Updated 10 Oct 2026 · WolfTrack by TungstenIndia.com
The tungsten market is no longer one market. Inside China, prices are being corrected. Outside China, supply is so tight that the benchmark price is a quote with almost no trades behind it. The gap between the two routes is now above $1,500 per mtu, according to publicly available trade reports dated 9 Oct 2026.
The two prices, side by side
| Route | Pricing basis | Reported level (9 Oct 2026) |
|---|---|---|
| China domestic | 65% wolframite concentrate spot | RMB 357,000 per standard tonne |
| Concentrate sold into China | Chinese concentrate price, 0–30% deduction | about $738/mtu at a 10% deduction |
| Europe / US long-term contracts | APT CIF Rotterdam, 75–85% payable | about $2,320/mtu at an 80% payable |
| APT CIF Rotterdam (benchmark) | Quoted average | $2,900/mtu, range $2,700–3,100, down $100 on the month |
The same tonne of concentrate is worth very different amounts depending on which door it leaves through. That is not a pricing error. It is the result of how the two routes are built.
Why the gap exists
1. China cannot export APT. Ammonium paratungstate (APT) is the intermediate that sits between ore and tungsten powder. Chinese APT is effectively locked inside China, and the trade reports note that tungsten powder export approvals are very strict this year. Exports of tungsten-related products to the US and Japan were banned. The customs numbers are in our China imports and exports page.
2. Outside China, only 3–4 smelters can make APT. New smelting capacity faces policy, environmental and capital constraints, and a new independent APT plant takes 2–3 years or more to build. The result is that long-term orders at the few existing plants are essentially fully booked.
3. Spot trading has stopped. Spot APT and tungsten oxide trading in Europe and the US has been close to zero for a quarter. The Rotterdam number is a reference that smelters quote. It is not a clearing price where buyers and sellers meet.
4. Ore is no longer the bottleneck. Trade analysts now say the pinch has moved from ore to smelting. Mine supply outside China is arriving: a South Korean mine has begun trial production, a UK mine has resumed output, and projects in Queensland and Spain are ramping up. More in Sangdong and Masan. The constraint has moved one step down the chain, from ore to smelting.
Who is stuck
- Small and mid-sized miners are struggling to find buyers. Some are holding higher-priced ore in stockpiles in Southeast Asia and Africa.
- New project developers have trouble securing buyers, because the smelters that could process their concentrate are already contracted.
- Chinese producers are running reduced output, focused on long-term contract deliveries, while plant inventories remain elevated and restocking has been weak.
What the finished-goods and scrap prices say
The same reports show the split reaching downstream:
| Item (9 Oct 2026) | Reported level | Change on the month |
|---|---|---|
| China tungsten bar FOB | $185–190/kg (average $187.5) | down 13.8% |
| European scrap tungsten carbide inserts | €65–85/kg (average €75) | down 18.9% |
| Overseas-made APT-based rod | generally above $300/kg | — |
Two things stand out. First, Chinese finished product is far cheaper than anything built from overseas APT, so overseas buyers keep leaning on Chinese goods where they can. Second, scrap has moved down faster than the raw-material benchmark. The reports describe scrap as oversupplied since September, with scrap prices diverging from raw-material prices.
What this means for Indian scrap sellers
Reading the market, not predicting it
- Rotterdam APT is not your price. It is a quote with very few trades. Do not anchor a rupee expectation to it.
- Scrap is now priced on its own supply and demand. Falling Chinese and European scrap prices are a scrap-market signal, not only an ore signal.
- Grade and form decide your price more than ever. Clean 90%+ drill bits, inserts and rods are quoted differently from mixed or sludge material.
- Check the rates before you agree a quote: India tungsten scrap rates and China tungsten prices.
What the trade reports say could change this
The reports are cautious. They note that several new APT smelting projects are expected to reach the market in 2027, which could pressure APT-led pricing and narrow the gap, but they also say an independent international supply chain will take considerable time to build. We are tracking this weekly in WolfTrack.
Want the weekly read on what Indian scrap is actually fetching? Get the Thursday WolfTrack brief on the WhatsApp channel, or message us directly on WhatsApp for a scrap quote.
Frequently asked questions
Why is China’s tungsten price lower than Europe’s?
China cannot export APT, and only 3u20134 smelters outside China can make it. Concentrate sold into China is priced off Chinese concentrate prices, while Europe and US long-term contracts are priced off APT CIF Rotterdam. Trade reports dated 9 Oct 2026 put the gap between the two routes above $1,500 per mtu.
Is the Rotterdam APT price a real traded price?
It is better read as a quote. The same reports say spot APT and tungsten oxide trading in Europe and the US has been close to zero for a quarter, with long-term orders at the few smelters essentially fully booked.
What is APT in the tungsten chain?
APT (ammonium paratungstate) is the intermediate between ore concentrate and tungsten oxide or powder. Whoever can make APT controls the bottleneck of the ex-China supply chain.
Should Indian scrap sellers price their scrap off Rotterdam APT?
No. Scrap is priced on its own supply and demand, and grade and form decide the rate. Check the current India tungsten scrap rates page before agreeing a quote.
Related reading
- Tungsten scrap is going strategic: US export restriction and Vietnam's draft rule
- Sangdong starts, Masan gets a buyer: building tungsten supply outside China
- China's tungsten trade, January–August 2026: imports up, exports down
- WolfTrack Issue #2: India scrap rates, 8 Oct 2026
- Tungsten scrap price in India, October 2026
Sources: publicly available trade reports from Shanghai-based metals market analysts, 4 Sep and 9 Oct 2026; company and government statements linked in related WolfTrack pages. Figures are as reported and are for reference only, not trading advice.
Also read: China tungsten prices keep falling: what SMM and CTIA say is driving it
