Since early 2025, tungsten market prices — especially for key industrial products such as 65% Wolframite Concentrate, APT (Ammonium Paratungstate), and Tungsten Powder — have shown a dramatic upward trend. This shift has significant implications for the tooling, machining, and manufacturing industries globally, especially for buyers in the U.S. and Canada.
In this article, we analyze the price trend from January 2025 to February 2026, provide data-driven insights, and explain what this means for businesses sourcing tungsten products.
📊 1. Price Trend Overview
The chart below — sourced from ChinaTungsten.com — shows how the prices of three key tungsten products evolved over 14 months.
| Product | Unit |
|---|---|
| 65% Wolframite Concentrate | RMB/ton |
| APT (Ammonium Paratungstate) | RMB/ton |
| Tungsten Powder | RMB/kg |
📈 2. Data Summary Table
| Date | 65% Wolframite (RMB/ton) | APT (RMB/ton) | Tungsten Powder (RMB/kg) |
|---|---|---|---|
| 2025-01-02 | 211,000 | 316 | 143 |
| 2025-03-12 | 207,000 | 312 | 140 |
| 2025-05-16 | 248,000 | 360 | 168 |
| 2025-09-09 | 418,000 | 545 | 288 |
| 2025-12-23 | 680,000 | 1080 | 462 |
| 2026-02-04 | 642,000 | 950,000 | 1,580 |
📊 3. Observations & Interpretation
📌 Phase 1 — Slow Movements (Jan to May 2025)
Wolframite concentrate hovered between ~207k–248k RMB/ton.
APT moved modestly from 312 to 360 RMB/ton.
Tungsten powder grew from 140 to 168 RMB/kg.
👉 This period reflected a balanced supply–demand situation, with no sharp disruptions.
📌 Phase 2 — Uptick Begins (May to Sep 2025)
65% Wolframite jumped ~68% (248k → 418k).
APT climbed ~51% (360 → 545).
Powder increased by ~71% (168 → 288).
💡 This was the first indication of tightening supply or rising raw material costs.
📌 Phase 3 — Accelerated Growth (Sep to Dec 2025)
| Product | % Increase |
|---|---|
| Wolframite Concentrate | ~63% |
| APT | ~98% |
| Tungsten Powder | ~61% |
📈 By late 2025, prices climbed rapidly due to:
Strong manufacturing demand
Supply constraints
Inventory tightening
📌 Phase 4 — Peak Surge (Dec 2025 to Feb 2026)
By early 2026:
APT skyrocketed to ~950,000 RMB/ton
Wolframite touched ~642,000 RMB/ton
Tungsten powder exceeded 1,500 RMB/kg
⚠️ This represents more than 2x growth in just two months.
🧠 4. What’s Driving the Surge?
🛠 1. Supply Chain Tightening
Suspension of mining operations in some regions
Reduced export quotas
Stockpiling by Chinese downstream manufacturers
📊 2. Strong End-Market Demand
Key industries consuming tungsten:
✔ Metal cutting tools
✔ Aerospace parts
✔ Automotive machining
✔ Wear parts for mining & construction
These sectors expanded their output in 2025, pushing up demand.
🌏 3. Geopolitical Export Restrictions
Export policies from China — historically the largest producer — affect global price levels.
📉 5. Impact on Tooling & Manufacturing
Price increases cascade through the supply chain:
| Product | Typical Use | Impact |
|---|---|---|
| Wolframite Concentrate | Raw material | Higher upstream costs |
| APT | Tungsten chemical feedstock | Affects powder production |
| Tungsten Powder | Tooling & parts | Directly increases tooling prices |
💡 6. Buyer Strategies in a Rising Market
✅ Early Contracting
Lock prices before increases.
✅ Diversify Sourcing
Consider suppliers outside China.
✅ Forecast Purchases
Plan inventory months ahead.
✅ Partner with Stable Suppliers
Work with vendors who provide long-term supply guarantees.
📊 7. Price Trend Analysis Chart (Interpretation)
📌 Key trend phases visible in the data:
Steady Start
Mid-year acceleration
Year-end surge
Peak in early 2026
This makes the case for bullish sentiment in tungsten pricing.
📌 8. What This Means for You
If your business buys tungsten tools or components:
✔ Expect continued cost pressure
✔ Budget for higher metal costs
✔ Lock in supplier agreements early
📌 9. Summary
To recap:
📍 Prices rose significantly from Jan ’25 to Feb ’26
📍 APT showed the largest increase
📍 Powder prices also surged due to strong demand
📍 Supply constraints and export policy likely caused price tightening
📌 10. Conclusion
The tungsten market is in the midst of an extraordinary upswing that’s affecting global supply chains. As an industry professional sourcing tungsten tools, parts, or raw materials, understanding this trend is critical to:
✔ Negotiating contracts
✔ Reducing exposure to volatility
✔ Positioning your company competitively
📎 Want Customized Price Forecast?
If you’d like a tailored analysis for your specific product (e.g., tungsten carbide tools, cemented carbide rods, PCD / PCBN tooling), I can prepare a custom price projection and downloadable infographic.
