2026년 5월 중국 텅스텐 시장은 급격한 하락 조정을 겪었고 주요 원료 가격은 연초 또는 2025년 말 수준에 가까워졌다. 월말에는 공급 측 심리가 개선됐지만 반등에는 더 강한 하류 수요가 필요하다.
China’s tungsten market moved through an accelerated downward adjustment in May 2026. According to Chinatungsten Online, major tungsten raw materials generally retreated toward levels last seen at the beginning of the year or the end of 2025, with prices down roughly 60% from the mid-March peak and more than 40% during the month.
Market overview: sharp correction, then tentative stabilization
As the market bubble gradually deflated, short-term profit-taking by intermediate traders weakened. Mines and intermediate smelting enterprises then started to show a bottoming-out and rebound mindset, especially after the steep drop removed part of the earlier speculative premium.
By late May, downstream companies increased inquiries for tungsten powder raw materials. Tungsten concentrate and ammonium paratungstate (APT), both near the source of the industrial chain, shifted from a wait-and-see posture to tentative price increases. Across the chain, expectations for market stabilization improved compared with the previous period.
Why the rebound is still fragile
The recent price increase is mainly a recovery in supply-side sentiment rather than a clear signal of large-scale downstream demand. The market remains in a sensitive adjustment cycle, with bullish and bearish views still competing across concentrates, APT, powders, ferrotungsten and scrap.
Most participants appear to prefer a stable operating range before rebuilding inventory. A steadier price band would reduce procurement risk and may gradually stimulate real demand from powder producers, carbide rod makers, steel mills and cutting-tool manufacturers.
Price table — May 28, 2026 (Chinatungsten Online)
The following table summarizes the latest tungsten product prices reported by Chinatungsten Online as of press time. “From peak” and year-to-date changes follow the source text.
| 제품 | 가격 | YTD 변동 |
|---|---|---|
| 65% wolframite concentrate | RMB 420,000/ton | −8.7% YTD |
| 65% scheelite concentrate | RMB 419,000/ton | −8.7% YTD |
| Ammonium paratungstate (APT) | RMB 670,000/ton | 0.0% YTD |
| European APT | USD 3,000–3,140/mtu (≈ RMB 1,798,000–1,882,000)/ton (equiv.) | +233.7% YTD |
| Tungsten powder | RMB 1,000/kg | −7.4% YTD |
| Tungsten carbide powder | RMB 950/kg | −8.7% YTD |
| Cobalt powder | RMB 565/kg | +8.7% YTD |
| 70% ferrotungsten | RMB 700,000/ton | +7.7% YTD |
| European ferrotungsten | USD 230–250/kg W (≈ RMB 1,090,000–1,185,000)/ton (equiv.) | +74.6% YTD |
| Scrap tungsten carbide rods | RMB 680/kg | +13.3% YTD |
| Scrap tungsten carbide drill bits | RMB 650/kg | +8.6% YTD |
출처: Chinatungsten Online · YTD = 2026년 1월 1일부터 연초 대비 변동 · WoW = 전주 대비
What this means for solid carbide tool buyers
- The steep decline in tungsten concentrates, APT, tungsten powder and WC powder reduces raw-material pressure compared with the March peak.
- A tentative rebound at mines and smelters can shorten quote validity if suppliers begin raising raw-material assumptions before downstream demand fully returns.
- European APT and ferrotungsten remain far above early-2026 levels, so international buyers should compare China and overseas references separately.
- For production tooling, separate urgent carbide drill and end mill needs from speculative stock building; locking critical sizes first can reduce production risk.
Procurement recommendation
Use the current adjustment period to refresh standard carbide tool cost assumptions, compare quote validity, and consolidate repeat sizes. If the market forms a stable operating range, buyers may have a better window to plan summer and autumn carbide drill, end mill and custom tooling orders.
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Outlook
The tungsten market may first need to build a stable price range before demand recovers meaningfully. Supply-side sentiment has improved, but buyers will likely remain selective until downstream orders and powder procurement become more consistent.
Solid Carbide Direct will continue tracking tungsten concentrates, APT, tungsten powder, tungsten carbide powder, cobalt powder, ferrotungsten and scrap indicators to help machining buyers plan raw-material-sensitive tooling budgets.
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