China Tungsten Carbide Prices in 2026: Surge, Correction, Outlook

November 2026 Update: The Correction Is Bottoming Out

After five months of retreat, tungsten prices are firming again as Q4 begins. On November 5, mainstream APT quotes rose RMB 10,000 per tonne in a single day to RMB 530,000–550,000/t — up 4.85% week-on-week, though still roughly 19% below January levels and 11% below the Q3 average. Suppliers are holding material and low-priced spot offers have tightened, but downstream buyers continue to restock strictly to order: quotes are moving while transaction volume is not.

Early November reference prices: tungsten powder RMB 820–850/kg, tungsten carbide powder RMB 790–810/kg, and 65% WO3 concentrate near RMB 360,000–375,000 per standard tonne. The Ganzhou Tungsten Association’s November guidance points to more of the same: APT at RMB 550,000/t (flat month-on-month), medium-particle tungsten powder at RMB 850/kg (down RMB 10), and concentrate up RMB 10,000 — a sign the raw-material floor is firmer than the powder market.

What this means for blade buyers: the September lows now look like the bottom of this cycle for now. If your Q1 requirements are already known, the current window — firm quotes, quiet demand — is a reasonable one to lock carbide blade orders before a repeat of last year’s year-end squeeze. Send your drawing to our tungsten carbide blade team for a quote that holds.

What Tungsten Carbide Costs in China Right Now

Last updated: October 2026 (price data through September). China APT has fallen from a March peak of about RMB 1.52 million a tonne to roughly RMB 595,000, and tungsten powder from about RMB 2,400 to RMB 920 a kg — both now slightly below their January 2026 levels.

This page tracks the full 2026 cycle: the record Q1 surge, the four-month correction since May, and what it means for blade buyers placing Q4 orders.

Prices spiked sharply in the first quarter of 2026, driven by supply shortages, export controls and rising global demand.

Content

In 2026, the global tungsten market has entered a period of unprecedented price growth, with China at the center of this surge. As the world’s largest producer of tungsten, China’s supply dynamics are having a significant impact on global industrial supply chains.

Recent data shows that tungsten carbide powder prices in China have risen dramatically. As of March 2026, prices reached around RMB 2,300 per kg, representing a massive increase compared to previous years.

At the same time, upstream raw materials have also surged:

• Ammonium paratungstate (APT) prices increased by over 120% year-to-date
• Tungsten powder rose by more than 120%
• Tungsten carbide powder increased by approximately 125%

This sharp rise reflects a broader tightening across the entire tungsten supply chain.

October 2026 Update: Prices Correct After the Record Q1 Surge

After peaking in March 2026, China’s tungsten market has been correcting for four consecutive months. According to China domestic market trackers, by early September 2026:

• APT (ammonium paratungstate) fell from its March peak of roughly RMB 1.5 million/tonne to around RMB 600,000/tonne
• Tungsten powder dropped from about RMB 2,400/kg (March peak) to roughly RMB 920/kg
• Tungsten carbide powder followed the same curve, down substantially from its March highs

Product (China domestic, approx.)	Jan 2026	Mar 2026 (peak)	Sep 2026
APT, RMB/tonne	~670,000	~1,520,000	~595,000
Tungsten powder, RMB/kg	~1,080	~2,400	~920

Indicative China domestic prices compiled from industry market trackers (September 2026). Actual quotes vary by grade, volume, and delivery terms.

Two things matter for buyers here. First, the correction does not mean prices are returning to old levels — September 2026 prices remain several times higher than early-2025 baselines, because China’s export controls and the structural supply deficit are still in place. Analysts expect the market to stay structurally tight for years, with global demand from defense, semiconductors, and energy continuing to grow while new mine supply remains limited.

Second, this window of easing is a procurement opportunity. Volatile markets reward buyers who lock in pricing and inventory while spot prices are off their peaks, rather than waiting and buying into the next surge.

Key Drivers Behind the Price Increase

1. Supply Constraints in China

China dominates global tungsten production, accounting for around 75–80% of total supply. However, recent years have seen:

• Reduced mining quotas (down about 6.5%)
• Declining ore grades
• Stricter environmental regulations

These factors have significantly limited output growth and tightened supply.

2. Export Controls and Global Supply Shortage

China introduced export controls on tungsten and other critical metals, reducing global availability. Exports have reportedly dropped by nearly 40%, creating supply pressure in overseas markets.

