Recently, China's tungsten prices have retreated from highs, with wolframite concentrates falling 16.18% over a period of more than one month. After lowering their long-term contract prices for the first half of April, multiple tungsten enterprises continued to cut long-term contract prices for the second half of April. However, in terms of the magnitude of this round of reductions, the long-term contract price cuts for the second half of April narrowed significantly compared to the first half, which to some extent helped market sentiment gradually stabilize. Currently, wait-and-see sentiment remains strong in the market, the tug-of-war between upstream and downstream continues — how will tungsten prices perform going forward?
Multiple Tungsten Enterprises Continue to Cut Long-term Contract Prices
Multiple tungsten enterprises lowered their long-term contract prices for the second half of April, as follows:
A Jiangxi tungsten group released its long-term contract prices for the second half of April: the guidance price for national standard Grade-1 wolframite concentrates for the second half of April 2026 was 910,000 yuan/standard tonne (65%WO3 basis), down 46,000 yuan/standard tonne (65%WO3 basis) from the first half of April.
Meanwhile, Chongyi Zhangyuan Tungsten Co., Ltd. also lowered its long-term contract procurement prices for the second half of April: 1 55% wolframite concentrates: 885,000 yuan/standard tonne (65%WO3 basis), down 45,000 yuan/standard tonne (65%WO3 basis) from the previous round; 2 55% scheelite concentrates: 884,000 yuan/standard tonne (65%WO3 basis), down 45,000 yuan/standard tonne (65%WO3 basis) from the previous round; 3 APT (national standard Grade-0): 1.35 million yuan/mt, down 90,000 yuan/mt from the previous round. Notably, in the first half of April pricing, Zhangyuan Tungsten's 55% wolframite concentrates and 55% scheelite concentrates had already been cut by 90,000 yuan/standard tonne (65%WO3 basis) each MoM.
Wolframite Concentrates Fell Over 16% in Just Over a Month
Since mid-to-late March, driven by profit-taking, downstream buyers' reluctance to purchase at high levels, and an overall adjustment in commodity markets, tungsten prices — which had repeatedly hit record highs — began to pull back. On April 20, wolframite concentrates (≥65%) were priced at 880,000–881,000 yuan/standard tonne (65%WO3 basis), with an average price of 880,500 yuan/standard tonne (65%WO3 basis), down 1.12% from the previous trading day. Compared with the historical high average tungsten price of 1,050,500 yuan/standard tonne (65%WO3 basis) on March 16, the average price of wolframite concentrates fell by 170,000 yuan/standard tonne (65%WO3 basis) over just over a month, a decline of 16.18%.
Outlook
As leading tungsten enterprises' long-term contract prices were finalized, China's tungsten market sentiment turned mild. Mainstream mines focused on long-term contract deliveries, with spot order prices fluctuating around long-term contract levels. APT smelter prices remained firm, and driven by continued ore price movements, APT industry margins showed a widening trend. Wait-and-see sentiment among downstream cemented carbide alloy enterprises has not fully dissipated, with enterprises mainly restocking on a just-needed basis. However, industry inventory has been gradually declining, and a wave of restocking is expected before the Labour Day holiday, which will drive a recovery in tungsten market trading volume. Meanwhile, the tight supply pattern of tungsten outside China remained unchanged. Cemented carbide plants in Japan and several other countries collectively raised their quotes, which was positive for the export and consumption of related products in China. In the short term, long-term contracts stabilized the tungsten market. As industry profit-taking positions were gradually cleared and downstream demand followed up, the tungsten market was expected to gradually stop falling and stabilize. Going forward, the focus should be on tracking the actual pre-holiday restocking progress of cemented carbide alloy enterprises.
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