In May 2026, China's tungsten market underwent an accelerated bottoming-out correction. Prices of major tungsten raw materials largely retreated to levels seen at the beginning of the year, falling approximately 60% from their historical peak in mid-March, with cumulative monthly declines exceeding 40%. As market froth was gradually squeezed out, short-term profit-taking incentives among traders weakened, and a bottom-fishing rebound gradually took shape among mining and smelting enterprises. Toward the end of the month, downstream procurement of tungsten powder gained momentum, and products such as tungsten concentrate and ammonium paratungstate (APT) shifted from wait-and-see to tentative price increase signals. The willingness to stabilize the market across the industrial chain improved significantly.

The most positive signal is that prices showed signs of stabilization at the end of May. The decline from the beginning to the end of the month narrowed, and some products even stopped falling or remained flat, indicating that the panic-selling phase had largely ended and sentiment-driven recovery on the supply side was taking effect. Although this rebound still lacks large-scale downstream demand support and the market remains in a sensitive adjustment cycle, price stabilization itself helps reduce procurement risks and gradually encourages real demand to enter the market, laying the groundwork for a relatively stable trading range going forward.

May average prices and month-end changes from beginning of month:

• APT: Avg. RMB 816,800/ton, -40.42% MoM; -41.74% from early May

• Tungsten powder: Avg. RMB 1,488.95/kg, -33.00% MoM; -48.98% from early May

• Tungsten carbide powder: Avg. RMB 1,426.32/kg, -33.94% MoM; -49.74% from early May

• Cobalt powder: Avg. RMB 569.21/kg, -1.37% MoM; -1.74% from early May

• Tungsten carbide scrap (bars): Avg. RMB 671.05/kg, -26.30% MoM; flat from early May

January–May average prices and changes from beginning of year:

• APT: Avg. RMB 1,097,300/ton, +404.93% YoY; flat from early 2026

• Tungsten powder: Avg. RMB 1,803.88/kg, +456.53% YoY; -7.41% from early 2026

• Tungsten carbide powder: Avg. RMB 1,747.76/kg, +447.68% YoY; -8.65% from early 2026

• Cobalt powder: Avg. RMB 574.95/kg, +155.16% YoY; +8.65% from early 2026

• Tungsten carbide scrap (bars): Avg. RMB 893.01/kg, +301.53% YoY; +13.33% from early 2026

Conclusion: The price stabilization at the end of May is an important signal that the market correction is moderating. Although demand has yet to fully catch up, expectations for market stabilization are beginning to take shape. The key ahead will be whether actual orders can continue to pick up.

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.