Tungsten Price Surges from August, Zhangyuan Tungsten Share Gains by Daily Limit

In H1 2026, Americas moly supply divergence deepened. Despite stronger mining profits, overall output failed to rebound. While H2 may see recoveries at select large mines, supply elasticity remains constrained. Which operations are dragging on supply, and where will incremental growth emerge? SMM data reveals a market entering a new phase of "stronger margins, diverging production, and concentrated incremental gains."...

SMM, September 11‑International molybdenum oxide prices moved sharply higher. SMM assessed Molybdenum Oxide CIF Tianjin Port at $33.9‑34 per lb‑Mo, with the average settling at $33.95 per lb‑Mo (equivalent to roughly RMB 5,735 per dmtu on a China tax‑inclusive basis), up $0.28 per lb‑Mo from the previous trading day. The import arbitrage window for molybdenum oxide remains closed. Bullish sentiment returned in China’s spot market, with holders keeping offers firm and ferro‑molybdenum transaction prices edging higher. Today SMM’s 45% molybdenum concentrate was assessed at RMB 5,425 per dmtu; molybdenum oxide stood at RMB 5,535 per dmtu, unchanged day‑on‑day. Steel mill procurement tenders for ferro‑molybdenum were mainly concluded at RMB 339,000‑340,000 per tonne.

Martina McIsaac, an executive at major U.S. industrial‑tool distributor MSC Industrial, warned on September 9 (local time) that a tungsten supply shock is rippling through the company’s supply chain and continuously driving up costs for industrial cutting tools. The tungsten‑supply shock keeps disrupting supply chains, with inflation for tungsten‑carbide inputs hitting roughly 500 %, and higher costs are being passed down to downstream manufacturers. Although tungsten prices have stabilized, suppliers are adjusting prices at different paces due to varying sources of tungsten‑powder procurement and inventory levels, and the ripple inflationary effects have not run their course.