China tungsten prices ended August in a stable consolidation phase. Concentrate stayed firm, APT remained squeezed near RMB 600,000/ton, while powder and scrap markets showed weaker stability.
On August 31, 2026, Chinatungsten Online described China tungsten prices as moving through a relatively stable consolidation phase after the sharp volatility seen in the first half of the year. Since the second half of July, price swings have narrowed and spot transactions have mainly followed rigid demand rather than speculative stocking.
Market overview: stable consolidation into September
Tungsten concentrate remained the firmest part of the chain. High resource concentration and reluctance among holders to sell at low prices kept high-grade concentrate around RMB 415,000-420,000/standard ton. The price board listed 65% WO3 wolframite concentrate at RMB 420,000/ton and 65% WO3 scheelite concentrate at RMB 419,000/ton.
APT stayed near RMB 600,000/ton and faced margin squeeze pressure because smelting-sector inventories and limited downstream consumption restricted liquidity. Powder markets were weaker: tungsten powder was listed at RMB 930/kg and tungsten carbide powder at RMB 880/kg, reflecting slower overall cemented carbide demand.
Value-chain split: mining and high-end uses hold better margins
The source article notes clear profit differentiation across the tungsten value chain. Mining and high-value-added downstream applications such as PCB drills, tungsten hexafluoride, high-temperature tungsten materials and radiation-shielding materials held better margins because of technical barriers and customer stickiness.
Traditional consumption remained constrained by terminal manufacturing conditions. For carbide cutting tool buyers, that means raw-material price stability should not be read as broad demand recovery. It is more useful to separate concentrate firmness from weaker WC powder, cobalt powder and scrap carbide signals.
Price table - August 31, 2026 (Chinatungsten Online)
The table below summarizes the August 31 domestic Xiamen reference prices and international ranges published by Chinatungsten Online. The original board lists reference exchange rates of USD/RMB 6.7209 and EUR/RMB 7.7907.
| Product | Price | YTD Change |
|---|---|---|
| 65% WO3 Wolframite Concentrate | RMB 420,000/ton | firm within RMB 415,000-420,000/standard ton |
| 55% WO3 Wolframite Concentrate | RMB 416,000/ton | stable consolidation |
| 65% WO3 Scheelite Concentrate | RMB 419,000/ton | firm within consolidation range |
| 55% WO3 Scheelite Concentrate | RMB 415,000/ton | stable consolidation |
| 70% W Ferrotungsten | RMB 640,000/ton | domestic reference lower than early-August level |
| Ammonium Paratungstate (APT, 88.5% WO3) | RMB 600,000/ton | near RMB 600,000/ton |
| European APT | USD 2,900-3,000/mtu (equiv. RMB 1.725-1.785 million)/ton (equiv.) | up 220.7% YTD, down 6.1% from peak |
| Tungsten Powder (99.9%, 2-10um) | RMB 930/kg | weak stability |
| Tungsten Carbide Powder (99.8%, 2-10um) | RMB 880/kg | downward pressure |
| Tungsten Bar (99.95%) | RMB 1,020/kg | stable board quote |
| Tungsten Wire (99.95%, 26-35um) | RMB 38/km | stable board quote |
| Cobalt Powder (99.5%, 1.0-1.5um) | RMB 430/kg | lower than early-August level |
| European Ferrotungsten | USD 170-175/kg W (equiv. RMB 800,000-824,000)/ton (equiv.) | up 25.5% YTD, down 46.9% from high |
| Scrap Tungsten Carbide Rod | RMB 735/kg | month-end price level moved lower |
| Scrap Tungsten Carbide Blade | RMB 622/kg | month-end mixed scrap signal |
Source: Chinatungsten Online · YTD = Year-to-date change from Jan 1, 2026 · WoW = Week-on-week
Buyer impact for carbide drills and end mills
- WC powder at RMB 880/kg can ease carbide rod replacement cost compared with early-August levels, but concentrate firmness may limit deeper cost relief.
- Cobalt powder at RMB 430/kg reduces pressure for cobalt-containing grades, though it also reflects cautious demand from carbide and related sectors.
- Scrap carbide rod at RMB 735/kg shows that recycling-linked feedstock is softer at month-end, partly due to lower order volume and cash turnover needs.
- European APT and ferrotungsten remain far above China domestic converted levels, so export quotes should not use one regional price signal alone.
- For custom drills and end mills, ask whether the quote is based on existing carbide rod inventory or new powder and rod replenishment.
Procurement note
Entering September, buyers should watch whether traditional peak-season demand converts into real orders. For repeat tools, send diameter lists and annual quantity; for custom carbide tools, add drawings, coating requirements, work material and target lead time.
Carbide tooling pages for RFQ planning
Internal coolant solid carbide drills for deep-hole CNC production.
Factory-direct carbide drills for stainless steel, alloy steel and general CNC drilling.
Solid carbide square end mills for slotting, profiling and finishing.
Ball nose carbide end mills for 3D contouring and mold machining.
Corner-radius carbide end mills for stronger edges and stable finishing.
Outlook
In the short term, tungsten prices are likely to oscillate within a narrow range. Cost support and strategic-resource value cushion the downside, while upside needs confirmation from real transaction data, September consumption and the next round of long-term contract quotations.
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