2026 monthly review · updated 27 Oct 2026
Tungsten prices: 2026 month by month
Monthly reference prices for wolframite concentrate and APT in both renminbi and US dollars. The dollar column divides by that month's average USD/CNY reference rate, so the two columns separate the price move from the currency move instead of blending them.
Monthly USD figures use the average of the daily USD/CNY reference rate inside that month (Jan–Oct: 6.6901–6.9693).
Price and currency, side by side
2026 monthly table
Each row records where the reading came from. Association guidance, producer contracts and our own spot consensus are different instruments and are not interchangeable.
| Month | Wolframite 65% | in USD | APT | in USD | MoM | Basis |
|---|---|---|---|---|---|---|
| January | 7,077 CNY/mtu | 1,015 USD/mtu | 670,000 CNY/t | 96,136 USD/t | — | Ganzhou Tungsten Association monthly guidance |
| February | — | — | — | — | — | No guidance published in the series we captured (Spring Festival) |
| March | 15,692 CNY/mtu | 2,276 USD/mtu | 1,500,000 CNY/t | 217,527 USD/t | ▲ 121.7% | Zhangyuan Tungsten monthly contract, peak month |
| April | 14,308 CNY/mtu | 2,093 USD/mtu | 1,440,000 CNY/t | 210,699 USD/t | ▼ 8.8% | Ganzhou Tungsten Association monthly guidance |
| May | 10,769 CNY/mtu | 1,584 USD/mtu | 1,020,000 CNY/t | 150,049 USD/t | ▼ 24.7% | Ganzhou Tungsten Association monthly guidance |
| June | 7,769 CNY/mtu | 1,147 USD/mtu | 760,000 CNY/t | 112,161 USD/t | ▼ 27.9% | Ganzhou Tungsten Association monthly guidance |
| July | 6,892 CNY/mtu | 1,017 USD/mtu | 660,000 CNY/t | 97,395 USD/t | ▼ 11.3% | Ganzhou Tungsten Association monthly guidance |
| August | 6,338 CNY/mtu | 941 USD/mtu | 606,000 CNY/t | 89,963 USD/t | ▼ 8.0% | Ganzhou Tungsten Association monthly guidance |
| September | 6,354 CNY/mtu | 947 USD/mtu | 600,000 CNY/t | 89,433 USD/t | ▲ 0.2% | Ganzhou Tungsten Association monthly guidance |
| October | 5,615 CNY/mtu | 839 USD/mtu | 550,000 CNY/t | 82,211 USD/t | ▼ 11.6% | Ganzhou Tungsten Association October guidance |
Monthly reviews
October 2026 — month to datelive
Our daily consensus opened the month at CNY 4,462/mtu for wolframite 65% and stands at CNY 5,077/mtu on the latest session, a move of +13.8%. The range so far is CNY 4,462–5,077/mtu. APT moved from CNY 470,000 to 512,500/t (+9.0%).
A final review replaces this block on the last day of the month and is published to the feed as a standalone item.
Measured turning points
- 2026-01-05 — Spot wolframite 65% at CNY 453,500 per standard tonne at the start of the year. (SMM)
- 2026-03-13 — All-time high of CNY 1,050,500 per standard tonne. (SMM)
- 2026-05-25 — Year low of CNY 400,500 per standard tonne, a 62% fall from the March peak. (SMM)
- 2026-06-10 — Rebound to CNY 527,500 on restocking. (SMM)
- 2026-06-30 — First half closed at CNY 501,000, up 10.5% year to date; H1 average CNY 688,300, with a 162% amplitude. (SMM)
- 2026-09-02 — Assessment of CNY 415,500 after a quiet August. (SMM)
How to read this
The renminbi series is what Chinese producers actually settle against, quoted per standard tonne on a 65% WO3 basis. We convert to CNY per mtu (per 10 kg contained WO3) because export contracts settle on that unit and it compares across grades.
The dollar series is not a price series. It is the renminbi series divided by a monthly average exchange rate. When the yuan strengthens the dollar price falls faster than the renminbi price; when it weakens the dollar price holds up better. If you negotiate in dollars, read the right-hand column.
Monthly readings are compiled from published association guidance, producer contracts and our own daily spot consensus, each labelled in the Basis column. Figures are indicative and are not tradeable offers.
Buying carbide parts against these prices?
We produce tungsten carbide wear parts, cutting tool blanks and precision components from YG6, YG8, YK06 and YA20 grades. Tell us the part and the annual tonnage and we will quote against current powder cost.