What is the Current Price of Tungsten?

1. Introduction: Why Tungsten Prices Matter in Global Markets

Tungsten, often called the "metal of war," is a strategically critical material due to its unmatched hardness (highest melting point of all metals at 3,422°C) and irreplaceable role in defense, electronics, and industrial alloys. With China controlling 80% of global supply, price fluctuations directly impact manufacturing sectors from aerospace to smartphone production.

Key Price Drivers at a Glance:

✔ Limited substitutes for tungsten in cutting tools (e.g., carbide drills) and radiation shielding

✔ Geopolitical tensions affecting China’s export quotas

✔ Energy-intensive production (electricity costs influence mining viability)

2. Current Tungsten Price Trends (2025 Update)

As of Q2 2025, tungsten prices show regional divergence:

(*APT = 全球基准报价)

Price Surge Factors:

Chinese production cuts: Environmental audits in Jiangxi province (major mining hub)

Pentagon stockpiling: US defense orders up 25% for armor-piercing ammunition

3. Key Factors Driving Tungsten Prices

Supply-Side Pressures

China’s dominance: 82% of global tungsten supply in 2023 (USGS data), with export licenses tightening

Mine closures: Portugal’s Panasqueira mine (Europe’s largest) suspended operations in 2023

Demand-Side Boom

EV batteries: Tungsten-coated anodes extend lithium-ion battery life (Tesla patents filed)

5G infrastructure: Tungsten copper alloys for heat dissipation in base stations

4. Regional Price Variations

Reasons for Disparities:

EU tariffs: 17% anti-dumping duty on Chinese tungsten

Logistics: Shipping costs from Asia to Europe have increased by 200% since 2020

5. Price Forecast: 2024-2030 Outlook

Short-Term (2024-2025):

Bullish case: Prices may hit $400/mt if China further restricts exports

Bearish scenario: Recession could drop demand by 10% (per World Bank models)

Long-Term Threats:

Recycling tech: 30% of tungsten now recycled (up from 15% in 2010)

Substitution: Molybdenum alloys replacing tungsten in some cutting tools

6. How Industries Are Adapting

Case Study: Sandvik’s Response

Strategy: Signed 5-year fixed-price contracts with Chinese suppliers

R&D: Reduced tungsten content in carbide tools by 20% via nano-coatings

Cost-Saving Tactics:

✔ Spot-buying during Q1 (traditionally lowest prices)

✔ Blending recycled tungsten (saves $15/kg vs. virgin material)

7. Where to Track Real-Time Prices?

Free Resources:

Metal Bulletin (weekly APT updates)

London Metal Exchange (LME小金属合约)

Paid Premium Services:

Argus Media ($5,000/year for detailed forecasts)

SMM (Shanghai Metals Market) (中国本土数据)

Conclusion: Navigating the Volatile Tungsten Market

With prices at 5-year highs, manufacturers must:

Diversify suppliers beyond China (e.g., Vietnam, Rwanda)

Invest in recycling to hedge against shortages

Monitor policy shifts in real-time using the tools above

Need Custom Price Analysis? Consult with:

✔ Commodity traders (Traxys, Molymet)

✔ Industry groups (ITIA,钨业协会)