For the Quarter Ending September 2025
North America
鈥� In USA, the Tungsten Price Index fell by 13.3% quarter-over-quarter, reflecting supply tightening and weak demand.
鈥� The average Tungsten price for the quarter was approximately USD 67920.33/MT, reflecting tightened supply and resilient industrial demand.
鈥� Tungsten Spot Price availability tightened in August, elevating negotiation-based sales and reducing transparent spot market liquidity.
鈥� Tungsten Price Forecast indicates modest volatility ahead as supply inflections from Sangdong affect import dynamics.
鈥� Tungsten Production Cost Trend rose on stricter Chinese quotas and environmental compliance, pressuring downstream margins.
鈥� Tungsten Demand Outlook remains strong from defense, photovoltaic and EV sectors, supporting buyer urgency despite supply improvements.
鈥� Inventory rebuilds and seasonal purchasing cycles softened the Tungsten Price Index, moderating earlier rapid gains.
鈥� Export demand fluctuations and logistics constraints continued to drive premium negotiation for Tungsten Spot Price deliveries.
Why did the price of Tungsten change in September 2025 in North America?
鈥� Chinese export quotas tightened supply, reducing available concentrates and raising import competition into the USA.
鈥� Elevated defense and photovoltaic demand increased offtake, intensifying immediate inventory draws across North American buyers.
鈥� Logistics and processing constraints limited secondary supply response, delaying shipments and sustaining upward pricing pressure.
APAC
鈥� In Vietnam, the Tungsten Price Index rose by 24.8% quarter-over-quarter, driven by Chinese export restrictions.
鈥� The average Tungsten price for the quarter was approximately USD 59039.33/MT from CFR Hai Phong.
鈥� Tungsten Spot Price remained volatile as suppliers withheld inventory, elevating landed import costs for processors.
鈥� Tungsten Price Forecast indicates short-term corrections then rebounds as supply constraints and demand dynamics compete.
鈥� Tungsten Production Cost Trend increased from stricter Chinese environmental compliance plus higher freight and processing.
鈥� Tungsten Demand Outlook remains firm in electronics, automotive and renewable, supporting buying despite elevated prices.
鈥� Tungsten Price Index volatility was amplified by speculative stockpiling and one-on-one negotiated sales reducing liquidity.
鈥� Export demand and domestic inventory strategies constrained spot availability, supporting premium import pricing, reduced liquidity.
Why did the price of Tungsten change in September 2025 in APAC?
鈥� Chinese export quota reductions and environmental controls sharply reduced upstream tungsten concentrate availability and exports.
鈥� Rising freight rates and CFR landing costs increased landed import prices, pressuring Vietnamese buyers' margins.
鈥� Robust demand from electronics, automotive and renewable sectors sustained buying despite tight domestic supply conditions.
Europe
鈥� In Germany, the Tungsten Price Index fell by 12.8% quarter-over-quarter in Q3 2025, easing demand.
鈥� The average Tungsten price for the quarter was approximately USD 64529/MT, reflecting moderated volatility recently.
鈥� Tungsten Spot Price firmed as European availability tightened and inventories declined amid stronger export demand.
鈥� Tungsten Price Forecast indicates moderate volatility ahead as seasonal slowdowns temper industrial purchasing in Q4.
鈥� Tungsten Production Cost Trend shows upward pressure from rising energy and transport costs, compressing margins.
鈥� Tungsten Demand Outlook remains constructive as automotive and photovoltaic rebounds sustain tooling and component requirements.
鈥� Tungsten Price Index displayed volatility, with July weakness followed gradually by August and September recoveries.
鈥� European supplier bottlenecks and Chinese export policies constrained flows, while recycling offset primary supply shortages.
Why did the price of Tungsten change in September 2025 in Europe?
鈥� Tight European supply from bottlenecks and Chinese export restrictions reduced available tungsten for German manufacturers.
鈥� Resurgent demand from automotive and photovoltaic sectors increased offtake, intensifying competition for limited inventories regionally.
