In January 2026, domestic tungsten product prices experienced a comprehensive and significant increase. The average monthly price for Ammonium Paratungstate (APT) reached 757 CNY/kg, representing a year-on-year increase of 255.75% and a month-on-month rise of 26.82%. The price at the end of the month was 900 CNY/kg, marking a 34.33% increase from the beginning of the month. Tungsten powder averaged 1,227 CNY/kg for the month, up 285.70% year-on-year and 28.14% month-on-month, with the end-of-month price reaching 1,480 CNY/kg, a 37.04% increase from the start of the month. Tungsten carbide powder averaged 1,185 CNY/kg, rising 278.33% year-on-year and 28.56% month-on-month, while its end-of-month price surged 37.50% to 1,430 CNY/kg compared to the beginning of the month.

The sharp price surge was driven by four main factors. First, the tightening of regulatory oversight over compliant mining in China, combined with suppliers' reluctance to sell, led to a significantly tight market supply. Second, stable demand from high-end manufacturing and traditional mechanical processing supported solid consumption. Third, ongoing geopolitical tensions prompted the market to reassess tungsten's role as a critical strategic resource. Fourth, the general strength in precious metal prices attracted some capital inflows into the tungsten and other minor metal sectors, further amplifying market sentiment.

Despite the strong upward momentum, the market must remain alert to potential correction risks. Recent significant volatility in gold and silver prices highlights how such resource markets are susceptible to short-term influences from market sentiment and capital flows. After rapid price increases, tungsten prices may face corrections if downstream acceptance weakens or macro sentiment shifts.

In summary, the tungsten market in January 2026 demonstrated robust performance driven by a combination of tight supply, steady demand, enhanced strategic importance, and capital inflows. However, as sentiment has become increasingly sensitive following the sustained sharp rallies, close attention should be paid to policy dynamics, downstream purchasing patterns, and overall sentiment in the non-ferrous metals sector moving forward.

HYW provides complete production equipment for tungsten powder and tungsten carbide powder, including Jet mill, reduction furnaces, carbonization furnaces, and automated lines. Consultations are welcome.