Tungsten Raw Material Prices Soar

Recently, prices for cemented carbide (commonly known as “tungsten steel”), which uses tungsten as its core raw material, have skyrocketed, imposing significant cost pressures and operational challenges on downstream fastener mold and manufacturing enterprises. Industry data indicates that this round of price increases accelerated sharply in mid-December 2025, with multiple key raw material prices hitting record highs.

According to industry market monitoring, as of December 16, 2025, tungsten product prices have surged across the board. Among them, the price of black tungsten concentrate (≥65%), a fundamental raw material, has reached 415,000 yuan per ton, a staggering increase of approximately 190.2% since the beginning of the year. while its direct downstream product, ammonium paratungstate (APT), reached 610,000 yuan per ton, a 189.1% increase. More critically, tungsten powder and tungsten carbide powder—directly used in mold manufacturing—have surpassed the 900 yuan per kilogram threshold, more than tripling from the beginning of the year with a staggering 202.3% increase.

Analysts indicate this historic price surge stems from deep-seated supply-demand imbalances. On the supply side, tightened domestic tungsten ore production quotas and stricter environmental regulations have caused a rigid contraction in raw material supply. Concurrently, demand experienced a structural surge. Explosive growth in demand for diamond wire tungsten filaments used in the photovoltaic industry, coupled with steady expansion in high-end equipment manufacturing and defense sectors, collectively elevated tungsten's strategic importance and market pricing.

Tungsten steel serves as an indispensable core material for producing high-strength, high-wear-resistance fastener molds (such as thread rolling plates and punches). Its price has multiplied, rapidly propagating along the industrial chain. Production costs for mold manufacturers have surged dramatically, severely squeezing profits. Some small and medium-sized enterprises have even fallen into the predicament of “losing money on every order.”  Currently, downstream tool manufacturers have announced price hikes for their products due to cost pressures.