Since the second half of July 2026, China's tungsten market has gradually emerged from the period of intense volatility seen in the first half of the year, entering a phase of relatively stable consolidation. This trend persisted throughout August, with tungsten prices hovering primarily between cost levels and support provided by long-term contract pricing; the range of fluctuation narrowed markedly. Market sentiment remained cautious and rational, with spot transactions driven mainly by essential demand, while interest in speculation or stockpiling was weak. Market participants are generally placing greater emphasis on verifying fundamental data, and future price trends will depend largely on the extent to which demand materializes during the traditional peak season.

In the short term, tungsten prices are likely to continue fluctuating within a narrow, weak-stability range. The downside is underpinned by cost support and a premium associated with the metal's status as a strategic resource, while upward movement requires validation through actual transaction volumes and demand data. As the market enters September, focus will shift to actual consumption levels and the direction of new long-term contract price quotes. Price trends will also be influenced by the balance between rigid supply-side constraints and increased imports, as well as the pace at which emerging demand translates into actual orders.

From January to August 2026, the average price of 65% grade black tungsten concentrate was 618,300 RMB/tonne—a 277.91% increase year-on-year compared to the same period in 2025—though the price at the end of August was 8.70% lower than at the start of the year. The average price of 65% grade scheelite concentrate was 617,200 RMB/tonne, up 279.55% year-on-year, with the end-of-August price down 8.71% from the beginning of the year. (Source: Securities Times)

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