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As of March 16, tungsten prices in China saw a slight correction, with APT quoted at 1.505 million yuan/mt. The market's fear of high prices was released, entering a phase of rational wait-and-see. Outside China, supply remained persistently tight, with the average APT Rotterdam price at $2,200/mtu, while weekly gains in tungsten scrap prices in India and Europe exceeded 25%.

The after-tax unit price for Guangdong Xianglu Tungsten's long-term contracts in the second half of February 2026 is as follows: The unit price for black tungsten concentrate with a grade above 55% was 730,000 yuan per metric ton, up 39,000 yuan per metric ton MoM.

[SMM Overseas Tungsten Weekly Review: European Tungsten Market Surged This Week with APT Up Over 13% and Scrap Also Strengthened] As of February 19, prices for tungsten raw materials and scrap in the European market climbed across the board. SMM data showed that the average CIF Rotterdam price for ammonium paratungstate (APT) was $1,800/mtu, up 13.56% WoW; the average price for ferrotungsten was $200/kg W, up 1.5% WoW. The scrap market also strengthened, with the average price for European scrap tungsten drill bits at €90/kg, up 12.5% WoW; offers for scrap tungsten alloy blades rose to €89/kg. In the Indian scrap tungsten market, offers held steady, with FOB prices basically flat WoW.

Last week, surging European tungsten prices, driven by low inventories and panic buying, highlighted a severe supply-demand imbalance. While the scrap market sees a global shift due to high Asian premiums, EQR’s progress in Spain and Australia is strategically reshaping the non-Chinese supply landscape. Despite post-Lunar New Year caution, the upward price trend remains firm.

[SMM Tungsten Daily Review: Long-term contract prices for the second half of January raised significantly; tungsten market maintains jump trend] Short term, before Chinese New Year, domestic mine production declines due to safety controls and environmental protection-related controls, market tungsten ore circulation remains tight, while downstream cemented carbide and end-user manufacturing are in seasonal restocking cycle, supply-demand mismatch, tungsten supply-demand imbalance prominent, short term mainly hold up well, but also need to be alert, pre-holiday capital risk aversion, some suppliers' profit-taking demand increases, bringing phased under pressure issues. Medium and long term, global tungsten mine new capacity is limited, global geopolitics promotes strategic layout of key minerals, countries' competition for tungsten resources intensifies, supply chain security concerns rise, further strengthening supply-demand tight balance pattern. Tungsten market supply-demand gap will continue to widen, supporting tungsten prices to hover at highs, price center gradually lifts, industry will develop toward resource end concentration, deep processing technology upgrade direction.

As of last Friday, the European ammonium paratungstate CIF price had risen to $1,000/mtu, and the average ferrotungsten price reached $142/kg W, increasing by $100/mtu and $30/kg W, respectively, within a week. This round of price rises was primarily driven by tight supply and soaring prices in the Chinese market. Currently, the European market is characterized by rising prices but sluggish actual transactions: downstream customers generally adopted a wait-and-see approach, though some hard alloy end-users have started to accept high prices due to rigid production demands; the scrap tungsten market prices have also risen in sync. Analysis suggests that the European market needs to maintain price increases in line with or even at a premium to China's to remain competitive in procurement amid the tight raw material supply landscape.