Producers who sell tungsten raw material are reporting strong profits. Companies that turn tungsten powder into finished products report the opposite: costs rose faster than they could pass them on. Two company reports this week show both sides.
The producer side: Xiamen Tungsten
| Xiamen Tungsten, first three quarters of 2026 | Reported |
|---|---|
| Revenue | RMB 53.939 bn, +67.83% year on year |
| Net profit attributable to parent | RMB 3.226 bn, +81.86% |
| Third-quarter net profit | RMB 1.026 bn, +27.44% |
| Tungsten and molybdenum segment profit | RMB 4.382 bn, +86.12% |
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The company credits higher average tungsten raw material prices and more deep-processed products. Its profit also includes rare earth and battery businesses.
From these figures, first-half net profit was about RMB 2.2 bn, or about 1.1 bn a quarter. Third-quarter profit was about 7% below that average (our arithmetic). Growth slowed after the peak in April.
The converter side: LaserBond
LaserBond, an Australian surface-engineering company, said tungsten carbide powder prices rose faster than it could pass on to customers. Gross margin fell to around half. It expects margins to recover as price rises take effect and tungsten costs ease, and gave no timeframe.
Where the margin sits
| Link | Position |
|---|---|
| Ore and APT producers | Benefit from higher raw prices |
| Powder makers | Premium over APT-equivalent cost fell from 17.2% to 4.6% in ten days (our calculation) |
| Converters and tool makers | Squeezed when they cannot pass costs on |
| End users | Buying to need, extending tool life, delaying projects |
A rise that producers see but end users resist is a rise without confirmed demand. That is the test set out in Trap or restock? For scrap holders, the point is that scrap is only as strong as the carbide maker’s ability to pay for it.
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