Tungsten price today
In late October 2026, the benchmark tungsten price, European ammonium paratungstate (APT, CIF Rotterdam), was quoted at about US$2,500–3,100 per metric ton unit (mtu), with a reference near US$2,675. Chinese domestic APT traded at about US$800–850 per mtu over the same period.
That gap of roughly 3x is not a short-term arbitrage. Chinese export controls stop most Chinese material from reaching buyers outside China, so the world now has two tungsten prices: one inside China and one outside it.
| Product (late Oct 2026) | China domestic | Europe / ex-China |
|---|---|---|
| APT, 88.5% WO₃ | ~US$800–850 per mtu | ~US$2,500–3,100 per mtu |
| Tungsten concentrate | ~US$740–760 per mtu (65% WO₃) | ~US$2,320 per mtu equivalent |
| Tungsten metal powder | ~US$107–113 per kg | Priced off APT plus conversion |
| Ferro-tungsten, 70% | ~US$103 per kg W | ~US$158–165 per kg W |
Sources: Shanghai Metals Market, Yatech Materials (late October 2026). Prices are indicative; spot trading in Europe is thin and most material moves under long-term contracts.
How tungsten is priced: APT and the metric ton unit
Tungsten is not traded on a futures exchange like copper or gold. Most of it moves under negotiated contracts, priced against benchmark assessments published by agencies such as Fastmarkets, Argus and Shanghai Metals Market.
The benchmark product is ammonium paratungstate (APT), the main intermediate between mined concentrate and finished products like tungsten carbide powder. It is quoted in US dollars per metric ton unit (mtu):
- 1 mtu = 10 kg of tungsten trioxide (WO₃)
- WO₃ is 79.3% tungsten by weight, so 1 mtu contains 7.93 kg of tungsten
- APT is about 88.5% WO₃, so one tonne of APT contains 88.5 mtu
Tungsten concentrate from a mine is priced the same way, per mtu of WO₃ it contains, usually at a discount to APT that reflects the cost of refining. We explain this in more detail in our guide to APT and the mtu.
Tungsten price per kg and per pound
Price reports quote $/mtu, but most people search for tungsten's price per kilogram or per pound. Here is the conversion, using the European reference of US$2,675 per mtu:
- Price per kg of WO₃: 2,675 ÷ 10 = US$267.50
- Price per kg of contained tungsten: 2,675 ÷ 7.93 = US$337
- Price per pound of contained tungsten: 337 ÷ 2.2046 = US$153
| Basis | Europe (US$2,675/mtu) | China (US$820/mtu) |
|---|---|---|
| Per kg of tungsten | ~US$337 | ~US$103 |
| Per pound of tungsten | ~US$153 | ~US$47 |
| Per gram of tungsten | ~US$0.34 | ~US$0.10 |
| Per tonne of APT | ~US$237,000 | ~US$72,600 |
These figures are the value of tungsten contained in APT. Finished tungsten products, such as rods, plates, wire, heavy-alloy parts or retail bars, sell for considerably more because of powder metallurgy, machining and dealer margins. Scrap tungsten sells at a discount that depends on its form and purity.
Tungsten price history: 2025 to 2026
2025: export controls trigger the rally
At the end of 2024, the United States raised tariffs on several Chinese tungsten products to 50%. In February 2025, China added APT, tungsten oxides and other tungsten products to its dual-use export controls. According to the USGS, Rotterdam APT prices rose during 2025 from about US$331 to US$675 per mtu, and 65% concentrate rose from about US$266 to US$551 per mtu.
2026: a spike, a crash in China, and a firm ex-China market
In December 2025, China said only 15 companies would be allowed to export tungsten in 2026 and 2027. Chinese domestic prices then spiked. Monthly guidance prices for Chinese APT were:
| Month (2026) | Chinese APT (RMB per tonne) | Approx. US$ per tonne |
|---|---|---|
| January | 670,000 | 96,100 |
| March (peak) | 1,500,000 | 217,500 |
| April | 1,440,000 | 210,700 |
| May | 1,020,000 | 150,000 |
| June | 760,000 | 112,200 |
| July | 660,000 | 97,400 |
| August | 606,000 | 90,000 |
| September | 600,000 | 89,400 |
| October | 550,000 | 82,300 |
Source: Ganzhou Tungsten Association and Zhangyuan Tungsten monthly guidance, compiled by Yatech Materials. US$ converted at the rate of the day.
Shanghai Metals Market put Chinese APT at RMB 470,000 per tonne on 15 October, about 69% below the mid-March peak. China Tungsten Online attributed the fall to weak demand from cemented carbide makers, smelters cutting output after costs rose above selling prices, and cautious buying across the supply chain. By 19 October, large Chinese producers had started buying again.
European prices held up far better. APT CIF Rotterdam stayed in the US$2,500–3,100 range through October, and long-term contracts were reported above US$3,000 per mtu. Spot trading in Europe and the US has been close to zero for a quarter, because Chinese material cannot be exported freely and the few non-Chinese refiners control their own pricing.
What drives the tungsten price
- Chinese supply policy. China mined about 79% of the world's tungsten in 2025, according to the USGS. It also sets mining quotas and export licences, and runs the state-trading list. Any policy change moves prices immediately. See China's tungsten export controls.
- Carbide and tooling demand. Cemented carbide for cutting and drilling tools is the largest use of tungsten, so manufacturing cycles drive demand. See what tungsten is used for.
- Defence procurement. From 1 January 2027, US defence contracts must exclude tungsten mined in China, Russia, North Korea or Iran (the DFARS rule explained). This creates a separate demand pool that only allied mine supply can fill, regardless of the Chinese price.
- New non-Chinese supply. New production from mines in South Korea, Kazakhstan, Australia and Europe adds supply outside China. Restarts are faster than new discoveries because the ore bodies and infrastructure already exist.
Why tungsten is so expensive
Tungsten ore is low grade: most deposits contain well under 1% WO₃. Producing one tonne of concentrate therefore means mining and processing hundreds of tonnes of rock. Turning concentrate into APT is a multi-step chemical process, and there are few APT refineries outside China. That combination of low grade, complex refining and concentrated supply keeps tungsten expensive relative to base metals.
It is still far cheaper than precious metals. Gold is worth well over a hundred times more per gram, even though the two metals have almost the same density (19.25 g/cm³ for tungsten, 19.32 g/cm³ for gold).
What the price means for tungsten miners and investors
For a mine, the relevant number is the price received for concentrate, multiplied by the grade and recovery of the ore. A tonne of 65% WO₃ concentrate holds 65 mtu. At the European-equivalent concentrate price of about US$2,320 per mtu, that is roughly US$150,000 per tonne. At the Chinese price of about US$760 per mtu, it is roughly US$49,000.
That gap is why non-Chinese supply matters. A producer in an allied country that can sell into Western and defence supply chains is exposed to the ex-China price, not the Chinese domestic price. Pure Tungsten is restarting the Ssangjon mine and its fully built mill in South Korea, with production targeted for Q4 2026 and a near-term target of 1,000 tonnes per year, to supply buyers reducing their reliance on China. See how to invest in tungsten for the full range of options, or request the Pure Tungsten investor pack.
This page is refreshed monthly with the latest benchmark prices.