How to Read the Tungsten Market?
The tungsten price has fallen for six months in a row, and it is still close to three times what it was in April 2025.
Samso wrote about the supply deals in tungsten in September and has followed tungsten since 2018. Those deals were signed while prices were falling inside China, so this piece looks at the tungsten price itself. It asks whether the price today is a fallen price or a rising price, and whether the rise in early 2026 was an unusual event or the top of the market.
Chinese tungsten prices in this piece are CTIA monthly averages for September 2026, published on 30 September 2026. European APT quotes are dated 28 September and 1 October 2026.
WHERE THE NUMBERS COME FROM Chinese prices are the monthly averages published by the China Tungsten Industry Association (CTIA), the industry body that reports Chinese tungsten prices [R1]. The latest table is for September 2026 and is dated 30 September 2026. European prices are the quarterly averages that Almonty Industries, a tungsten miner, reports in its quarterly filings [R6]. Every percentage in this piece that is not in those documents is Samso arithmetic and is labelled. |
