Track Tungsten Price Trend in Key Countries: Index, News, Monitor, and Demand

Executive Summary

The global tungsten market has experienced a period of pronounced volatility throughout 2024 and 2025, driven by a complex interplay of constrained upstream supply, shifting trade flows, price-sensitive procurement cycles, and resilient industrial demand. As one of the most strategically vital metals-critical for aerospace, defense, semiconductors, automotive, renewable energy, and advanced tooling-tungsten's price movements reflect broader structural pressures across global manufacturing and supply chains.

For the quarter ending September 2025, the market experienced mixed regional price behavior. North America recorded a 13.3% quarter-over-quarter decline, while APAC saw a 24.8% surge in Vietnam due to acute Chinese export constraints. Europe witnessed a 12.8% decline, with recovery signals emerging late in Q3. Despite divergences, the global narrative remains dominated by Chinese export quota tightening, elevated production costs, logistics delays, and firm downstream demand from high-tech sectors.

Across earlier quarters-from Q4 2024 through Q3 2025-the tungsten market has repeatedly faced supply shocks from China, rising energy and compliance costs, evolving geopolitical risks, freight complexities, and periodic inventory rebuild cycles. Meanwhile, demand has remained consistently solid across defense, aerospace, tooling, photovoltaics, electronics, and automotive industries, providing a strong baseline for price support.

Looking ahead, tungsten prices are forecast to remain moderately volatile but structurally firm as supply constraints interact with persistent global demand, particularly in strategic industries. Procurement teams should prepare for continued fluctuations and take advantage of forward-looking intelligence to optimize timing and sourcing.

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Introduction

Tungsten, known for its exceptional hardness, density, and high melting point, plays an indispensable role in advanced manufacturing, high-temperature applications, military hardware, electronics, and renewable technologies. In the past two years, the tungsten market has been shaped by a combination of geopolitical influences, regulatory interventions in China (the world's largest producer and exporter), tightening of raw material availability, and growing consumption in high-tech value chains.

In a market where China controls more than 80% of processing capacity, even minor adjustments in export quotas, environmental policies, or mining regulations create substantial ripple effects globally. Meanwhile, downstream industries-including aerospace, automotive, semiconductors, photovoltaics, and strategic defense-continue to expand their tungsten requirements, reinforcing the metal's importance as a critical mineral.

This article provides a comprehensive PR-style market report on tungsten prices, covering quarterly trends, cost structures, supply conditions, regional dynamics, procurement behaviors, and a detailed forecast outlook. It synthesizes historical data from Q4 2024 to Q3 2025 to deliver an analytically rich view of global tungsten market developments.

Global Price Overview

Across global markets, tungsten prices fluctuated significantly from late 2024 through September 2025 due to:

Chinese export quota tightening restricting upstream availability
Environmental regulations raising production costs
Geopolitical risks and changing mining laws impacting supply chains
Logistics delays affecting transit times and procurement cycles
Strong demand from defense, electronics, renewable, and industrial sectors
Speculative stockpiling, particularly in APAC
In Q3 2025, global pricing bifurcated: APAC prices surged, while Europe and North America declined due to inventory normalization and seasonal factors. Meanwhile, production costs remained elevated across all regions due to energy price increases, regulatory compliance expenses, and freight-rate volatility.

The outlook points to modest volatility with upward bias, as supply constraints persist and demand from high-value industries continues to strengthen.

Regional Analysis and Quarterly Movements

North America Market Analysis

Q3 2025 (Quarter Ending September 2025)

North America experienced a 13.3% quarter-over-quarter drop in the Tungsten Price Index, settling at an average of USD 67,920.33/MT. Despite ongoing supply constraints, the decline reflected inventory rebuilding and seasonal demand moderation.

Key Q3 insights:

Spot availability tightened in August, pushing many sales into private negotiations.
Logistics constraints and limited secondary processing capacity created delivery delays.
Production costs rose due to stricter Chinese quotas inflating global concentrate prices.
Demand remained strong from defense, photovoltaic, and EV manufacturing, supporting urgency among buyers.

Why did prices change in September 2025?

Chinese export quota restrictions limited concentrate flows into the U.S.
Strong demand from defense and photovoltaic sectors accelerated inventory drawdowns.
Logistical bottlenecks and slow processing constrained secondary supply responses.
Despite the monthly decline, strategic sectors kept the market tight, signaling potential rebounds.

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Q2 2025 (Quarter Ending June 2025)

The North American Tungsten Price Index fell 10.8% Q2 vs. Q1, as the market experienced a temporary reprieve from runaway prices.

