On Monday, December 15, 2025, the tungsten market saw continued high prices. This was driven by both year-end maintenance and production cuts at mines and smelters, and a surge in international tungsten prices, leading to disorderly price jumps. However, high-level risks and financial pressures are accumulating, resulting in a divergence between price and volume, and a tense market sentiment.
In the tungsten concentrate market, due to considerations of year-end market trends and the influence of environmental protection and safety factors, mining activity is slowing, and resource release is significantly tight, providing a solid foundation for prices across the entire industry chain. The price of 65% black tungsten concentrate was 383,000 yuan/standard ton, up 167.8% from the beginning of the year. The price of 65% white tungsten concentrate was 382,000 yuan/standard ton, up 169.0% from the beginning of the year.
In the ammonium paratungstate market, announcements of cyclical production cuts by smelters exacerbated the tight supply situation. Coupled with cost support, prices remained high, with transactions primarily consisting of long-term contracts. Ammonium paratungstate (APT) prices were reported at 580,000 yuan/ton, up 174.9% from the beginning of the year. European APT prices were reported at $800-825/ton (equivalent to 500,000-515,000 yuan/ton), up 146.2% from the beginning of the year.
In the tungsten powder market, suppliers were actively pursuing higher prices, but buyers' risk aversion dominated, resulting in a highly sensitive market with irrational price fluctuations and very little active trading. Tungsten powder prices were reported at 940 yuan/kg, up 197.5% from the beginning of the year. Tungsten carbide powder prices were reported at 900 yuan/kg, up 189.4% from the beginning of the year. Cobalt powder prices were reported at 510 yuan/kg, up 200% from the beginning of the year.
In the ferrotungsten market, prices were mainly adjusted based on raw material cost transmission and international price fluctuations, with a firm market trend. 70% ferrotungsten prices were reported at 530,000 yuan/ton, up 146.5% from the beginning of the year. European ferrotungsten prices were reported at $102.65-109.5 per kilogram of tungsten (equivalent to RMB 507,000-541,000 per ton), a 141.1% increase since the beginning of the year.
In the tungsten scrap market, with raw material prices continuing to adjust more than expected, recyclers' sentiment was mixed, with some holding back to chase rising prices while others opted to secure profits, resulting in overall tightening liquidity. Scrap tungsten rod prices were reported at RMB 565 per kilogram, a 156.8% increase since the beginning of the year. Scrap tungsten drill bit prices were reported at RMB 535 per kilogram, a 134.6% increase since the beginning of the year.
