For the Quarter Ending March 2026
Tungsten Prices in North America
- In USA, the Tungsten Price Index rose by 123.34% quarter-over-quarter, driven by tight Chinese exports.
- The average Tungsten price for the quarter was approximately USD 250948.00/MT, per consolidated trade data.
- Tungsten Spot Price strengthened as distributor inventories tightened and import allocations redirected toward priority contracts.
- Tungsten Price Forecast remains bullish given geopolitical risk premiums and accelerated procurement by defense buyers.
- Tungsten Production Cost Trend rose due to higher freight, insurance and tighter upstream export allocations.
- Tungsten Demand Outlook remains robust from aerospace, oilfield tooling and defense restocking, offsetting automotive softness.
- Tungsten Price Index volatility intensified as distributor cover fell, prompting call-offs and reduced spot availability.
- Major producer output remained stable, but weather-related mine interruptions and export guidance tightened global allocations.
Why did the price of Tungsten change in March 2026 in North America?
- Chinese export restrictions and reduced APT shipments cut seaborne supply, increasing urgency among US importers.
- Rerouted voyages and higher freight increased landed costs, prompting strategic restocking and purchasing by buyers.
- Stronger aerospace, oilfield tooling and defense restocking absorbed constrained imports, depleting distributor inventories, tightening markets.
Tungsten Prices in APAC
- In Vietnam, the Tungsten Price Index rose by 125.34% quarter-over-quarter, driven by Chinese export controls.
- The average Tungsten price for the quarter was approximately USD 239961/MT, reflecting Vietnam import settlements.
- Tungsten Spot Price tightened after Chinese licences curtailed cargoes, reducing available import volumes for buyers.
- Tungsten Price Forecast indicates near-term firmness as major producers set higher contract levels and margins.
- Tungsten Production Cost Trend rose after higher APT, concentrate benchmarks, lifting replacement costs for importers.
- Tungsten Demand Outlook remains strong as electronics, tool-steel, defence sectors accelerated restocking ahead of peaks.
- Tungsten Price Index volatility rose as maritime rerouting and war-risk premiums increased landed cost uncertainty.
- Domestic processing and scrap recycling use may increase, moderating import dependence and tempering price spikes.
Why did the price of Tungsten change in March 2026 in APAC?
- Chinese export controls reduced outbound volumes, directly tightening supply into Vietnam and raising landed prices.
- Stronger downstream buying from electronics and toolmakers accelerated purchases, absorbing available cargoes despite higher costs.
- Logistics surcharges and longer transit routes increased freight components, elevated insurance premiums compounded price pressure.
Tungsten Prices in Europe
- In Germany, the Tungsten Price Index rose by 123.32% quarter-over-quarter, driven by tightening feedstock and exports.
- The average Tungsten price for the quarter was approximately USD 246213.00/MT reported by trade sources.
- Supply contraction and Chinese export quota tightening pushed the Tungsten Spot Price higher, reducing availability.
- Elevated electricity and feedstock costs underpinned the Tungsten Production Cost Trend, constraining margins for refiners.
- Strong tooling and automotive shipments improved the Tungsten Demand Outlook, sustaining firm offtake across Europe.
- Inventory drawdowns and longer transit times amplified the Tungsten Price Index volatility, pressuring market prices.
- Export enquiries and preferential regional procurement supported selling levels, feeding into the Tungsten Price Forecast.
- Recycling operated near capacity but failed to offset primary shortfalls, keeping spot balance tight thereby.
Why did the price of Tungsten change in March 2026 in Europe?
- Chinese export quota reductions cut ammonium paratungstate flows, tightening supply and elevating landed input costs.
- Elevated electricity and gas tariffs raised conversion expenses, prompting refiners to pass costs through to buyers.
- Stronger export demand from tooling and automotive sectors and forward-buying depleted inventories, tightening prompt German availability.
For the Quarter Ending December 2025
North America
• In USA, the Tungsten Price Index rose by 65.43% quarter-over-quarter, driven by supply constraints and robust demand.
• The average Tungsten price for the quarter was approximately USD 112360.67/MT, reflecting tightened supply and strong industrial offtake.
• Tungsten Spot Price appreciation reflected reduced Asian export allocations and limited scrap substitution, tightening availability for processors.
• Tungsten Price Forecast indicates modest further gains short-term as strategic stockpiling and defense procurement sustain upward pressure.
• Tungsten Production Cost Trend was pushed higher by firmer APT benchmarks and elevated freight-plus-duty premiums on imports.
• Tungsten Demand Outlook remains positive with aerospace, oilfield tooling, and automotive tooling driving sustained consumption increases.
• Tungsten Price Index volatility coincided with flat inventories and absent domestic production, keeping market sensitivity elevated.
Why did the price of Tungsten change in December 2025 in North America?
• Import dependence and constrained Asian export allocations sharply reduced available supply, lifting replacement costs and spot offer levels.
• Robust aerospace and defense demand, plus oilfield tooling needs and strategic stockpiling, amplified buying and forward coverage.
• Higher APT benchmarks and widened freight-plus-duty premiums increased production cost pass-through, compressing margins and supporting elevated bar prices.
APAC
• In Vietnam, the Tungsten Price Index rose by 80.365% quarter-over-quarter, driven by Chinese supply constraints.
• The average Tungsten price for the quarter was approximately USD 106486.33/MT.
• Tungsten Spot Price jumped on restricted Chinese exports and Hai Phong congestion, increasing spot premia.
• Tungsten Price Forecast shows short-term strength due to constrained imports, robust restocking and freight inflation.
• Tungsten Demand Outlook remains firm as tool-steel, electronics and aerospace sectors accelerated procurement and restocking.
