Global tungsten raw material prices have entered a gradual recovery phase in early June 2026. After a full correction from the March 2026 peak, key products including tungsten concentrate, APT (Ammonium Paratungstate), tungsten powder, and cemented carbide feedstock have stabilized and shown consistent small upward movements.

The current price recovery is supported by tight raw material supply, low industry inventories, and improving downstream demand from global manufacturing sectors. The market has now formed a clear bottoming structure and entered a slow but steady upward cycle.

1. Tight Raw Material Supply Supports Market Bottom

Supply constraints remain the primary driver of tungsten price stability and gradual recovery.

1.1 Limited Tungsten Concentrate Output in China

China accounts for more than 80% of global tungsten supply. During April–May 2026, domestic mining activity remained cautious following the previous price correction, leading to reduced spot availability of 65% wolframite concentrate.

At the same time, imports from Myanmar, Vietnam, and South America remained limited due to regulatory restrictions and logistics delays. As a result, smelters have increasingly relied on spot procurement, pushing concentrate prices into a steady upward adjustment trend.

1.2 Low APT Inventory Strengthens Price Support

APT remains a key intermediate product in the tungsten supply chain and a direct indicator of market balance.

In recent months, APT producers have significantly reduced inventory levels, with average stock coverage falling to approximately 12–18 days, well below normal levels. Limited raw material availability has forced continuous spot purchasing, contributing to steady price increases in APT quotations.

2. Gradual Demand Recovery Drives Steady Growth

Unlike the speculative surge seen in early 2026, the current price recovery is driven primarily by real consumption demand.

2.1 Cemented Carbide Sector Restocking

Cemented carbide products account for roughly 70% of global tungsten consumption. From March to May 2026, many manufacturers in Europe, Southeast Asia, and North America reduced inventories to manage price volatility.

By late May, inventories had reached low safety levels. As a result, end-users have begun gradual restocking of tungsten powder and WC powder to support stable production of cutting tools, mining tools, and machining components.

2.2 Recovery in Alloy Steel and Industrial Applications

Demand from high temperature alloy steel producers in Europe and the US has improved, supported by gradual recovery in aerospace and automotive manufacturing.

In addition, tungsten applications in electronics, including tungsten wire and thermal spray materials, continue to show stable demand. The scrap tungsten market has also remained active, further reinforcing price stability across the supply chain.

3. Market Trend and Price Overview (June 2026)

Following a sharp correction of nearly 50%–58% from the March peak, most tungsten products have entered a consolidation phase with gradual upward movement.

Key market prices (early June 2026):

   65% Wolframite concentrate: RMB 440,000/ton

   65% Scheelite concentrate: RMB 439,000/ton

   APT (China): RMB 720,000/ton

   APT (Europe): USD 2,900–3,180/mtu

   Tungsten powder: RMB 1,100/kg

   Tungsten carbide powder: RMB 1,060/kg

   Ferrotungsten (70%): RMB 720,000/ton

   Scrap carbide rods: RMB 720/kg

   Scrap carbide drill bits: RMB 670/kg

Overall, tungsten prices remain significantly below the March 2026 peak, but year-to-date performance shows a gradual recovery trend across most products.

4. Outlook for Q3 2026

Short term (June-July 2026)

The market is expected to maintain a slow upward trend supported by tight ore supply and ongoing restocking activity. Price volatility is likely to remain limited.

Mid term (Q3 2026)

Seasonal mining maintenance in China is expected to further constrain supply. Combined with continued recovery in global manufacturing PMI, tungsten demand is likely to strengthen further, supporting additional price upside potential.

5. Procurement Guidance for Global Buyers

Current market conditions present a relatively favorable procurement window for industrial buyers:

Split procurement strategy recommended: Secure inventory gradually during June-July to avoid future price pressure.

Focus on supply stability: Prioritize qualified suppliers with stable upstream access due to tight spot availability.

Monitor supply chain trends: Pay close attention to mining policies, scrap availability, and downstream manufacturing demand.

Disclaimer: All market analysis and price trends are based on China domestic spot market indicative data as of June 02, 2026. The content is for industrial market reference only, not as any trading basis.