In early April 2026, the price of domestically produced tungsten carbide powder was approximately RMB 2275/kg, a historical high, showing a continuous surge since 2025.
Recent Price Trends
Tungsten carbide prices accelerated their climb in the first quarter of 2026. By mid-March, the price of 99.8% purity tungsten carbide powder had soared to RMB 2340/kg, a cumulative increase of over 106% since the beginning of the year. As of April 2nd, the price of domestically produced tungsten carbide powder remained in the range of RMB 2250-2300/kg, while the export price was approximately USD 339/kg. The price of recycled tungsten carbide powder was relatively lower, at approximately RMB 1645/kg.
Historical Trend Review
Tungsten carbide prices experienced a significant increase in 2025. At mid-year, the average price was still at a low level of RMB 387-625/kg. The upward trend was established after entering the second half of the year, with the average price predicted to reach 720 yuan/kg in November. It is projected to exceed 1200 yuan/kg in January 2026 and 1800 yuan/kg in February, more than doubling in just a few months.
Price Drivers
This round of price increases is mainly driven by supply and demand imbalances and policy. On the supply side, tightening tungsten mining quotas and stricter environmental inspections have led to insufficient raw material supply. On the demand side, explosive growth in demand from emerging fields such as photovoltaics, AI semiconductors, and military industries has exacerbated the supply-demand gap. In addition, rising costs of recycling processes and dynamic adjustments to export quotas also support prices.