鈥� Energy and transport cost rises elevated costs and logistics delays lengthened lead times, pressuring pricing.
For the Quarter Ending June 2025
North America
鈥� The North America Tungsten Price Index dropped ~10.8% Q2 vs Q1聽2025, reflecting a period of relative reprieve in raw material costs and downstream pricing.
鈥� At the start of the quarter, raw material costs remained high due to supply constraints. Logistic and energy expenses stabilized mid quarter, offering slight reprieve but failing to offset continued export restrictions.
鈥� Demand held steady amid balanced uptake from aerospace, defense, electronics and tooling sectors. The defense sector drove firm baseline demand, while renewable energy and industrial tool segments saw measured consumption. Manufacturers remain cautious due to global geopolitical and supply-chain risks.
鈥� By mid quarter, spot markets remained flat. But by end quarter, increased tightening in global supply chains, especially from China, supported a modest rebound in metal prices even as index remained lower QOQ
Why did the Tungsten price change in July聽2025 in North America?聽
In July, North America saw a sharp increase in Tungsten Price Index: the July ore price index rose while concentrate supply tightened. Prices hit fresh highs with wolframite prices up week on week (+23聽% since start of year), APT +21聽% YTD. Then in mid-July, scrap, concentrate, powder and APT prices surged further, with concentrates +28聽% YTD. The spike was driven by upstream ore tightness from Chinese export constraints and new mining laws increasing costs and strong restocking by strategic users.
Europe
鈥� Tungsten Price Index: Europe saw a quarterly decline of approximately 5.2% Q on Q in Q2聽2025, driven by softer downstream demand across major industrial sectors.
鈥� At the start of the quarter, energy and input cost pressures remained moderate. By mid-quarter, stable production costs including energy and logistics helped dampen further price erosion even as upstream ore oversupply softened.
鈥� Tungsten Demand Outlook: Demand in Q2 was tepid. Automotive and machinery sectors slowed due to economic caution and high borrowing costs, while aerospace and defense consumption remained firm. Renewable energy alloy applications provided some support, but subdued electronics and construction kept overall demand restrained.
鈥� Supply and Manufacturing Dynamics: Europe benefited from diversified sourcing鈥攊mports from Vietnam, Bolivia, and China鈥攈elping to smooth out global supply disruptions. Germany鈥檚 recycling programs also provided supplemental supply. However, stricter EU sustainability rules added compliance costs mid quarter.
鈥� With the current modest oversupply and subdued demand expected to persist, the short term outlook points to continued pressure on the Price Index. Nevertheless, accelerating energy transition and high value manufacturing could prompt a stabilization and gradual recovery in late 2025.
鈥� By the end of the quarter, Inventories remained slightly elevated in key storage hubs, maintaining a soft tone to prices and offsetting intermittent supply constraints.
Why did the Tungsten price change in July 2025 in Europe?聽
In early July, the Tungsten Price Index in Europe increased as ore markets tightened sharply due to disruptions in key mining regions (e.g., new Chinese export controls and reduced output from smaller Chinese mines). For example, European ferrotungsten rose, and APT prices climbed by since July聽10, signaling strengthened upstream pressure. This tight ore supply flowed downstream, supporting increases in Tungsten Price.
APAC
鈥� Asian Tungsten prices saw a quarter-on-quarter increase of ~2% in Q2, reflecting tight supply and stable demand fundamentals.
鈥� Upward pressure on costs emerged from constrained raw material sourcing especially tungsten ore from China with export curbs and environmental regulations increasing logistical and compliance expenses.
鈥� Demand remained steady in downstream sectors (electronics, machinery, automotive), though buyers showed caution, maintaining moderate inventories and resisting aggressive procurement amid price volatility.
鈥� Tungsten Price Index: Variable moves鈥攎odest rise at quarter start driven by supply bottlenecks; mid quarter easing occurred with softer freight rates; by quarter-end prices firmed again as ore availability tightened.
鈥� China鈥檚 export restrictions and regulatory tightening limited ore shipments to Vietnam and the region; smaller producers reduced volumes, while freight costs fluctuated in CFR Hai Phong trade lanes.
