Indian carbide scrap rates fell on all three grades we track this week, following a sharp drop in China’s domestic scrap prices during the National Day holiday (October 1–8). Here is what moved, why, and what to watch next.
The Index
| Indian rate (Rs/kg) | Oct 2 | Oct 8 | Move |
|---|---|---|---|
| Tungsten button scrap (drill bits) | 7,500 – 9,000 | 7,000 – 9,000 | Low end -500 |
| Carbide inserts | 5,500 – 6,500 | 4,500 – 6,000 | Down 500–1,000 |
| Carbide rod scrap | 6,500 – 7,500 | 5,500 – 7,500 | Low end -1,000 |
| China domestic, Sep 30 to Oct 8 | Price | Move |
|---|---|---|
| Carbide rod scrap (RMB/kg) | 532 | -14.5% |
| Carbide blade scrap (RMB/kg) | 475 | -14.4% |
| Wolframite 65% (RMB/mt) | 365,000 | -3.9% |
| Scheelite 65% (RMB/mt) | 364,000 | -3.9% |
| APT spot (RMB/mt) | 550,000 | -1.8% |
| Tungsten powder (RMB/kg) | 850 | -1.2% |
| WC powder (RMB/kg) | 810 | -1.2% |
| Europe APT (USD/mtu) | 2,700 – 2,900 | from 2,900 – 3,000 |
Prices compiled from publicly available market information and our own transaction data. No third-party source, platform, or company is represented as the basis for any rate shown. Information only — not a buy/sell recommendation. Trading involves risk of loss. Consult a qualified professional before trading and verify independently.
Chain Decode
Scrap moved first and hardest. The upstream chain (ore, APT, powder) is priced off long-term contracts and moves slowly. Scrap is the cheapest and most flexible input, so buyers cut it first when trading is thin. That is what happened during China’s holiday.
Europe did not follow. Outside China the problem is supply, not demand. Europe’s APT range eased only modestly, to $2,700–2,900/mtu from $2,900–3,000, while China’s domestic scrap fell about 14%, so the two markets are still separate. The Indian market sits in between.
The policy clock. The US began restricting tungsten scrap exports on August 27, and US defence procurement rules restrict Chinese-origin tungsten from January 1, 2027. Recycled material supplies about 35% of global tungsten demand, according to The Oregon Group. Scrap with a documented, non-Chinese origin becomes more valuable as 2027 approaches. Read the full background in Why tungsten scrap prices in India are falling while global supply stays tight.
Trading Framework
- Signal to watch: Indian rates have started following China down this week. The question is whether the fall continues once China reopens.
- Condition: when China scrap climbs back toward USD 100/kg, Indian buyers return together. Below it, bids stay thin.
- Action for dealers: quote only against a verified offer. Do not hold unsold stock on the assumption that last week’s rate returns.
Watchlist
| When | What | Why it matters |
|---|---|---|
| After Oct 8 | China reopens after the holiday | First real price prints in eight days |
| Late October | New ore and APT long-term contract prices | Sets the floor for the whole chain |
| Early November | End of the US–China truce window (exact date to be confirmed) | Export-licence risk returns |
| Jan 1, 2027 | US sourcing rule | Premium for documented non-Chinese scrap |
See current Indian rates on the India tungsten rates page, or sell your carbide scrap.
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