I. Market Summary: Sharp Pullback After Surge, Market Enters Downward Channel

In April 2026, China's tungsten market exhibited a notable downward adjustment trend. This pullback stems from a concentrated release of market sentiment and technical deep correction after nearly a year of epic price surges across the industry chain. The supply-demand dynamic has gradually shifted from a seller's market to a buyer's market: supply side shows阶段性 ease, while demand side remains cautious. Prices are sliding gradually, with a notable decline in trading activity.

II. Extreme Price Fluctuations: Nearly 650% Rise in One Year, Over 50% Pullback in One Month

According to HYW statistics, from the low point in March 2025 to the high point in March 2026, tungsten product prices accumulated a nearly 650% increase, while tungsten scrap prices rose over 500%. In just the period from January to mid-March 2026, tungsten prices gained nearly 130%. However, starting in mid-March, due to profit-taking selling pressure, the market quickly retreated: tungsten raw material prices fell by approximately 30%, and tungsten scrap prices basically gave up most of their gains for the year, dropping over 50% from their highs.

III. Future Outlook: Bottom Support Remains, but a One-Sided Surge Unlikely

HYW analysis suggests that due to tungsten's irreplaceable metallic properties in traditional machining and emerging fields, coupled with its strategic attributes driven by domestic industrial policies and international geopolitics, the bottom support for tungsten prices remains strong. It is unlikely that prices will easily return to the lows of 2025. However, the extreme one-sided upward trend of the previous period is also difficult to replicate. The tungsten market is currently in a phase of downward pressure and bottom exploration. The post-market bottoming process will depend on: the progress of trader sell-off and social inventory digestion, the pace and intensity of downstream end-user restocking, and other macro and fundamental changes.

IV. Average Prices of Major Tungsten Products (Jan–Apr 2026)

• APT (Ammonium Paratungstate): Average 1,164,800 RMB/ton, +448.78% YoY, +71.64% from early January to late April

• Tungsten Powder: Average 1,879.62 RMB/kg, +491.82% YoY, +81.48% from early January to late April

• Tungsten Carbide Powder: Average 1,825.06 RMB/kg, +483.83% YoY, +81.73% from early January to late April

• Cobalt Powder: Average 576.33 RMB/kg, +167.44% YoY, +10.58% from early January to late April

• Tungsten Carbide Rod/Bar Scrap: Average 946.39 RMB/kg, +329.51% YoY, +13.33% from early January to late April

V. HYW: Full Industry Chain Solutions for Tungsten

HYW is dedicated to the entire tungsten industry chain, offering complete solutions for tungsten production equipment and tungsten products.

Equipment:

• Complete production lines for tungsten powder and tungsten carbide powder, including jet mills, reduction furnaces, carburization furnaces, and automated production lines.

• Complete production equipment for cemented carbide (tungsten carbide) blades, including: Inter-G wet blasting machine, Pm-4000 packaging machine, PVD automatic knife loading machine, CVD-4000 tray loading machine, double-end grinding alignment machine, sintering furnace alignment machine, and automatic blade press manipulator.

Products:

• Cemented carbide blanks, cemented carbide blades, and precision cemented carbide parts (such as molds, punches, and brazed components of cemented carbide and steel).

Additional Services:

• We also accommodate single-order/lock-order customer requests.

Welcome to discuss cooperation. Leveraging our full industry chain supply advantages, we are committed to providing professional, efficient, and integrated services.