Tungsten Prices Weaken, Cobalt Prices Strengthen - September 24, 2025

Analysis of Latest Tungsten Market from Chinatungsten Online

Tungsten prices continued to weaken, primarily due to the gradual shift from previous speculative demand to speculative supply, leading to a shift in market fundamentals and sentiment, which in turn dampened prices. 

However, the underlying tight supply of tungsten ore and its unique properties as a strategic resource continue to provide solid support for the market's bottom line. After a nearly 5% correction, the market's decline has slowed. Overall, the tungsten market is in a period of weak adjustment before the National Day holiday, with participants generally adopting a cautious wait-and-see approach, awaiting further directional signals from macroeconomic and fundamental factors.

Cobalt prices surged, driven by the extension of the Congo (DRC) export ban (until October 15, 2025) and a lower-than-expected export quota policy (effective October 16, 96,600 tons/year, representing approximately 44% of annual production). Anticipated tight market supply has boosted prices, while cemented carbide manufacturers continue to face pressure from tungsten and cobalt raw material costs.

As of press time,

The price of 65% wolframite concentrate was reported at RMB 273,000/ton, down 5.2% from its peak and up 90.9% from the beginning of the year.

The price of 65% scheelite concentrate was reported at RMB 272,000/ton, down 5.2% from its peak and up 91.6% from the beginning of the year.

The price of ammonium paratungstate (APT) was reported at RMB 398,000/ton, down 4.8% from its peak and up 88.6% from the beginning of the year.

The price of European APT was reported at USD 570-650/mtu (RMB 359,000-409,000/ton), up 84.9% from the beginning of the year.

The price of tungsten powder was reported at RMB 630/kg, down 2.3% from its peak and up 99.4% from the beginning of the year.

The price of tungsten carbide powder was reported at RMB 615/kg, down 2.4% from its peak and up 97.8% from the beginning of the year.

The price of 70 ferrotungsten was reported at RMB 395,000/ton, down 3.7% from its peak and up 83.7% from the beginning of the year.

The price of European ferrotungsten was reported at USD 80-84/kg W (equivalent to RMB 398,000-418,000/ton), down 2.2% from its peak and up 86.4% from the beginning of the year.

The price of scrap tungsten bar was reported at RMB 385/kg, down 13.5% from its peak and up 75% from the beginning of the year.

The price of scrap tungsten drill bits was reported at RMB 370/kg, down 18.7% from its peak and up 62.3% from the beginning of the year.

The price of cobalt powder was reported at RMB 360/kg, up 10.8% from the previous day and up 111.8% from the beginning of the year.

Prices of Tungsten Products on September 24, 2025

Tungsten Price Trend from January to September 24, 2025

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