement Recommendation

With macro uncertainty now adding energy cost risk on top of already elevated raw material prices, procurement managers should prioritise volume consolidation and direct-factory sourcing over spot buying through distributors. Locking in pricing for 90–180 day horizons where possible protects against further upstream cost pass-through — particularly relevant if the oil situation escalates or if concentrate supply remains constrained into Q2.

Outlook

The immediate outlook for tungsten prices is cautiously rangebound with a mild upward bias on primary materials, but increasing downside risk on scrap as cash-flow pressures build among recycled material holders. The key variable to watch is whether the global macro environment — particularly Middle East geopolitics and oil price trajectory — sustains or reverses the current risk-off mood. A de-escalation could unlock some of the sideline capital that has been dampening speculative activity, potentially reigniting upward pressure on primary tungsten prices.

We publish weekly tungsten and carbide raw material price updates to help manufacturing procurement teams stay ahead of cost trends. Follow our Industry Insights for the next update.