For the Quarter Ending June 2025
North America
• The North America Tungsten Price Index dropped ~10.8% Q2 vs Q1 2025, reflecting a period of relative reprieve in raw material costs and downstream pricing.
• At the start of the quarter, raw material costs remained high due to supply constraints. Logistic and energy expenses stabilized mid quarter, offering slight reprieve but failing to offset continued export restrictions.
• Demand held steady amid balanced uptake from aerospace, defense, electronics and tooling sectors. The defense sector drove firm baseline demand, while renewable energy and industrial tool segments saw measured consumption. Manufacturers remain cautious due to global geopolitical and supply-chain risks.
• By mid quarter, spot markets remained flat. But by end quarter, increased tightening in global supply chains, especially from China, supported a modest rebound in metal prices even as index remained lower QOQ
Why did the Tungsten price change in July 2025 in North America?
In July, North America saw a sharp increase in Tungsten Price Index: the July ore price index rose while concentrate supply tightened. Prices hit fresh highs with wolframite prices up week on week (+23 % since start of year), APT +21 % YTD. Then in mid-July, scrap, concentrate, powder and APT prices surged further, with concentrates +28 % YTD. The spike was driven by upstream ore tightness from Chinese export constraints and new mining laws increasing costs and strong restocking by strategic users.
Europe
• Tungsten Price Index: Europe saw a quarterly decline of approximately 5.2% Q on Q in Q2 2025, driven by softer downstream demand across major industrial sectors.
• At the start of the quarter, energy and input cost pressures remained moderate. By mid-quarter, stable production costs including energy and logistics helped dampen further price erosion even as upstream ore oversupply softened.
• Tungsten Demand Outlook: Demand in Q2 was tepid. Automotive and machinery sectors slowed due to economic caution and high borrowing costs, while aerospace and defense consumption remained firm. Renewable energy alloy applications provided some support, but subdued electronics and construction kept overall demand restrained.
• Supply and Manufacturing Dynamics: Europe benefited from diversified sourcing—imports from Vietnam, Bolivia, and China—helping to smooth out global supply disruptions. Germany’s recycling programs also provided supplemental supply. However, stricter EU sustainability rules added compliance costs mid quarter.
• With the current modest oversupply and subdued demand expected to persist, the short term outlook points to continued pressure on the Price Index. Nevertheless, accelerating energy transition and high value manufacturing could prompt a stabilization and gradual recovery in late 2025.
• By the end of the quarter, Inventories remained slightly elevated in key storage hubs, maintaining a soft tone to prices and offsetting intermittent supply constraints.
Why did the Tungsten price change in July 2025 in Europe?
In early July, the Tungsten Price Index in Europe increased as ore markets tightened sharply due to disruptions in key mining regions (e.g., new Chinese export controls and reduced output from smaller Chinese mines). For example, European ferrotungsten rose, and APT prices climbed by since July 10, signaling strengthened upstream pressure. This tight ore supply flowed downstream, supporting increases in Tungsten Price.
APAC
• Asian Tungsten prices saw a quarter-on-quarter increase of ~2% in Q2, reflecting tight supply and stable demand fundamentals.
• Upward pressure on costs emerged from constrained raw material sourcing especially tungsten ore from China with export curbs and environmental regulations increasing logistical and compliance expenses.
• Demand remained steady in downstream sectors (electronics, machinery, automotive), though buyers showed caution, maintaining moderate inventories and resisting aggressive procurement amid price volatility.
• Tungsten Price Index: Variable moves—modest rise at quarter start driven by supply bottlenecks; mid quarter easing occurred with softer freight rates; by quarter-end prices firmed again as ore availability tightened.
• China’s export restrictions and regulatory tightening limited ore shipments to Vietnam and the region; smaller producers reduced volumes, while freight costs fluctuated in CFR Hai Phong trade lanes.
• APAC’s end user sectors exhibited measured demand: electronics and machinery exports provided support, but traditional manufacturing faced margin squeeze that dampened spot buying.
• By end of Q2, warehouse inventories remained lean, maintaining upward pressure despite subdued trading activity.
