Tungsten Market Hits Historic Highs: A Strategic Metal Enters A New Era

Tungsten Market Hits Historic Highs: A Strategic Metal Enters a New Era

Is RMB 1,000/kg Tungsten Powder the Next Milestone?

On August 15, 2025, Chinatungsten Online published an article that shook the industry. At that time, tungsten prices had just broken major psychological barriers:

• Tungsten concentrate: RMB 200,000/ton

• APT: RMB 300,000/ton

• Tungsten powder: RMB 450,000/ton.

In the comments section, one reader boldly predicted:“Tungsten powder will reach RMB 800/kg.”

Three and a half months later, this prediction is no longer speculation —the market has validated it with overwhelming force.

A Historic Price Rally: Tungsten Enters Its Acceleration Phase

In fewer than 120 days, tungsten powder surged from RMB 450,000/ton to 800,000/ton, an astonishing 78% increase.From the start of 2025 (RMB 316,000/ton) to today, the cumulative gain has already exceeded.

New price levels (as of today) mark historic highs:

• 65% wolframite concentrate is priced at RMB 345,000/ton, up 141.3% from the beginning of the year.

• 65% scheelite concentrate is priced at RMB 344,000/ton, up 142.3% from the beginning of the year.

• Ammonium paratungstate (APT) is priced at RMB 505,000/ton, up 139.3% from the beginning of the year.

European APT prices are reported at USD 735-780/mtu (equivalent to RMB 460,000-488,000/ton), up 129.6% from the beginning of the year.

• Tungsten powder is priced at RMB 805/kg, up 154.8% from the beginning of the year.

• Tungsten carbide powder is priced at RMB 775/kg, up 149.2% from the beginning of the year.

• Cobalt powder is priced at RMB 510/kg, up 200% from the beginning of the year.

• 70% ferrotungsten is priced at RMB 465,000/ton, up 116.3% from the beginning of the year.

European ferrotungsten prices are reported at USD 94-96/kg W (equivalent to RMB 466,000-475,000/ton), up 115.9% from the beginning of the year.

• Scrap tungsten rods are priced at RMB 487/kg, up 121.4% from the beginning of the year.

• Scrap tungsten drill bits are priced at RMB 460/kg, up 101.8% from the beginning of the year.

  
  

Industry participants describe this year’s rally as:“Strong, steady, and almost unidirectional — a rare long-lasting bull market.”

Even when small pullbacks appeared, the rebound that followed repeatedly broke through previous highs, creating a pattern of relentless upward momentum.

Why This Year’s Rally Goes Beyond Traditional Commodity Logic

Industry experts widely agree:

This surge is no longer just about supply and demand. It reflects a fundamental revaluation of a strategic resource.

Three structural forces are shaping the market:

Persistent Tightness in Raw Material Supply

• Limited capacity for domestic mines to increase output

• Long development cycles for new mines

• Environmental approvals and regulatory constraints

• Concentration of overseas resources in a few regions

The supply side simply cannot respond quickly — or sufficiently.

Steady Growth in High-End Manufacturing Demand

Tungsten’s applications continue to expand in:

• New energy technologies

• High-performance cutting tools

• Aerospace components

• Defense and military industries

As these sectors scale, tungsten powder becomes increasingly indispensable.

Capital Participation and Market Expectations Intensify the Trend

Investment enthusiasm is rising, and the “strategic metals” narrative is gaining traction.

Many believe that tungsten’s real value has been undervalued for years, and today’s rally represents a long overdue correction.

800 RMB/kg Is Here — Is RMB 1,000/kg Next?

The question is no longer “Will it happen?”

but rather: “When will it happen?”

Below are three likely scenarios:

Scenario 1: Strong Momentum Continues (Most Likely)

If supply remains tight and expectations strengthen, tungsten powder may reach RMB 1,000/kg in Q1–Q2 2026.

Scenario 2: Upward Trend with Periodic Volatility

Temporary corrections may occur, but as long as the price floor keeps rising, the 1,000/kg mark is still achievable sometime in 2026.

Scenario 3: Policy Intervention or Demand Fluctuation

Even if short-term cooling occurs, structural fundamentals suggest RMB 1,000/kg is ultimately inevitable.

Conclusion: The Global Repricing of Tungsten Has Begun

This year’s market is more than a “bull run.”It marks the beginning of a broader recognition of tungsten’s:

• Scarcity

• Irreplaceability

• Strategic importance

• Essential role in advanced manufacturing

As tungsten powder stabilizes at RMB 800/kg, RMB 1,000/kg is no longer a distant idea —it is the next stage of market evolution.