Price

Tungsten Pricing and Market Data

Tungsten prices firmed through 2025, with APT (ammonium paratungstate) European prices reaching approximately $350/mtu. China accounts for over 80% of global tungsten production and has periodically tightened export quotas. Demand remained robust from the cutting tools, mining, and defense sectors - tungsten carbide is irreplaceable in high-performance machining and armor-piercing ammunition. The market saw increased interest in tungsten recycling, which now accounts for roughly 30% of Western supply. New primary supply development outside China has been limited, with notable exceptions including Almonty Industries' Sangdong mine restart in South Korea and exploration projects in Spain and Portugal.

Pricing Mechanisms

Tungsten is priced using benchmarks from Fastmarkets/Platts. Tungsten pricing operates through a combination of exchange-based benchmarks, price reporting agency assessments, bilateral negotiation, and long-term offtake contracts. The specific mechanism depends on product form, grade, and the buyer-seller relationship.

Price History and Notable Market Events

The Tungsten market has been shaped by the following key events:

Price Drivers

Key factors influencing Tungsten prices include production levels in China (82% of global supply), demand from cemented carbide cutting tools and armor-piercing ammunition, inventory levels, energy costs, and government policy actions such as export restrictions or strategic stockpiling.

Spot vs. Contract Pricing

The Tungsten market features both spot transactions and longer-term contracts. Spot prices reflect current conditions and are more volatile, while multi-year offtake agreements provide supply security for both producers and consumers. Current spot pricing is in the range of 50,000-55,000 $/tonne (APT).