Why did the Tungsten price change in July 2025 in Asia?
In July, APAC Tungsten prices surged sharply. Key drivers included tightening ore availability and rising upstream costs:
The Tungsten Price Index for key upstream forms jumped ~23–25% year to date by July 11–16, driven by constrained raw material flow. Market participants indicated a ~25% increase in concentrate and downstream price levels, fueled by tighter supply and new mining regulations curbing output
For the Quarter Ending March 2025
North America
• The Tungsten Price Index in North American market remained bullish during the first quarter of 2025 due to limited global supply, strategized downstream demand, and persistent logistical bottlenecks.
• Why did the price of Tungsten change in April 2025?
In the early weeks of April 2025, Tungsten Spot Prices increased, driven by continued supply tightness from major exporters and stable demand from the semiconductor and defence sectors.
• The Tungsten Spot Price in the U.S. stood at USD 84,772/MT CFR San Diego at the end of March, marking a 1% QoQ increase from Q4 2024.
• Contributing factors included a modest industrial rebound, improved manufacturing output, and labor market strength in early Q1.
• As Q1 progressed, tightening supply channels, mainly due to export restrictions and freight issues, supported an upward price trajectory.
• The Tungsten Production Cost Trend remained elevated owing to high input costs and ongoing logistics challenges.
• The Tungsten Demand Outlook is positive in North America, particularly in advanced manufacturing, aerospace, and defense sectors.
• The Tungsten Price Forecast anticipates further firming in Q2 2025 if global sourcing pressures and high-tech sector demand persist.
Asia-Pacific (APAC)
• The Tungsten Price Index in the APAC region exhibited steady growth in Q1 2025, driven by a tight global supply landscape and increased demand from technology-driven sectors.
• Why did the price of Tungsten change in April 2025?
In the early weeks of April 2025, Tungsten Spot Prices rose further as regional manufacturers continued to face supply bottlenecks, particularly due to slower imports from China and increasing demand from electronics and battery sectors.
• In Vietnam, the Tungsten Spot Price closed at USD 47,564/MT CFR Hai Phong, reflecting a 2.3% QoQ increase from Q4 2024.
• Early Q1 saw price gains due to raw material shortages and disrupted supply chains, which worsened with mid-quarter logistical slowdowns.
• End-of-quarter pricing strength was further reinforced by growing orders from electronics and renewable energy sectors.
• The Tungsten Production Cost Trend in APAC remained under pressure due to rising energy and transport costs.
• The Tungsten Demand Outlook is optimistic, supported by regional green energy transitions and advanced electronics manufacturing.
• The Tungsten Price Forecast projects continued price elevation in Q2, especially if China’s export volumes remain constrained.
Europe
• The Tungsten Price Index in Europe trended upward in Q1 2025, largely due to winter-induced energy cost pressures, tight inventories, and solid industrial demand.
• Why did the price of Tungsten change in April 2025?
In early April 2025, Tungsten Spot Prices increased, supported by rising energy costs, labor challenges, and robust demand from electronics and high-tech industries.
• In Germany, the Tungsten Spot Price was recorded at USD 80,113/MT FD Bad Berleburg, showing a 3.5% QoQ increase.
• Early in the quarter, energy volatility limited production capacity, contributing to constrained market availability.
• Mid-quarter, the market reflected cautious optimism in the industrial sector, though labor shortages and cost inflation persisted.
• End-of-quarter pricing remained strong, driven by increased downstream consumption and Europe’s dependence on imports.
• The Tungsten Production Cost Trend stayed high amid volatile energy markets and processing challenges.
• The Tungsten Demand Outlook in Europe is firm, especially for applications in green tech, tooling, and high-value manufacturing.
• The Tungsten Price Forecast for Q2 points to sustained high levels if energy issues and geopolitical trade risks continue.
