Tungsten prices continued to weaken on April 29, with raw materials down 15%–30% from the second half of March and scrap tungsten down more than 50% from its peak. This Chinatungsten Online brief explains the inventory release, softer restocking demand, and what the downturn means for carbide tool buyers.
Tungsten prices continued to weaken on April 29, with bearish sentiment dominating the market. According to Chinatungsten Online, tungsten raw material prices have fallen 15%–30% since the second half of March, while tungsten scrap prices have dropped by more than 50% from their highs.
Market overview: sentiment cools after a one-way rally
This round of tungsten price declines reflects a cooling of sentiment after a sustained unilateral price increase, combined with marginal changes in supply and demand. The market is no longer trading on momentum alone; participants are now reassessing inventory, cash flow, and real downstream consumption.
On the supply side, inventory release pressure is clear. Tungsten ore supply is still constrained by quota controls, environmental inspections, and compliance requirements, but concentrated profit-taking has triggered panic selling and downward pressure. As a result, spot supply feels relatively ample and price performance remains weak.
On the demand side, buying willingness has weakened. As speculative sentiment fades and a “do not buy while prices are falling” mindset spreads, traders and downstream users have slowed restocking. New orders are scarce, and negotiated prices face further pressure.
Price table — April 29, 2026 (Chinatungsten Online)
The following table summarises the latest published price points as of April 29, 2026. “From peak” and year-to-date changes are stated by the source.
| Product | Price | YTD Change |
|---|---|---|
| 65% wolframite concentrate | RMB 750,000/ton | +63.0% YTD |
| 65% scheelite concentrate | RMB 749,000/ton | +63.2% YTD |
| Ammonium paratungstate (APT) | RMB 1,180,000/ton | +76.1% YTD |
| European APT | USD 2,800–3,320 (≈ RMB 1,692,000–2,006,000)/ton (equiv.) | +232.6% YTD |
| Tungsten powder | RMB 2,000/kg | +85.2% YTD |
| Tungsten carbide powder | RMB 1,930/kg | +85.6% YTD |
| Cobalt powder | RMB 575/kg | +10.6% YTD |
| 70% ferrotungsten | RMB 1,100,000/ton | +69.2% YTD |
| European ferrotungsten | USD 290–305/kg W (≈ RMB 1,386,000–1,458,000)/ton (equiv.) | +116.4% YTD |
| Scrap tungsten rods | RMB 680/kg | +13.3% YTD |
| Scrap tungsten drill bits | RMB 630/kg | +8.6% YTD |
Source: Chinatungsten Online · YTD = Year-to-date change from Jan 1, 2026 · WoW = Week-on-week
What this means for solid carbide tool buyers
- The sharp decline in scrap tungsten shows weak liquidity and cautious recycling-market demand; this can influence short-term carbide cost expectations.
- APT and tungsten carbide powder are still far above beginning-of-year levels, so finished carbide tools may not reprice as quickly as headline spot prices.
- Falling markets often shorten quote validity because suppliers must balance old inventory costs with new raw material offers.
- For production tooling, avoid waiting for the absolute bottom; quote confirmed demand first and separate emergency stock from speculative buying.
Procurement recommendation
Use the current downward cycle to review standard drill and end mill consumption, clean up duplicated specifications, and request batch pricing from factory-direct suppliers. If your production schedule is fixed, lead time and consistency may matter more than a small additional raw-material dip.
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Outlook
Resource liquidity and capital flow in the tungsten market remain slow, while sentiment is cautious and divided. Without a visible release of rigid demand or another substantial positive catalyst, tungsten prices are likely to remain in a short-term downward cycle.
We will continue tracking tungsten concentrates, APT, tungsten powder, tungsten carbide powder, ferrotungsten, cobalt powder, and scrap indicators to help machining buyers plan raw-material-sensitive tooling budgets.
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