鈥� APAC鈥檚 end user sectors exhibited measured demand: electronics and machinery exports provided support, but traditional manufacturing faced margin squeeze that dampened spot buying.
鈥� By end of Q2, warehouse inventories remained lean, maintaining upward pressure despite subdued trading activity.
Why did the Tungsten price change in July聽2025 in Asia?
In July, APAC Tungsten prices surged sharply. Key drivers included tightening ore availability and rising upstream costs:聽
The Tungsten Price Index for key upstream forms jumped ~23鈥�25% year to date by July聽11鈥�16, driven by constrained raw material flow. Market participants indicated a ~25% increase in concentrate and downstream price levels, fueled by tighter supply and new mining regulations curbing output聽
For the Quarter Ending March 2025
North America
鈥� The Tungsten Price Index in North American market remained bullish during the first quarter of 2025 due to limited global supply, strategized downstream demand, and persistent logistical bottlenecks.
鈥� Why did the price of Tungsten change in April 2025?
In the early weeks of April 2025, Tungsten Spot Prices increased, driven by continued supply tightness from major exporters and stable demand from the semiconductor and defence sectors.
鈥� The Tungsten Spot Price in the U.S. stood at USD 84,772/MT CFR San Diego at the end of March, marking a 1% QoQ increase from Q4 2024.
鈥� Contributing factors included a modest industrial rebound, improved manufacturing output, and labor market strength in early Q1.
鈥� As Q1 progressed, tightening supply channels, mainly due to export restrictions and freight issues, supported an upward price trajectory.
鈥� The Tungsten Production Cost Trend remained elevated owing to high input costs and ongoing logistics challenges.
鈥� The Tungsten Demand Outlook is positive in North America, particularly in advanced manufacturing, aerospace, and defense sectors.
鈥� The Tungsten Price Forecast anticipates further firming in Q2 2025 if global sourcing pressures and high-tech sector demand persist.
Asia-Pacific (APAC)
鈥� The Tungsten Price Index in the APAC region exhibited steady growth in Q1 2025, driven by a tight global supply landscape and increased demand from technology-driven sectors.
鈥� Why did the price of Tungsten change in April 2025?
In the early weeks of April 2025, Tungsten Spot Prices rose further as regional manufacturers continued to face supply bottlenecks, particularly due to slower imports from China and increasing demand from electronics and battery sectors.
鈥� In Vietnam, the Tungsten Spot Price closed at USD 47,564/MT CFR Hai Phong, reflecting a 2.3% QoQ increase from Q4 2024.
鈥� Early Q1 saw price gains due to raw material shortages and disrupted supply chains, which worsened with mid-quarter logistical slowdowns.
鈥� End-of-quarter pricing strength was further reinforced by growing orders from electronics and renewable energy sectors.
鈥� The Tungsten Production Cost Trend in APAC remained under pressure due to rising energy and transport costs.
鈥� The Tungsten Demand Outlook is optimistic, supported by regional green energy transitions and advanced electronics manufacturing.
鈥� The Tungsten Price Forecast projects continued price elevation in Q2, especially if China鈥檚 export volumes remain constrained.
Europe
鈥� The Tungsten Price Index in Europe trended upward in Q1 2025, largely due to winter-induced energy cost pressures, tight inventories, and solid industrial demand.
鈥� Why did the price of Tungsten change in April 2025?
In early April 2025, Tungsten Spot Prices increased, supported by rising energy costs, labor challenges, and robust demand from electronics and high-tech industries.
鈥� In Germany, the Tungsten Spot Price was recorded at USD 80,113/MT FD Bad Berleburg, showing a 3.5% QoQ increase.
鈥� Early in the quarter, energy volatility limited production capacity, contributing to constrained market availability.
鈥� Mid-quarter, the market reflected cautious optimism in the industrial sector, though labor shortages and cost inflation persisted.
鈥� End-of-quarter pricing remained strong, driven by increased downstream consumption and Europe鈥檚 dependence on imports.