For the Quarter Ending December 2024
North America
In the fourth quarter of 2024, the North American tungsten market displayed a marginal upward trend, with prices increasing by 0.5% quarter-over-quarter. This stability was maintained despite supply chain challenges and fluctuating demand dynamics. The market concluded with Tungsten Bar W-4 (99.9%) CFR San Diego priced at USD 87,800/MT, reflecting the region's resilience in navigating geopolitical and economic complexities.
In the United States, the manufacturing sector showed signs of recovery, albeit remaining below optimal levels. Supply dynamics were influenced by global factors, particularly China's dominance in tungsten processing and an impending 25% tariff on Chinese tungsten imports. This spurred preemptive procurement in December, adding to year-end stockpiling activity. Limited mining inventories and maintenance shutdowns further tightened the supply chain, while downstream demand from automotive, aerospace, and electronics sectors provided support.
The aerospace and defense sectors drove significant tungsten demand, supported by increased production of rocket engines and air defense systems. Automotive sales rose notably, and the electronics industry remained a steady contributor. However, some downstream industries, such as carbide and hard alloys, faced reduced orders and profit margins, highlighting uneven market conditions. Overall, the tungsten market exhibited cautious optimism, with strategic adjustments expected in 2025.
Europe
In the fourth quarter of 2024, Tungsten prices in Europe exhibited a marginal upward trend, with a 0.5% quarter-on-quarter increase. This stability reflects a balanced market environment, supported by steady supply from key global producers and resilient demand across various sectors. In Germany, the Tungsten market was buoyed by strategic advancements, including the Saxon Mining Authority’s approval of a new mine in the Ore Mountains, enhancing domestic production capabilities. However, energy cost volatility continued to challenge the manufacturing sector, impacting production costs. Demand remained robust, driven by significant growth in the defense and automotive sectors. Collaborative ventures, such as the production of advanced tank ammunition and increased car production, underpinned consumption. The aerospace sector further bolstered demand with major contracts like Airbus Helicopters’ supply agreement for 82 H145M helicopters. Despite supply chain pressures and subdued confidence in the manufacturing sector, imports from China and other key sources ensured market stability. The steady demand across defense, aerospace, and electronics sectors reinforced Germany’s position as a key player in the European Tungsten market. By the end of the quarter, Tungsten Bar (99.9%) prices in Germany stood at USD 75,872/MT, marking consistent market performance despite broader economic and geopolitical challenges.
APAC
In the fourth quarter of 2024, the tungsten market in the APAC region experienced a 1.0% decline in prices, reflecting subdued demand and a balanced supply environment. Suppliers across the region demonstrated strategic inventory management to navigate fluctuating market conditions. Despite technological advancements and operational efficiencies in tungsten production, oversupply in China, coupled with cautious procurement strategies from downstream sectors, maintained pressure on prices. In Vietnam, the tungsten market exhibited mixed performance throughout the quarter. The start of the quarter saw a recovery in the manufacturing sector, driven by increased production and new orders. However, challenges such as lingering supply chain disruptions and limited post-production inventories tempered growth. Demand from the automotive sector initially surged, supported by government incentives, but declined sharply toward the end of the quarter, with vehicle sales dropping significantly. This contraction, along with a slowing manufacturing sector and reduced foreign orders, weakened tungsten consumption. Imports became increasingly vital to meet demand, but fluctuating supplies and high raw material costs further complicated the market. By the end of the quarter, the price of Tungsten Bar W-4 (99.9%) CFR Hai Phong stood at USD 45,120/MT, highlighting persistent market challenges and a cautious outlook for the near term.
For the Quarter Ending September 2024
North America
The North American tungsten market demonstrated notable volatility during the third quarter, primarily influenced by shifting trade dynamics and varying industrial demand. The market's trajectory was particularly shaped by regulatory decisions and international trade relationships, especially with major suppliers like China.
The U.S. tungsten market experienced contrasting trends between the first and second halves of the quarter, with a modest 1% increase observed. The period was marked by significant supply & demand fluctuations, influenced by multiple factors. Trade policy played a crucial role, with the administration's tariff adjustments and regulatory changes affecting market dynamics.
