After the May Day holiday, China’s tungsten market remained stable but cautious, with buyers and sellers waiting for fresh institutional forecasts and guidance from major producers. Chinatungsten Online reported weak raw-material sentiment, thin transactions, and sharp divergence in scrap tungsten price expectations.
After the May Day holiday, the tungsten market remained broadly stable, but trading sentiment stayed cautious. According to Chinatungsten Online, both buyers and sellers are waiting for new institutional price forecasts and guidance prices from major tungsten producers before making stronger commitments.
Market overview: post-holiday caution and thin spot liquidity
The raw-material side of the tungsten market still looks weak. Inventory holders are willing to stabilize quotations, but downstream end users are generally choosing to wait, reduce procurement intensity, and place fewer new orders. This has left spot liquidity thin across several segments.
The scrap tungsten market shows the clearest disagreement. Sellers are reluctant to accept low prices, while buyers continue to test rock-bottom bids. With no shared price consensus, transactions remain sluggish and cautious.
Segment analysis: concentrates, APT, powder and scrap
In tungsten concentrates, some low-priced resources are still influencing the market, while downstream purchasing initiative remains weak. Buyers and sellers are therefore cautious, and the market is in a stalemate while participants wait for clearer news.
In the APT market, export channels remain obstructed, domestic liquidity is poor, and spot transactions are rare. Investors are watching the cost side closely before making new moves.
In tungsten powder and tungsten carbide powder, post-holiday buyer sentiment remains uncertain. New orders are limited, rigid-demand purchasing is the main source of activity, and transaction pressure continues.
Ferrotungsten demand from downstream steel mills is generally weak, with spot transactions mainly driven by immediate needs. Cost support has stabilized, but the overall market remains sluggish.
Price table — May 6, 2026 (Chinatungsten Online)
The following table summarizes the latest published tungsten product prices on May 6, 2026. “From peak” and year-to-date changes are stated by the source.
| Product | Price | YTD Change |
|---|---|---|
| 65% wolframite concentrate | RMB 710,000/ton | +54.4% YTD |
| 65% scheelite concentrate | RMB 709,000/ton | +54.5% YTD |
| Ammonium paratungstate (APT) | RMB 1,150,000/ton | +71.6% YTD |
| European APT | USD 2,800–3,320 (≈ RMB 1,690,000–2,004,000)/ton (equiv.) | +232.6% YTD |
| Tungsten powder | RMB 1,960/kg | +81.5% YTD |
| Tungsten carbide powder | RMB 1,890/kg | +81.7% YTD |
| Cobalt powder | RMB 575/kg | +10.6% YTD |
| 70% ferrotungsten | RMB 1,060,000/ton | +63.1% YTD |
| European ferrotungsten | USD 290–300/kg W (≈ RMB 1,384,000–1,432,000)/ton (equiv.) | +114.6% 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
- Tungsten concentrate and APT prices are well below recent highs, but still far above beginning-of-year levels, so finished carbide tool costs remain elevated versus early 2026.
- Weak spot liquidity can shorten quote validity because raw-material offers may change once major producers release new guidance prices.
- The large fall in scrap tungsten points to cautious recycling demand and a wide gap between seller and buyer expectations.
- For production tooling, confirm urgent drill and end mill demand separately from speculative stock building; lead time and stable quality may matter more than waiting for the absolute bottom.
Procurement recommendation
Use the post-holiday quiet period to review standard carbide drill and end mill consumption, consolidate repeat sizes, and request batch pricing from factory-direct suppliers. For fixed production schedules, lock in critical tools first and keep optional replenishment flexible.
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Outlook
In the near term, tungsten prices are likely to remain range-bound and news-driven. Market participants are waiting for institutional forecasts, major-producer guidance, and clearer signals of downstream restocking demand.
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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