Analysis of Latest Tungsten Market from Chinatungsten Online
In October 2025, China's tungsten market overall exhibited a shift from cautious observation and stabilization to a firm upward push. In the first half of the month, influenced by the price downturn in September and the National Day holiday, market participants remained prudent and watchful, with prices facing localized pressure. In the second half of the month, as tungsten raw material supplies tightened further, smelters maintained firm long-term contract prices, and cost pass-through effects became evident, market confidence began to recover. Speculative fervor spread rapidly, igniting a new round of concentrated price hikes. Within just half a month, mainstream quotes for tungsten concentrate and ammonium paratungstate (APT) surged by over 10%, continuously refreshing historical highs; tungsten powder and tungsten carbide powder followed suit with price increases; and cemented carbide enterprises, facing sharp increases in tungsten and cobalt raw material costs, issued new rounds of price increase notices.
1.1 Reasons for Current Tungsten Price Increases
(1) Supply-Demand Imbalance Lays the Foundation for Upside
On the supply side, national production control policies continue to take effect. The annual total mining quota for tungsten has not yet been officially announced. Coupled with the normalization of environmental and safety inspections, and the expected seasonal maintenance and production reductions at smelters, the tungsten raw material supply chain is generally tight. Holders of tungsten are reluctant to sell at low prices and have a strong intention to support the market. On the demand side, demand for high-performance tungsten materials from strategic emerging industries such as new energy, aerospace, electronics, and defense is steadily increasing. While the traditional cemented carbide tool sector is somewhat suppressed by economic conditions and cost factors, it still maintains some rigid procurement demand. Overall, the structural contradictions in the market's supply and demand fundamentals are obvious, and the seller's market has been relatively strong recently.
(2) Macro Environment Catalyzes Market Sentiment
Uncertainty surrounding global economic recovery and intensified geopolitical competition have further highlighted the strategic value of key minerals. Developed economies such as Europe and the United States are accelerating the construction of a tungsten supply chain security system, driving up global competition for tungsten resources. As the leader in the global tungsten industry chain, China's market participants have deepened their recognition of the strategic attributes of tungsten, significantly boosting market sentiment.
(3) Capital Inflows Amplify Price Elasticity
The investment potential of the tungsten market is gradually becoming apparent, with speculative and industrial capital accelerating their involvement, driving up the stock prices of listed tungsten companies, improving the cash flow of tungsten raw material companies, further boosting confidence in the industry chain, and intensifying the market's speculative atmosphere. However, the "double-edged sword" effect of capital needs to be guarded against: capital is profit-driven and sensitive, amplifying short-term upward momentum while also sowing the seeds of potential corrections. Once sentiment shifts or profit-taking occurs, price volatility may intensify.
1.2 Risks for Future Tungsten Market Downturns
(1) Excessive Supply Release: If tungsten mining quotas, expansion project progress, and raw material imports exceed expectations, market supply pressure will emerge.
(2) Marginal Demand Shifts: Downstream cemented carbide companies face difficulties in passing on costs. If terminal demand growth slows, acceptance of high-priced raw materials will decline.
(3) Capital Ebb Risk: Tightening liquidity or shifts in macro policies could cool speculative sentiment and trigger profit-taking, amplifying price pullbacks.
(4) Macro Factor Shocks: Global economic recession, escalating trade barriers, or breakthroughs in substitute material technologies could all erode tungsten's strategic premium.
Prices of Tungsten Products on October 31, 2025
Tungsten Price Trend from January to October 31, 2025
