Summary of the Latest Tungsten Market Dynamics

According to the latest analysis from Chinatungsten Online, the global tungsten market has witnessed a sharp price surge recently. 

As of the press date, key tungsten products have hit new highs:

 65% wolframite concentrate and white tungsten concentrate are priced at RMB 500,000/ton and RMB 499,000/ton respectively; 

ammonium paratungstate (APT) has exceeded RMB 730,000/ton (European APT ranges from USD 950-987/mtu); 

tungsten powder is approaching RMB 1.2 million/ton (RMB 1,190/kg); 

meanwhile, tungsten carbide powder, cobalt powder, 70% ferrotungsten, and scrap tungsten products also show corresponding price levels.

The sharp rise in tungsten prices is supported by multiple core logics: 

firstly, the supply of tungsten resources is tight, with domestic mining restricted by environmental policies and output control, and overseas resource replenishment limited before 2027; 

secondly, tungsten has rigid demand in machinery processing, aerospace, defense, and other fields, with irreplaceable short-term demand; thirdly, the strategic value of tungsten has been reassessed amid complex international geopolitics; 

finally, industrial and financial capital resonance, coupled with enterprises' reluctance to sell and speculative capital intervention, has further boosted prices.

However, the market also faces multiple uncertainties:

 the expansion of urban mining driven by high prices may increase supply;

 the lag of downstream consumption may accelerate the search for alternative materials; 

weak global macroeconomic growth may suppress demand; and the potential withdrawal of speculative capital may exacerbate market volatility.

• Rising Hard Alloy Costs Create Pressure for the Drilling Tools Industry

  As tungsten carbide powder prices continue climbing, the cost of producing hard alloys is rising in parallel.
  Tungsten carbide is one of the core materials used in the drilling tools industry, and cost increases directly affect the following products:

  DTH drill bits

  Button bits

  Chisel bits

  Cross bits

  Threaded bits

  PDC products that include a hard-alloy matrix

  
  

  For manufacturers, high raw material prices are compressing profit margins and forcing an adjustment in product pricing structures across the industry.

  
  

  
  

  QIDELI Outlook: Industry Trends in a High-Cost Era

  Based on feedback across the supply chain, there is still no clear sign of price correction in the short term.
  Tight resource availability, strong market sentiment, and active capital inflows together indicate that tungsten prices will remain at elevated levels.

  Against this backdrop, the drilling tools industry is expected to enter:

  A cost-sensitive period

  A product restructuring period

  A phase of rising demand for high-quality products

  
  

  QIDELI will continue to closely monitor upstream raw material price changes and provide clients with timely market insights and professional guidance.
  QIDELI remains committed to quality-first principles, maintaining high standards in raw material sourcing and production process control.
  Even in volatile market conditions, QIDELI will ensure stable product quality and reliable supply—a promise we uphold for our global customers as we face this new industry cycle together.