International Tungsten Market: First Correction After Consolidating at Highs, Buyers and Sellers in Standoff Awaiting New Transactions
As of April 24, 2026, according to SMM data, APT CIF Rotterdam was quoted at $2,900-3,200/mtu with an average price of $3,050/mtu, down $135 WoW; ferrotungsten Rotterdam warehouse was quoted at $290-310/kg W with an average price of $300/kg W, down $20 WoW.
International tungsten raw material prices saw their first correction after consolidating at highs for three weeks. According to SMM's survey this week, overall raw material transactions in the international market remained quiet, with no substantive new spot orders materializing, though procurement sentiment in European and American end-use markets was quietly shifting.
Looking back at March, Chinese tungsten prices surged continuously, simultaneously intensifying panic sentiment among cemented carbide end-users outside China. Against the backdrop of raw material shortages that had persisted for a full year, some end-user buyers began accepting high quotes and stringent payment terms to secure sporadic spot order APT on the market in order to safeguard production. Entering early April, markets ex-China had essentially run out of spot cargo available for sale in the short term, resulting in a month-long trading standstill. During this period, Chinese raw material prices continued to drift lower, European and American end-user procurement sentiment gradually shifted to wait-and-see, and actual transaction prices remained at the early April level of $2,900-3,200/mt, with buyer willingness to negotiate on prices beginning to emerge.
Additionally, according to feedback from international cutting tool producers, due to the price spread between APT in the European and Chinese markets, some Chinese traders were offering lower prices to buyers outside China, but their relevant export qualifications remained unclear, and whether actual exports could be carried out still required further verification.
Overall, the supply-demand fundamentals in the international market had not undergone substantive changes, spot order trading was at a standstill, and buyers and sellers were in a standoff. Wait-and-see sentiment among end-users drove a slight correction in prices, but SMM believes this is not a signal of accelerated decline. The current price trend still needs new transactions to validate market acceptance — after all, compared to the beginning of 2026, APT CIF Rotterdam prices have cumulatively risen 205%.
International Tungsten Scrap Market: European Inventory Under Pressure Pulling Back, Indian Traders Awaiting May
As of April 24, European tungsten carbide scrap inserts were quoted at 105-115 euros/kg, with an average price of 110 euros/kg, down 5 euros WoW; Indian tungsten carbide scrap drill bits were quoted at FOB 135-145 $/kg, with an average price of $140/kg, down $5 WoW.
In April, the European tungsten scrap market exhibited a continued gradual decline. The main reason was that in March, driven by rising raw material prices, scrap prices surged rapidly, and some recyclers stockpiled in anticipation of further increases. However, as market sentiment shifted in April, inventory digestion became more difficult, compounded by some Turkish traders shipping at lower prices, scrap prices began to pull back. SMM believes that whether tungsten scrap prices can stop falling still depends on the trend of European APT. In the short term, as inventory is gradually cleared, European scrap prices may enter a range-bound pattern.
In April, the Indian tungsten scrap market was in a consolidation phase following the pullback. Inventory clearing was mainly concentrated in March, and overall trading activity in April was relatively sluggish. Most traders maintained firm price quotations and held bullish expectations for the May market. Subsequent price trends still need to be monitored in terms of actual demand from local producers for scrap and changes in procurement sentiment.
China Tungsten Market: Gradual Decline and Adjustment in April, Supply and Demand Unchanged Awaiting Q3 Recovery
In April, the Chinese tungsten market overall exhibited a gradual declining trend. SMM analysis suggests that, supply side, policies continued to tighten, mine supply saw no substantive change, and regulatory intensity was not relaxed either. Long-term contract market prices remained firm, covering over 70% of the market supply; however, driven by panic sentiment, spot order market quotations were lower, dragging overall prices downward.
Demand side, end-user procurement was weak, and the new orders cycle had not yet started. On one hand, scrap utilization rates increased, with downstream enterprises relying more on scrap for production; on the other hand, the continued gradual price decline led end-users to adopt a strategy of purchasing in small batches, no longer replicating the concentrated rush-buying pattern seen in March.
Overall, the fundamental supply-demand dynamics of the tungsten market have not undergone fundamental changes, and the demand gap persists. The market is currently still in an adjustment phase, and prices may stop falling relatively soon, but a rapid rally is unlikely in the short term, and the recovery of market sentiment still requires time. Greater confidence in the market outlook is concentrated in Q3.
