For anyone who buys cemented carbide tools or raw tungsten powder, 2025 was the year the price chart went vertical. According to Fastmarkets, Chinese tungsten concentrate, ammonium paratungstate (APT) and ferrotungsten all rose by more than 200% over the course of the year.
The numbers behind the move
- 65% WO3 tungsten concentrate (China warehouse) climbed from roughly 143,000–144,500 yuan/t in early January to 455,000–460,000 yuan/t by 31 December — a gain of about 216%.
- APT (88.5% WO3, China port FOB) rose from $335–345/mtu to $1,050–1,115/mtu, an increase near 218%.
- Ferrotungsten (min 75%, China FOB) jumped from $44–45/kg W to $134–142/kg W — more than 210%.
Three forces colliding
Policy. From 4 February, China required special export licences for tungsten and several other critical metals, asking exporters to submit end-user and end-use statements. The added paperwork slowed approvals and disrupted established trade flows almost overnight.
Supply. China’s total tungsten mining quota fell for a third consecutive year, with annual cuts of around 6%, while declining ore grades squeezed output of high-purity material. Inventories hit their lowest level in nearly three years, encouraging holders to withhold tonnes from the spot market.
Demand. Semiconductor demand for tungsten hexafluoride (WF6) emerged as a key driver, alongside steady consumption from electric vehicles and early interest in tungsten alloys for nuclear-fusion components.
What it means for carbide buyers
Because raw-material exports became harder, Chinese producers shifted toward higher-value downstream products such as tungsten carbide powder and finished tooling. For international buyers the lesson is clear: long-term supply relationships, grade standardisation and material efficiency are now more valuable than chasing the lowest spot price.
Figures compiled from Fastmarkets market reporting, 2025.