Key sectors demonstrated mixed performance, with the automotive industry showing particular volatility. While hybrid and electric vehicle segments initially provided some market support, overall automotive sector challenges persisted. Trade tensions with China and subsequent tariff implementations by US trade representative further complicated market conditions, affecting both pricing and supply chain strategies. As the quarter came to a close, the price for Arsenic Metal in the USA was quoted at USD 86673/MT CFR San Diego, mirroring the broader trend of escalating prices across the region.
APAC
In the third quarter of 2024, Asia's tungsten market exhibited a complex dynamic, initiating with moderate supply levels that soon encountered difficulties. Mid-quarter, the market experienced a transient uplift, with prices rising by 1.5%. However, this growth was overshadowed by the operational inefficiencies of smelters, which ran below anticipated capacity due to inventory shortages and escalated procurement expenses, compelling a focus on fulfilling long-term contracts.
Despite these challenges, the market in China managed a slight 1% growth from the first to the second half of the quarter. This trend signaled intense pricing pressures throughout the supply chain. Concurrently, employment within the industry saw a reduction, and the accumulation of work backlogs lessened, mirroring the wider economic difficulties faced by the region. These factors collectively painted a picture of a Tungsten market caught in the throes of volatility, with resilience being tested by a confluence of market forces and external economic pressures. As the quarter came to a close, the price for Tungsten in China was quoted at USD 45218/MT FOB Shanghai, mirroring the broader trend of escalating prices across the region.
Europe
The European tungsten market demonstrated notable volatility throughout the third quarter of 2024, with supply chains showing resilience despite ongoing global shipping challenges. A strategic development emerged as Belgian group Solvay announced plans to supply Europe with rare earth metals from its French facility, marking a significant step towards reducing Chinese dependency for critical materials.
The German tungsten market exhibited a clear divide between the first and second half of the quarter, with a modest 1% increase observed. The quarter began with moderate supply levels, supported by stabilizing global shipping conditions and easing freight rates on major East-West routes. The shipbuilding industry remained a bright spot, with Meyer Werft's strong order book providing stability to demand. However, the quarter concluded with a marked decline in manufacturing activity, characterized by sharp drops in new orders and widespread customer destocking, particularly affecting the automotive sector. Amidst these market dynamics, tungsten prices settled at USD 74,382/MT FD-Berleburg (Germany) by the quarter's end.
Frequently Asked Questions (FAQs):
Q1: What factors are currently driving the price trends of tungsten metal in different regions?
Global tungsten prices are experiencing high volatility due to tight supply-demand dynamics and policy pressures, particularly from China's export controls. Increased defense spending (e.g., in the US, China, India), growth in electric vehicle (EV) production (for components like electrodes), and strong demand from the aerospace, electronics, and precision tooling sectors are key drivers. Regional pricing is also influenced by energy costs, supply chain bottlenecks, and geopolitical factors.
Q2: Who are the top tungsten metal producers globally, and how does this influence the market?
China dominates global tungsten mine production, accounting for over 80% of the total. Other significant producers include Vietnam and Russia. This high concentration in China gives it substantial influence over global prices through its export policies and production quotas. The reliance on a few key producers creates supply chain vulnerabilities and encourages other nations to seek alternative sources and develop domestic production.
Q3: What are the key emerging technologies and sectors increasing the demand for tungsten metal beyond traditional uses?
While cemented carbides for cutting tools remain the largest application, new technologies are boosting tungsten demand. Notable examples include: its use in nuclear fusion technology (for key parts like divertors), humanoid robots, and the expanding needs of the electronics and semiconductor industries for miniaturized and energy-efficient devices. Its high density also makes it critical for defense applications like armor-piercing projectiles.
Q4: What are the main challenges and opportunities facing the global tungsten market in the coming years?
Challenges include supply chain vulnerabilities due to production concentration, rising mining and processing costs, stringent environmental regulations impacting new projects, and the difficulty of transferring price increases down the value chain. Opportunities arise from the continued growth in high-tech industries, particularly the EV, aerospace, and defense sectors. There's also increasing focus on developing new mines outside China and boosting recycling efforts to diversify supply.
