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Tungsten and cobalt prices continue to rise.

Publication date:

2025-09-28

Author:

Source:

Report on the tungsten market for On September 26, 2025, this week tungsten prices remained weakly stable. The increased demand for liquidity from holders, combined with the slow pace of restocking by buyers, widened market trading margins. Additionally, successive downward adjustments in benchmark prices from major tungsten producers and in long-term contract rates during the week further dampened market sentiment. However, overall, this round of corrections appears relatively rational compared to the previous rapid pace of price hikes. As the Mid-Autumn Festival and National Day holidays approach, industry experts anticipate that the market will adopt a cautious and moderate stance ahead of the break. Moving forward, attention will shift to how policies evolve and whether end-users resume their stock-replenishment activities. Meanwhile, in the tungsten concentrate market, short-term supply conditions and market sentiment have eased temporarily, with transaction prices trending slightly lower. Long-term, however, focus remains firmly on tungsten’s resource scarcity and strategic importance, keeping bullish outlooks intact.

In the ammonium paratungstate (APT) market, commercial activity remained relatively subdued. With mineral prices declining in the early stages of the supply chain and consumption facing challenges in the final phases, market confidence has waned. Transaction prices have adjusted downward, aligning with the long-term procurement costs of tungsten companies.
Ammonium paratungstate (APT) prices were quoted at 395,000 yen per ton, marking a weekly decline of 2.5% but representing an 87.2% increase since the beginning of the year.
European APT prices were quoted at $570–650 per tonne-degree (equivalent to 360,000–410,000 RMB per ton), representing a weekly increase of 2.1% and an 84.9% rise since the beginning of the year.
In the tungsten powder market, risk aversion prevailed, and trading activity remained low, with a case-by-case negotiation approach continuing to dominate. Carbide manufacturers experienced a slight improvement in their bargaining power for tungsten raw materials, although price pressures on cobalt increased significantly over the week.
Tungsten powder prices stood at 630 RMB per kilogram, representing a 0.8% decrease from the previous week, but a remarkable 99.4% increase since the beginning of the year.
The prices of tungsten carbide powder stood at 615 yen/kg, representing a 0.8% decrease compared to the previous week, but a significant 97.8% increase since the beginning of the year.
Cobalt powder prices were quoted at 380 yen/kg, representing a 16.9% increase from the previous week and a 123.5% rise since the beginning of the year.

In the ferrotungsten market, overall activity has cooled down, and prices have trended downward, influenced by moderating costs and a slight pullback in international market prices.
Ferrotungsten containing 70% tungsten was quoted at 390,000 yen per ton, representing a 2.5% decrease from the previous week, but an 81.4% increase since the beginning of the year.
European ferrotungsten prices ranged between 80 and 82 U.S. dollars per kilogram of tungsten (equivalent to between 399,000 and 409,000 RMB per ton), marking a weekly decline of 3.4% but a year-to-date increase of 84.1%.
In the tungsten scrap market, influenced by rational sentiment at the commodity end, the downward trend slowed significantly this week. Overall market liquidity remained acceptable, amid a cautious and watchful atmosphere.
The prices of tungsten scrap bars stood at 385 RMB per kilogram, unchanged from the previous week, marking a 75% increase since the beginning of the year.
Tungsten scrap drill bit prices were quoted at 370 RMB per kilogram, unchanged from the previous week, reflecting an increase of

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