Tungsten Powder Prices - Market Update - September 2026
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Tungsten powder prices and tungsten carbide (WC) powder prices have continued to soften through late August into early September, extending the retreat from the extreme highs seen earlier in 2026.
Current approximate levels (China market):
Tungsten powder: ~RMB 920/kg, down roughly 14.8% since the start of the year
Tungsten carbide powder: ~RMB 870/kg, down roughly 16.4% year-to-date
APT (ammonium Para tungstate): ~RMB 595,000–598,000/ton, down about 11.2% since January and now testing the psychologically important RMB 600,000/ton
70% ferro-tungsten: ~RMB 640,000/ton, down about 1.5% year-to-date
65% black tungsten concentrate: hovering near RMB 417,500–418,500/ton in late August
These levels remain well below the March–April 2026 peaks, when tungsten powder briefly exceeded RMB 2,000/kg and APT spiked toward RMB 1,300,000/ton amid a historic supply squeeze. European and Rotterdam APT pricing, which soared to roughly USD 3,185/mtu in late April, has cooled somewhat but continues to trade at a meaningful premium to Chinese domestic levels, reflecting persistent supply tightness outside China.
Key takeaways for carbide users:
APT has fallen close to the cash costs of some smelters, which suggests cost-based support could emerge in September rather than further sharp declines
Downstream demand (cemented carbide, tooling, oilfield components) remains cautious after a prolonged sideways move through the June–August low season, with buyers largely purchasing on an as-needed basis
China's tungsten concentrate imports are projected to reach roughly 34,000 tons for full-year 2026, up about 66% year-over-year, helping offset weaker domestic mine output and cap upside price pressure
Market consensus points to range-bound trading in September with a slight upward bias, contingent on whether traditional manufacturing demand recovers seasonally as expected
Overall, the sharp correction from early-2026 extremes has settled into a more balanced, watchful market, with prices testing key cost-support levels rather than swinging sharply in either direction. We continue monitoring supply, Chinese policy signals, and end-market demand closely and will keep you informed of any meaningful shifts that could affect carbide pricing or availability.
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