Market Fear Accumulates as High Risks Persist, Tungsten Price Experiences First Sideways Movement Since Chinese New Year

China Tungsten Online reported on March 13 that tungsten prices have experienced their first sideways movement since the 2026 Spring Festival. Due to downstream end-users’ limited ability to absorb the rapid short-term cost increases, market risk aversion has been steadily building, with buyers adopting a wait-and-see attitude and overall trading activity decreasing. Meanwhile, the tungsten scrap market, having accumulated profits earlier, saw some participants taking profits, further intensifying market caution.

Despite this, raw material holders remain optimistic about the long-term value of tungsten resources, citing their scarcity and strategic importance. Although some profit-taking demand exists within the market, overall willingness to lower prices is limited. In the current volatile and hesitant market environment, liquidity along the supply chain is tight, and price competition has increased.

Yesterday, Luoyang Molybdenum held an open auction for 30 tons of modified tungsten concentrate with an average grade of ≥22% WO3, starting at 16,100 yuan per ton (equivalent to 1.046 million yuan per standard ton). The highest bid was accepted at this price, with the remaining lots unsold.

Recently, the tungsten scrap market has seen increased panic selling. However, recyclers, adopting a buy-up-on-rises and sell-down-on-falls mentality, have shown reduced willingness to purchase. Some participants optimistic about long-term value have chosen to buy at lower prices. Overall, market strategies are diverging, and the market is experiencing a high-level correction.

As of press time,

The price of 65% black tungsten concentrate is 1.05 million yuan per standard ton, up 14.1% week-on-week and 128.3% since the beginning of the year.

The price of 65% white tungsten concentrate is 1.049 million yuan per standard ton, up 14.2% week-on-week and 128.5% since the beginning of the year.

Ammonium paratungstate (APT) is priced at 1.52 million yuan per ton, up 11.8% week-on-week and 126.9% year-to-date.

European APT prices are quoted at $2000–2195 per ton (equivalent to 1.218–1.337 million yuan per ton), up 7.9% week-on-week and 128.0% since the start of the year.

Tungsten powder is priced at 2,400 yuan per kilogram, up 11.1% week-on-week and 122.2% year-to-date.

Tungsten carbide powder is priced at 2,340 yuan per kilogram, up 11.4% week-on-week and 125.0% since the beginning of the year.

Cobalt powder is priced at 580 yuan per kilogram, unchanged week-on-week, up 11.5% year-to-date.

70% tungsten alloy (W-Fe) is priced at 1.42 million yuan per ton, up 9.2% week-on-week and 118.5% since the start of the year.

European tungsten alloy prices are quoted at $285–310 per kilogram of tungsten (equivalent to 1.373–1.493 million yuan per ton), up 21.4% week-on-week and 116.4% year-to-date.

Scrap tungsten rods are priced at 1,300 yuan per kilogram, down 1.5% week-on-week but up 116.7% since the beginning of the year.

Scrap tungsten drill bits are priced at 1,300 yuan per kilogram, unchanged week-on-week and up 124.1% year-to-date.