Market Report · Metals & Mining · Chinatungsten Online
Tungsten prices slide on supply glut and softening downstream demand
Bid-ask spreads widen and transaction volumes thin as bearish sentiment takes hold across the tungsten complex; market participants await guidance from major producers.
Source: Chinatungsten Online | May 2025
Tungsten prices continue to trade under downward pressure, driven by a convergence of three structural forces: an uptick in circulating supply, contracting end-user demand, and tightening funding conditions. The strategic resource premium that had historically underpinned tungsten valuations has narrowed markedly, leaving pricing increasingly hostage to real-time supply-demand dynamics and prevailing market sentiment.
“The market outlook will hinge on substantial marginal shifts in supply and demand — and on pricing guidance from major tungsten producers in the second half of the month.”
On the supply side, a number of holders are releasing inventory in response to cash flow pressures and profit-taking objectives, swelling the volume of material available in the spot market. Downstream end-users are broadly bearish and risk-averse, opting to delay or reduce purchase orders rather than build stocks at current levels.
The result is a market characterised by subdued activity, wide bid-ask spreads, and a notable reluctance among participants to transact at prevailing levels. Traders and analysts will be watching closely for any decisive shift in supply-demand balances and for official quotations from leading tungsten companies as the month progresses.
Spot Prices as of Press Time
| Product | Price | vs. Peak | YTD |
|---|---|---|---|
| 65% Wolframite concentrate | RMB 440,000/t | −58.1% | −4.4% |
| 65% Scheelite concentrate | RMB 439,000/t | −58.2% | −4.4% |
| Ammonium paratungstate (APT) | RMB 680,000/t | −55.3% | +1.5% |
| European APT | USD 3,000–3,280/mtu | — | +241.3% |
| Tungsten powder | RMB 1,450/kg | −39.6% | +34.3% |
| Tungsten carbide powder | RMB 1,380/kg | −41.0% | +32.7% |
| Cobalt powder | RMB 570/kg | −1.7% | +9.6% |
| 70% Ferrotungsten | RMB 780,000/t | −45.1% | +20.0% |
| European ferrotungsten | USD 265–275/kg W | −14.6% | +96.4% |
| Scrap tungsten rods | RMB 650/kg | −52.6% | +8.3% |
| Scrap tungsten drill bits | RMB 600/kg | −56.2% | +3.5% |
All prices indicative. Source: Chinatungsten Online, May 2025.
Post time: May-19-2026
