Tungsten Market Rose Strongly in August

Analysis of Latest Tungsten Market from Chinatungsten Online

In August 2025, China's tungsten market showed a strong upward trend. Prices of major tungsten raw materials increased by approximately 30% this month, bringing the cumulative increase to approximately 80% year-to-date. The monthly average price rose by over 15% month-on-month and over 55% year-on-year.

This month's upward trend in tungsten prices was primarily driven by supply bottlenecks and reluctance among holders to sell. The 2025 total tungsten mining quota control targets have yet to be announced, but the first batch of reduced quotas continues to support the view of a tight market supply. While rising profit margins are stimulating production at mines and smelters and activating historically dormant inventories, environmental inspections, safety inspections, inventory drawdown during the recent two-year rally, and holders' reluctance to sell are constraining spot supply. Furthermore, safety production requirements and the national atmosphere during the September 3rd military parade further fueled expectations of tight supply and fueled market enthusiasm.

Notably, persistently high tungsten prices have deterred consumers, resulting in few transactions in the market, apart from essential orders and high-value-added demand with lower price sensitivity. Since the beginning of this year, cemented carbide manufacturers have been forced to issue price increase notices three to five times due to operational pressure from raw material costs. Some companies have even stopped updating prices, implementing a "one-on-one negotiation" approach.

Overall, the tungsten market closed out August with a strong performance. In the short term, industry players are focused on news releases from September 3rd and evolving domestic and international situations, while remaining cautious about speculative market risks. Long-term, tungsten market demand remains robust, driven by policies supporting domestic demand and consumption, as well as the continued momentum of high-end manufacturing and strategic projects. Coupled with tungsten's non-renewable nature and strategic resource nature, the long-term upward trend in tungsten prices remains unchanged.

Prices of Tungsten Products on August 29, 2025

Tungsten Price Trend from January to August 29, 2025

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