As a result, global prices have surged to record highs, with some markets experiencing the highest levels in decades.

3. Strong Demand from High-Tech and Industrial Sectors

Demand for tungsten continues to grow across multiple industries, including:

• Manufacturing and cutting tools
• Aerospace and defense
• Electronics and semiconductors
• Renewable energy (e.g., photovoltaic tungsten wire)

In addition, geopolitical tensions and military demand are further tightening supply, pushing prices even higher.

4. Structural Supply Shortage

Industry analysts warn that the tungsten market is facing a long-term supply deficit. Global inventories are low, and new mining projects are limited.

Some reports indicate that tungsten prices have increased up to fivefold over the past year, highlighting the severity of the shortage.

Impact on Industrial Blade and Tooling Industry

The surge in tungsten carbide prices is having a direct impact on the tooling industry.

For manufacturers of industrial blades and cutting tools:

• Raw material costs have increased significantly
• Pricing pressure is rising across the supply chain
• Profit margins are being squeezed

At the same time, end-users are becoming more sensitive to:

• Tool lifespan
• Cutting efficiency
• Cost per use

This means that high-performance, long-life blades are more important than ever. When material costs rise, the cost gap between a blade that lasts twice as long and a cheap one that wears out fast becomes the dominant factor in total cost of ownership — a key reason buyers are re-evaluating suppliers of tungsten carbide blades and doctor blades.

Industry Insight

Tungsten carbide is a critical material in industrial cutting tools due to its extreme hardness and wear resistance. In many applications, it remains irreplaceable, especially in high-speed and heavy-duty cutting environments.

Recommended Strategy for Buyers

In the current market environment, manufacturers are advised to:

• Optimize cutting processes to reduce material waste
• Choose higher-quality blades with longer service life — browse our full product range to compare material options
• Work with reliable suppliers for stable pricing and supply, and lock in Q4 2026 orders while spot prices are off their March peaks

2027 Outlook: A High Plateau, Not Another Spike

The deficit behind the 2026 run is structural rather than speculative: China still caps mining quotas, export licensing remains in force, and demand from defence, semiconductor and photovoltaic capacity keeps growing. Against that, carbide scrap recycling is expanding and offsets part of virgin demand. Most market trackers therefore expect a high plateau with wide swings — not a repeat of the first-quarter spike, and not a return to pre-2026 levels.

For buyers the planning rules are unglamorous: budget on today’s plateau rather than the March peak, treat any dip as a buying window, and treat a quote that has not moved with the raw material as a warning sign. When you specify tungsten carbide blades for 2027, fix the grade and the drawing now so that only the material surcharge moves with the market.

Frequently Asked Questions

Why did tungsten carbide prices surge in 2026?

The surge was driven by China’s export controls on tungsten (introduced from December 2024), reduced domestic mining quotas, declining ore grades, and record demand from defense, semiconductor, and energy sectors. With China supplying 75–80% of global tungsten, these constraints pushed prices to multi-decade highs by March 2026.

Will tungsten carbide prices fall in 2027?

Prices have already corrected significantly from their March 2026 peak — APT fell from around RMB 1.5 million/tonne to roughly RMB 600,000/tonne by September. However, most analysts do not expect a return to pre-2026 levels: the export controls remain in force, global inventories are low, and the market is expected to stay structurally tight, with prices settling well above early-2025 baselines.

How does the tungsten price affect the cost of industrial blades?

For carbide blades, raw material is one of the largest cost components, so a multi-fold increase in tungsten prices feeds directly into blade quotes. High-speed steel (HSS) blades are less exposed, but carbide offers far longer service life. In a high-price environment, cost per cut (not purchase price) becomes the more meaningful metric.

How can buyers reduce blade costs in a volatile raw material market?

Three practical steps: (1) choose longer-life carbide grades to lower cost per use, (2) consolidate orders with one reliable manufacturer to lock pricing and reduce logistics cost, and (3) place scheduled orders during price corrections rather than peaks. Custom-sized blades also reduce waste versus standard sizes.

Where can I get stable pricing for custom tungsten carbide blades?

Working directly with a manufacturer that controls its own material sourcing and production — rather than through trading layers — gives the most stable pricing. Contact us for a custom quote with current-quarter material pricing.