**Tungsten Price Overview - September 26, 2025**

**Tungsten Market Analysis - September 26, 2025**

This week, tungsten prices remained in a weakly stable standoff phase, as holders increased their cash conversion needs while purchasers slowed their restocking pace, expanding the market's negotiable price range. The successive announcements of guidance price and long-term contract price reductions by major tungsten enterprises during the week further dampened market sentiment. However, overall, compared to the previous upward momentum, this round of correction appears relatively rational.

With the Mid-Autumn Festival and National Day holidays approaching, industry professionals generally expect the market to maintain a cautious and pressured stance before the holidays, with subsequent attention on policy developments and downstream terminal restocking conditions.

**Tungsten Concentrate Market**: Short-term supply and sentiment conditions showed phased easing, with trading performance declining and consolidating. Long-term focus remains on tungsten resource scarcity and strategic attributes, with long-term upward views persisting.

- 65% black tungsten concentrate: 272,000 yuan/standard ton, down 2.2% week-over-week, up 90.2% year-to-date - 65% white tungsten concentrate: 271,000 yuan/standard ton, down 2.2% week-over-week, up 90.9% year-to-date

**Ammonium Paratungstate (APT) Market**: Trading atmosphere remained relatively quiet. Under pressure from loosening upstream ore prices and downstream consumption resistance, market confidence declined somewhat, with transaction prices adjusting downward following tungsten enterprises' long-term procurement prices.

- APT price: 395,000 yuan/ton, down 2.5% week-over-week, up 87.2% year-to-date - European APT price: $570-650/ton unit (equivalent to 360,000-410,000 yuan/ton), up 2.1% week-over-week, up 84.9% year-to-date

**Tungsten Powder Market**: Risk-averse sentiment dominated, with trading conditions remaining deadlocked and maintaining a case-by-case negotiation strategy. Hard alloy enterprises' bargaining power for tungsten raw materials improved slightly, but cobalt price cost pressures increased significantly during the week.

- Tungsten powder price: 630 yuan/kg, down 0.8% week-over-week, up 99.4% year-to-date - Tungsten carbide powder price: 615 yuan/kg, down 0.8% week-over-week, up 97.8% year-to-date - Cobalt powder price: 380 yuan/kg, up 16.9% week-over-week, up 123.5% year-to-date

**Ferro-tungsten Market**: Affected by loosening costs and slight pullbacks in international market prices, overall market enthusiasm cooled, with price trends moving downward.

- 70% ferro-tungsten price: 390,000 yuan/ton, down 2.5% week-over-week, up 81.4% year-to-date - European ferro-tungsten price: $80-82/kg tungsten (equivalent to 399,000-409,000 yuan/ton), down 3.4% week-over-week, up 84.1% year-to-date

**Tungsten Scrap Market**: Influenced by rational sentiment in raw materials, this week's declining trend narrowed significantly. Overall market liquidity remained acceptable, with a strong cautious wait-and-see atmosphere.

- Tungsten rod scrap price: 385 yuan/kg, unchanged week-over-week, up 75% year-to-date - Tungsten drill bit scrap price: 370 yuan/kg, unchanged week-over-week, up 62.3% year-to-date