Key drivers:

High raw material costs persisted early in the quarter.
Energy and logistics costs stabilized mid-quarter, softening pressure.
Defense, aerospace, and electronics sectors maintained stable demand.
Late-quarter tightening due to Chinese export controls caused a modest price recovery.

Why did prices change in July 2025?

July saw a sharp surge in tungsten pricing:

Ore and concentrate supply tightened sharply.
Wolframite prices rose 23% YTD, APT 21% YTD.
New Chinese mining laws increased costs.
Strategic restocking by defense and aerospace accelerated the price spike.

Q1 2025 (Quarter Ending March 2025)

The market remained bullish due to persistent supply shortages and strong industrial consumption.

Spot Price reached USD 84,772/MT CFR San Diego at the end of March.
Stable demand from semiconductors, defense, and advanced manufacturing supported price strength.
Production costs stayed high due to logistics and input inflation.
Supply remained tight due to export restrictions and freight issues.

Why did prices change in April 2025?

Continued global supply tightness.
Firm demand from semiconductor and defense sectors.
Logistical bottlenecks reinforced upward momentum.

Q4 2024 Review

In Q4 2024, North American tungsten prices rose 0.5% quarter-over-quarter, reaching USD 87,800/MT.

Influencing factors:

Pre-tariff stockpiling ahead of a 25% import tariff on Chinese tungsten.
Maintenance shutdowns and low mining inventories.
Strong demand from aerospace, defense, electronics, automotive.
Mixed downstream conditions: carbide and hard alloy segments saw margin compression.
This quarter laid the foundation for supply tightness heading into 2025.

Asia-Pacific (APAC) Market Analysis

Q3 2025 (Quarter Ending September 2025)

APAC prices rose sharply, with Vietnam's Tungsten Price Index up 24.8% quarter-over-quarter and average prices hitting USD 59,039.33/MT CFR Hai Phong.

Key Q3 insights:

Spot markets highly volatile as suppliers withheld inventory.
Supply constraints due to Chinese quota reductions drove up procurement costs.
Freight and processing cost inflation elevated CFR prices.
Demand remained firm in electronics, automotive, renewable energy.
Speculative stockpiling amplified volatility.

Why did prices change in September 2025?

Reduced upstream availability from China due to environmental controls and quota cuts.
Higher landed import costs due to rising freight rates.
Robust downstream demand sustained purchases despite tight supply.

Q2 2025 Review (Quarter Ending June 2025)

APAC tungsten prices were up ~2% quarter-over-quarter, driven by global ore shortages.
Early-quarter gains came from supply bottlenecks; mid-quarter stabilization followed softer freight rates.
China's restrictions continued to limit ore flows to Vietnam.
Buyers maintained cautious procurement, keeping inventories moderate.
End-quarter price firming occurred as ore availability tightened again.

Why did prices change in July 2025 (Asia)?

Tungsten Price Index surged 23-25% YTD by mid-July.
Concentrate supplies tightened sharply.
New mining regulations and environmental curbs raised costs.
Market participants reported ~25% increase in concentrate and downstream price levels.

Q1 2025 Review

APAC recorded steady price gains, supported by:

Tight global supply and reduced imports from China.
Strong demand from electronics and renewable energy.
Logistics issues early in the quarter, worsening mid-quarter.
Spot prices in Vietnam reached USD 47,564/MT CFR Hai Phong.

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Why did prices change in April 2025?

Raw material shortages grew.
Import slowdowns from China accelerated.
Growing orders from electronics and battery sectors lifted prices.

Q4 2024 Review

APAC prices declined 1%, showing subdued demand and oversupply risks.

Oversupply in China led to price pressure.
Vietnam experienced mixed conditions: strong early manufacturing, then weaker orders.
Automotive sales dropped sharply late-quarter, reducing tungsten consumption.
CFR Hai Phong prices hit USD 45,120/MT.

Europe Market Analysis

Q3 2025 (Quarter Ending September 2025)

Europe saw a 12.8% quarter-over-quarter decline, with average Q3 prices around USD 64,529/MT.

Key insights:

European tungsten availability tightened despite falling prices.
Spot prices firmed as inventories declined.
Energy and transportation costs rose.
Automotive and photovoltaic demand improved during Q3.
Recycling provided supply relief amid Chinese export restrictions.

Why did prices change in September 2025?

Supply bottlenecks and Chinese export restrictions constrained market availability.
Demand rebounded in automotive and photovoltaic sectors.
Rising energy and transport costs contributed to pricing pressure.

