Tungsten Ore Price Trend and Forecast 2026-2027

Market Overview

Tungsten Ore prices in the United States, the highest-cost reporting region, rose 26.9% in Q2 2026 to USD 158,602.00/MT from USD 125,000.00/MT in Q1, extending what is without question the most extreme price move covered anywhere in this report series. Globally, the average rose from USD 101,900.00/MT in Q1 to USD 129,453.00/MT in Q2, a further 27.0% gain, capping a rise of more than 560 percent since the start of 2025. For H2 2026, a global average of USD 125,000.00-165,000.00/MT is expected, with Chinese export controls, structurally reduced mining quotas, and surging defense and semiconductor demand all pointing toward continued elevated pricing with a consolidation bias rather than any meaningful retreat.

Tungsten Ore is mined primarily as wolframite and scheelite concentrate, then processed into ammonium paratungstate and further into tungsten metal powder and cemented carbide, the extremely hard, heat-resistant material essential for cutting tools, drilling equipment, and armor-piercing munitions. China accounts for more than 75 percent of global production, giving it outsized control over the entire value chain. Chinese export controls introduced on 25 tungsten products in February 2025, three consecutive years of mining quota reductions, and accelerating defense, aerospace, and semiconductor demand are what drive prices in this market, with analysts describing the current dynamic as a fundamental, structural market reset rather than a temporary price spike.

Tungsten Ore Price Forecast for 2026

The outlook for Tungsten Ore through H2 2026 points to continued elevated pricing with a consolidation bias. Chinese export controls are expected to persist through the remainder of the year, and new non-Chinese supply from projects in South Korea, Kazakhstan, and Portugal is expected to cover only a small fraction of global demand, while larger projects such as Mactung in Canada remain years away from production. Defense stockpiling and rising military spending globally provide an additional, and largely price-insensitive, demand floor.

The main upside risk is a further tightening of Chinese export quotas or an escalation of geopolitical tensions affecting critical minerals trade, which some analysts believe could push concentrate prices toward USD 30,000 per metric ton unit, a benchmark well above current levels. The main downside risk is a faster-than-expected ramp-up of non-Chinese mining capacity combined with growing recycling competition, though market participants widely describe this market's supply gap as structural rather than cyclical, meaning any correction is likely to be limited and gradual rather than sharp.

For the Quarter Ending June 2026

Tungsten Ore Prices Q2 2026:

• United States: USD 158,602.00/MT
• China: USD 138,600.00/MT
• Netherlands: USD 103,064.00/MT
• South Korea: USD 84,998.00/MT

Tungsten Ore Prices in the United States

US Tungsten Ore prices averaged USD 158,602.00/MT in Q2 2026, the highest of any region tracked here, up 26.9% from USD 125,000.00/MT in Q1, as steady demand from aerospace, defense manufacturing, and precision tooling industries continued driving firm upward movement.

Why did the price of Tungsten Ore change in Q2 2026 in the United States?

Procurement activity strengthened as end users focused on securing stable supply amid tighter import availability, while supply conditions remained constrained by limited global mine output and controlled export flows from major producing regions, particularly China.

Tungsten Ore Prices in China

Chinese prices averaged USD 138,600.00/MT in Q2 2026, up 27.2% from USD 109,000.00/MT in Q1, as controlled production conditions and firm downstream consumption from cemented carbide and manufacturing sectors sustained the market's strong upward trajectory.

Why did the price of Tungsten Ore change in Q2 2026 in China?

Mining and smelting operations were influenced by regulatory constraints and environmental compliance requirements that limited output flexibility, even as China's own downstream carbide and manufacturing sectors continued absorbing available material at elevated prices.

Tungsten Ore Prices in Netherlands

Dutch prices, reflecting this market's role as a key European trading and distribution hub, averaged USD 103,064.00/MT in Q2 2026, up 27.2% from USD 81,000.00/MT in Q1.

Why did the price of Tungsten Ore change in Q2 2026 in Netherlands?

