Tungsten Prices Surge Sharply in Recent Days – Market Update From QIDELI

According to Chinatungsten Online, tungsten prices have been rising sharply since 2026, with an average daily increase of about 1.5% and a recent surge of 3.5%-4% per day, as tungsten powder and tungsten carbide powder prices have both exceeded RMB 1.4 million/ton.

 The industry has divergent views on whether the current high prices are a temporary peak or a medium-to-long-term intrinsic value revaluation; while the market is bullish, participants acknowledge that part of the gains have preempted future expectations, and the game between buyers and sellers has intensified.

Despite active quotations and high market sentiment, actual transaction volume has not increased proportionally due to downstream and trading companies’ concerns about high-price buying risks and supply shortage impacts. Spot transactions are mostly case-by-case with cash settlement, and market risk aversion has risen. Some manufacturers even plan to advance holidays amid rising costs and order pressure.

As of press time, all major tungsten products have seen significant year-to-date increases: 

65% wolframite and scheelite concentrates both rose 27.2% to RMB 585,000/ton and RMB 584,000/ton respectively; 

APT increased 29.9% to RMB 870,000/ton (European APT up 30.7%); 

tungsten powder and tungsten carbide powder rose 34.3% and 34.6% to RMB 1,450/kg and RMB 1,400/kg respectively, with scrap tungsten products also seeing gains of over 35%.

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.