• Tungsten Price Index stability hinges on Chinese quota releases, domestic inventory rebuilds, and shipping normalization.
• Thin inventories and Chinese cargo shortages elevated premiums, forcing importers to accept higher CFR quotes.
Why did the price of Tungsten change in December 2025 in APAC?
• Chinese export restraints and production controls sharply reduced bar volumes into Vietnam, tightening physical supply.
• Pre-Lunar New Year restocking and strong electronics and tool-steel procurement accelerated purchases, increasing landed-cost acceptance.
• Elevated freight rates, Hai Phong congestion, and importer risk premiums increased landed costs and supported higher quoted levels.
Europe
• In Germany, the Tungsten Price Index rose by 70.86% quarter-over-quarter, driven by tightening supply constraints.
• The average Tungsten price for the quarter was approximately USD 110252.00/MT, reflecting elevated feedstock costs.
• Tungsten Spot Price strengthened sharply on scarce concentrates and logistical delays, prompting distributors to hoard inventories.
• Tungsten Price Forecast indicates upward pressure as Asian export quotas and energy costs sustain offers.
• Tungsten Production Cost Trend shows higher energy and freight expenses squeezing conversion margins at processors.
• Tungsten Demand Outlook remains firm driven by automotive, machine-tools and defense restocking ahead of winter maintenance.
• Tungsten Price Index volatility intensified as thin inventories and import-parity adjustments amplified month-end spot rallies.
• Domestic recycling supplied one-third of feedstock needs, limiting flexibility and contributing to seller-favouring Price Index.
Why did the price of Tungsten change in December 2025 in Europe?
• Upstream supply constraints from reduced Chinese exports and exhausted quotas increased landed concentrate costs and scarcity.
• Elevated energy and freight costs raised production and conversion expenses, further pressuring finished-bar pricing structures.
• Strong year-end industrial demand, including automotive and defense restocking, absorbed available material, allowing full pass-through.
For the Quarter Ending September 2025
North America
• In USA, the Tungsten Price Index fell by 13.3% quarter-over-quarter, reflecting supply tightening and weak demand.
• The average Tungsten price for the quarter was approximately USD 67920.33/MT, reflecting tightened supply and resilient industrial demand.
• Tungsten Spot Price availability tightened in August, elevating negotiation-based sales and reducing transparent spot market liquidity.
• Tungsten Price Forecast indicates modest volatility ahead as supply inflections from Sangdong affect import dynamics.
• Tungsten Production Cost Trend rose on stricter Chinese quotas and environmental compliance, pressuring downstream margins.
• Tungsten Demand Outlook remains strong from defense, photovoltaic and EV sectors, supporting buyer urgency despite supply improvements.
• Inventory rebuilds and seasonal purchasing cycles softened the Tungsten Price Index, moderating earlier rapid gains.
• Export demand fluctuations and logistics constraints continued to drive premium negotiation for Tungsten Spot Price deliveries.
Why did the price of Tungsten change in September 2025 in North America?
• Chinese export quotas tightened supply, reducing available concentrates and raising import competition into the USA.
• Elevated defense and photovoltaic demand increased offtake, intensifying immediate inventory draws across North American buyers.
• Logistics and processing constraints limited secondary supply response, delaying shipments and sustaining upward pricing pressure.
APAC
• In Vietnam, the Tungsten Price Index rose by 24.8% quarter-over-quarter, driven by Chinese export restrictions.
• The average Tungsten price for the quarter was approximately USD 59039.33/MT from CFR Hai Phong.
• Tungsten Spot Price remained volatile as suppliers withheld inventory, elevating landed import costs for processors.
• Tungsten Price Forecast indicates short-term corrections then rebounds as supply constraints and demand dynamics compete.
• Tungsten Production Cost Trend increased from stricter Chinese environmental compliance plus higher freight and processing.
• Tungsten Demand Outlook remains firm in electronics, automotive and renewable, supporting buying despite elevated prices.
• Tungsten Price Index volatility was amplified by speculative stockpiling and one-on-one negotiated sales reducing liquidity.
• Export demand and domestic inventory strategies constrained spot availability, supporting premium import pricing, reduced liquidity.
Why did the price of Tungsten change in September 2025 in APAC?
• Chinese export quota reductions and environmental controls sharply reduced upstream tungsten concentrate availability and exports.
• Rising freight rates and CFR landing costs increased landed import prices, pressuring Vietnamese buyers' margins.
• Robust demand from electronics, automotive and renewable sectors sustained buying despite tight domestic supply conditions.
Europe
• In Germany, the Tungsten Price Index fell by 12.8% quarter-over-quarter in Q3 2025, easing demand.
• The average Tungsten price for the quarter was approximately USD 64529/MT, reflecting moderated volatility recently.
• Tungsten Spot Price firmed as European availability tightened and inventories declined amid stronger export demand.
• Tungsten Price Forecast indicates moderate volatility ahead as seasonal slowdowns temper industrial purchasing in Q4.
• Tungsten Production Cost Trend shows upward pressure from rising energy and transport costs, compressing margins.
• Tungsten Demand Outlook remains constructive as automotive and photovoltaic rebounds sustain tooling and component requirements.
• Tungsten Price Index displayed volatility, with July weakness followed gradually by August and September recoveries.
• European supplier bottlenecks and Chinese export policies constrained flows, while recycling offset primary supply shortages.
Why did the price of Tungsten change in September 2025 in Europe?
• Tight European supply from bottlenecks and Chinese export restrictions reduced available tungsten for German manufacturers.
• Resurgent demand from automotive and photovoltaic sectors increased offtake, intensifying competition for limited inventories regionally.
• Energy and transport cost rises elevated costs and logistics delays lengthened lead times, pressuring pricing.
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
