Tungsten prices remain at record levels on the international market. Ammonium paratungstate (APT), the main intermediate product, records prices close to historical highs. The international price of APT reaches around US$2,250 per metric unit of ton of WO3, driven by the restrictive measures imposed by China. Essas actions generate continued concerns about global supply, as the country dominates more than 75% of world production of the metal.
Chinese export restrictions, implemented since February 2025 and reinforced in 2026, significantly reduce the volume available abroad. Exportações of products like APT fell by around 40% compared to previous periods. Demand remains high in industrial and defense sectors, which sustains the upward trend even after seasonal periods of lower activity.
Chinese restrictions squeeze global supply
China controls most of the tungsten production chain. Medidas export licensing requires specific government authorizations. Isso limits the flow of materials to foreign markets and creates a feeling of scarcity among international buyers.
Companies in regions such as Europa and Estados Unidos face difficulties obtaining necessary volumes. Global Estoques decreased considerably. The combination of controls and reduced mining quotas contributes to the persistent supply squeeze.
High reflects imbalance between supply and demand
Tungsten concentrate prices at China have risen significantly since the beginning of the year. Cotações of 65% WO3 concentrate have reached levels equivalent to more than RMB 1 million per ton in recent transactions. Esse movement reflects rigidity in domestic production and the maintenance of strict environmental policies.
Demand for tungsten grows in high-tech applications. Setores as aerospace, semiconductors and cutting tools absorb larger volumes. The need for strong materials in critical components drives prices higher.
European market follows an upward trend
APT quotes at the port of Rotterdam and Baltimore register values between US$ 2,000 and US$ 2,400 per mtu WO3. Esse level represents a significant increase compared to the beginning of 2026. Compradores international companies prioritize ensuring supply in the face of volatility.
Spot deals show buyers willing to pay high premiums. Perceived scarcity leads to quick adjustments to contracts. Empresas seeks to diversify sources, but alternatives outside of China still face scale limitations.
Structural factors support high prices
Mining quotas at China have been reduced in recent years. Regiões major producers saw cuts in extraction permits. Declining Graus of ore increases production costs and reinforces control over the resource.
Resource conservation policies prioritize domestic use. Exportações for civilian uses continue, but with additional restrictions on dual-use categories. Essa dynamics maintain pressure on international prices.
Industrial demand drives prices
Tungsten is essential in high-performance cutting tools and drills. Indústria automotive and machinery absorbs consistent volumes. Aplicações in electronics and renewable energy contribute to growing consumption.
The defense sector uses the metal in armor-piercing projectiles and resistant components. Tensões geopolitics increase the strategic need. Compras of governments and safety stocks increase pressure on the available market.
The tungsten market faces prolonged tight conditions. Preços maintains upward trajectory based on limited supply and robust demand. Participantes monitor developments in trade policies and alternative production.