Tungsten and Cobalt Markets: Constrained Supply Meets Weak Demand

Analysis of latest tungsten market from Chinatungsten Online 

Tungsten price trends are diverging. Recently, raw material holders have shown an increased willingness to push prices higher, but downstream consumers remain unenthusiastic about buying. The market fundamentals continue to reflect a standoff between constrained supply and lackluster demand, with the overall recovery pace still uncertain.

The price of 65% wolframite concentrate is reported at $19,859.2/ton. Supply constraints persist due to declining resource grades and controlled mining output, with few new domestic mining projects and limited international mine production increases. The scarcity of tungsten ore resources supports a firm market bottom, but transactions are limited by demand-side constraints.

Ammonium paratungstate (APT) prices are quoted at $331.0/mtu, with market sentiment showing significant divergence. The key contradiction lies in the mismatch between supply and demand, coupled with pressure from poor transmission of raw material price increases. Smelting companies face ongoing risks of profit margin compression, and subdued market transactions have become the norm.

Tungsten powder prices are at $44.1/kg, and tungsten carbide powder prices are at $43.4/kg. Market cost support remains strong, but downstream demand is under pressure due to fluctuations in the macroeconomic and political environment. Fundamental contradictions persist, traders are inclined to adopt a wait-and-see attitude, and market activity is constrained.

Cobalt powder prices stand at $39.4/kg. News that the Democratic Republic of Congo may extend the enforcement of its cobalt export ban has heightened supply chain concerns in the market, boosting cobalt prices once again. However, the lackluster consumer market weakens fundamental support, and trading sentiment remains cautious.

Prices of tungsten products on March 25, 2025

Picture of tungsten alloy cylinder

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