Q2 2025 Review

European Tungsten Price Index declined 5.2% QOQ.
Energy and logistics costs stabilized mid-quarter.
Inventories remained elevated, dampening price spikes.
Demand was subdued in automotive and machinery, while aerospace and defense held firm.
EU sustainability regulations increased compliance costs.

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Why did prices change in July 2025?

Sharp tightening in ore markets drove price increases.
Ferrotungsten and APT prices both climbed.
Reduced output from China and new export controls created downstream pressure.

Q1 2025 Review

Europe trended upward due to winter energy cost spikes and tight inventories.
Spot prices reached USD 80,113/MT in Germany.
Labor shortages, cost inflation, and industrial consumption supported pricing.
Why did prices change in April 2025?

Energy costs surged.
Demand increased across electronics and high-tech manufacturing.
Winter production limitations constrained output.

Q4 2024 Review

Europe posted a 0.5% quarterly increase, reflecting stable but supply-sensitive dynamics.

Germany approved new mining expansions.
Aerospace, automotive, and defense sectors supported demand.
Import reliance remained high.
Energy-driven production costs stayed elevated.
Germany's price reached USD 75,872/MT.
Production and Cost Structure Insights

Across all regions, production costs have risen due to:

Chinese environmental compliance and mining regulations
Higher global energy prices
Elevated transportation and freight costs
Increased labor and sustainability compliance expenses
Concentrate shortages that push up upstream costs
As China tightens environmental regulation and export oversight, the cost of producing and processing tungsten has systematically increased since 2024.

Supply Chain, Logistics, and Trade Flow Impacts

The tungsten supply chain is heavily influenced by global freight, concentrate flows, and export policy.

Key structural pressures include:

Ocean freight rate volatility, especially for APAC-US and China-Vietnam routes
Slower processing times at Chinese ports due to tightened environmental inspections
Longer delivery lead times into Europe
Low mining inventories and intermittent shutdowns in major producing countries
Increasing reliance on negotiated spot sales, reducing market transparency
Trade flows have shifted notably:

North America increased procurement diversification due to tariff risks.
Vietnam's role as a processing hub expanded but remains constrained by raw material shortages.
Europe depends on mixed sourcing (China, Vietnam, Bolivia) and recycling programs.
Procurement Behavior & Outlook

Procurement Trends

Buyers across regions have demonstrated:

Cautious purchasing in volatile periods
Strategic stockpiling during supply disruptions
Growing preference for long-term contracts over spot procurement
Increased attention to supplier diversification
Higher emphasis on inventory optimization
Procurement Outlook for 2025-2026

Expect continued price volatility due to Chinese policy uncertainty.
Downstream demand will remain resilient, especially in defense, aerospace, EVs, and photovoltaics.
Inventories will remain lean to moderate, limiting buffer capacity.
Raw material costs and freight trends will remain crucial determinants of short-term pricing.
Overall, procurement managers should align with real-time data and forecasts to time purchases efficiently.

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FAQ Section

Why are tungsten prices so volatile?
Because tungsten supply is highly concentrated in China, any change in Chinese mining policies, export quotas, or environmental regulations causes immediate global disruptions.

What sectors influence tungsten demand the most?
Defense, aerospace, semiconductors, electronics, automotive, renewable energy, tooling, and industrial machinery.

Why do APAC prices move differently from North America and Europe?
Because APAC-especially Vietnam-depends heavily on Chinese feedstock. Any constraint in China immediately inflates landed costs and triggers speculative buying.

What are the biggest cost drivers in tungsten production?
Energy, transport, labor, environmental compliance, and concentrate availability.

Is tungsten considered a critical mineral?
Yes. It is designated as a critical or strategic mineral across the U.S., EU, Japan, India, and other economies due to its defense and high-tech importance.

What is the price outlook?
Moderate volatility with upward bias, supported by persistent supply tightness and strong downstream consumption.

How ChemAnalyst Supports Buyers

ChemAnalyst is a global leader in real-time market intelligence, providing buyers, procurement teams, and strategists with the insights they need to make informed decisions in volatile markets like tungsten.

ChemAnalyst Provides:

Real-time prices for 450+ commodities
Weekly and monthly price updates
Accurate, analyst-verified explanations behind each price movement
Forward-looking forecasts using market models and sector demand trends
Supply chain monitoring, including plant shutdowns and disruptions
Global trade flow tracking, with teams at 50+ ports worldwide
Expert support from chemical engineers, economists, and trading specialists
With ChemAnalyst's data-driven intelligence, buyers can optimize procurement timing, reduce risk, and navigate fast-changing tungsten market conditions with confidence.

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