鈥� The Tungsten Production Cost Trend stayed high amid volatile energy markets and processing challenges.
鈥� The Tungsten Demand Outlook in Europe is firm, especially for applications in green tech, tooling, and high-value manufacturing.
鈥� The Tungsten Price Forecast for Q2 points to sustained high levels if energy issues and geopolitical trade risks continue.
For the Quarter Ending December 2024
North America
In the fourth quarter of 2024, the North American tungsten market displayed a marginal upward trend, with prices increasing by 0.5% quarter-over-quarter. This stability was maintained despite supply chain challenges and fluctuating demand dynamics. The market concluded with Tungsten Bar W-4 (99.9%) CFR San Diego priced at USD 87,800/MT, reflecting the region's resilience in navigating geopolitical and economic complexities.
In the United States, the manufacturing sector showed signs of recovery, albeit remaining below optimal levels. Supply dynamics were influenced by global factors, particularly China's dominance in tungsten processing and an impending 25% tariff on Chinese tungsten imports. This spurred preemptive procurement in December, adding to year-end stockpiling activity. Limited mining inventories and maintenance shutdowns further tightened the supply chain, while downstream demand from automotive, aerospace, and electronics sectors provided support.
The aerospace and defense sectors drove significant tungsten demand, supported by increased production of rocket engines and air defense systems. Automotive sales rose notably, and the electronics industry remained a steady contributor. However, some downstream industries, such as carbide and hard alloys, faced reduced orders and profit margins, highlighting uneven market conditions. Overall, the tungsten market exhibited cautious optimism, with strategic adjustments expected in 2025.
Europe
In the fourth quarter of 2024, Tungsten prices in Europe exhibited a marginal upward trend, with a 0.5% quarter-on-quarter increase. This stability reflects a balanced market environment, supported by steady supply from key global producers and resilient demand across various sectors. In Germany, the Tungsten market was buoyed by strategic advancements, including the Saxon Mining Authority鈥檚 approval of a new mine in the Ore Mountains, enhancing domestic production capabilities. However, energy cost volatility continued to challenge the manufacturing sector, impacting production costs. Demand remained robust, driven by significant growth in the defense and automotive sectors. Collaborative ventures, such as the production of advanced tank ammunition and increased car production, underpinned consumption. The aerospace sector further bolstered demand with major contracts like Airbus Helicopters鈥� supply agreement for 82 H145M helicopters. Despite supply chain pressures and subdued confidence in the manufacturing sector, imports from China and other key sources ensured market stability. The steady demand across defense, aerospace, and electronics sectors reinforced Germany鈥檚 position as a key player in the European Tungsten market. By the end of the quarter, Tungsten Bar (99.9%) prices in Germany stood at USD 75,872/MT, marking consistent market performance despite broader economic and geopolitical challenges.
APAC
In the fourth quarter of 2024, the tungsten market in the APAC region experienced a 1.0% decline in prices, reflecting subdued demand and a balanced supply environment. Suppliers across the region demonstrated strategic inventory management to navigate fluctuating market conditions. Despite technological advancements and operational efficiencies in tungsten production, oversupply in China, coupled with cautious procurement strategies from downstream sectors, maintained pressure on prices. In Vietnam, the tungsten market exhibited mixed performance throughout the quarter. The start of the quarter saw a recovery in the manufacturing sector, driven by increased production and new orders. However, challenges such as lingering supply chain disruptions and limited post-production inventories tempered growth. Demand from the automotive sector initially surged, supported by government incentives, but declined sharply toward the end of the quarter, with vehicle sales dropping significantly. This contraction, along with a slowing manufacturing sector and reduced foreign orders, weakened tungsten consumption. Imports became increasingly vital to meet demand, but fluctuating supplies and high raw material costs further complicated the market. By the end of the quarter, the price of Tungsten Bar W-4 (99.9%) CFR Hai Phong stood at USD 45,120/MT, highlighting persistent market challenges and a cautious outlook for the near term.
