Tungsten Market Weekly Update (April 8, 2026)

Tungsten prices softened this week, driven primarily by long-term contract price cuts from major producers. Earlier price surges had far outpaced the fundamental value supported by tungsten’s inherent metallic properties, triggering profit-taking and a shift toward broader bearish sentiment. This downward pressure extended to tungsten ore and ferrotungsten markets.

Despite the near-term weakness, tungsten’s strategic resource status continues to underpin price support. Additionally, depleting historical inventories and gradual restocking demand in international markets have pushed overseas tungsten prices higher than domestic levels, creating spillover effects on the local market. The APT and tungsten powder segments remained cautious, with price declines relatively muted. Cemented carbide producers held firm on pricing due to lagged cost pass-through, but overall trading activity weakened across the board amid the softening market mood.

The tungsten scrap market traded in a narrow range. Recyclers who had leveraged heavily at higher price levels now face significant psychological pressure and financial risk, leading to a cautious trading environment highly sensitive to raw material price fluctuations.

On the macro front, geopolitical developments have shifted sentiment and risk appetite across metals and financial markets. Reports of a two-week ceasefire agreement between the U.S., Israel, and Iran (with negotiations resuming April 10) impacted commodities: New York gold rose up to 3.32%, silver up 5.94%, while crude oil futures fell as much as 17.47%.

Data Source: Chinatungsten Online