Import dependence on upstream tungsten materials created sensitivity to global supply constraints, while demand from downstream industrial users in Europe, particularly in engineering and tooling sectors, remained stable enough to sustain firm procurement activity.

Tungsten Ore Prices in South Korea

South Korean prices, the lowest of the four regions, averaged USD 84,998.00/MT in Q2 2026, up 26.9% from USD 67,000.00/MT in Q1.

Why did the price of Tungsten Ore change in Q2 2026 in South Korea?

New mining capacity additions in the region, while notable, remained far too small relative to global demand to meaningfully ease the structural supply gap driving prices higher across every region tracked in this report.

For the Quarter Ending March 2026

Tungsten Ore Prices Q1 2026:

• United States: USD 125,000.00/MT
• China: USD 109,000.00/MT
• Netherlands: USD 81,000.00/MT
• South Korea: USD 67,000.00/MT

Tungsten Ore Prices in the United States

US prices surged 60.3% in Q1 2026 to USD 125,000.00/MT from USD 78,000.00/MT in Q4 2025, one of the most extraordinary quarterly moves recorded anywhere in this report.

Why did the price of Tungsten Ore change in Q1 2026 in the United States?

China's February 2025 export controls on 25 tungsten products, three consecutive years of mining quota reductions of roughly 6 percent annually, and surging defense and semiconductor demand combined to drive prices up sharply across nearly every region tracked in this report, with the United States facing the additional pressure of policy-driven efforts to secure domestic and allied supply.

Tungsten Ore Prices in China

Chinese prices surged 60.3% in Q1 2026 to USD 109,000.00/MT from USD 68,000.00/MT in Q4 2025, as export controls introduced in February 2025 continued reshaping global availability.

Why did the price of Tungsten Ore change in Q1 2026 in China?

Since the introduction of Chinese export controls in early 2025, tungsten prices have risen more than 550 percent, a move analysts describe as a fundamental market reset rather than a short-term spike, with China's own reduced export flows tightening the global balance even as domestic demand for cemented carbide manufacturing remained robust.

Tungsten Ore Prices in Netherlands

Dutch prices surged 60.4% in Q1 2026 to USD 81,000.00/MT from USD 50,500.00/MT in Q4 2025, tracking the extraordinary global tightening.

Why did the price of Tungsten Ore change in Q1 2026 in Netherlands?

European Ammonium Paratungstate prices surged dramatically during the quarter, with nearly 90 percent of the gain concentrated in just a six-week span, as import-dependent European buyers competed for a shrinking pool of available material.

Tungsten Ore Prices in South Korea

South Korean prices surged 61.4% in Q1 2026 to USD 67,000.00/MT from USD 41,500.00/MT in Q4 2025, one of the sharpest regional moves of the quarter.

Why did the price of Tungsten Ore change in Q1 2026 in South Korea?

Military spending increases and semiconductor manufacturing expansion, particularly for advanced technologies, provided a stable and price-insensitive demand base that supported continued firm pricing even as buyers grew increasingly concerned about long-term supply security.

Quarterly Tungsten Ore Price Trends

Global Tungsten Ore prices have risen in every quarter tracked in this report, accelerating dramatically from Q3 2025 onward as Chinese export controls introduced in February 2025 combined with structurally reduced mining quotas and surging defense and semiconductor demand, producing a rise of more than 560 percent from the start of 2025 to mid-2026, the most extreme move of any commodity covered across this entire report series.

What was Tungsten Ore Price in 2025?

Tungsten Ore staged by far the most extraordinary price move of any market covered in this report through 2025, with prices roughly tripling in every region as China's February 2025 export controls, consecutive annual mining quota reductions, and surging defense and semiconductor demand combined to overturn what had been a comparatively stable market.

Tungsten Ore Prices in the United States in 2025

US prices surged from about USD 24,000.00/MT in Q1 2025 to USD 78,000.00/MT by Q4, a gain of roughly 225.0%, before the even sharper acceleration that followed in early 2026.

Tungsten Ore Prices in China in 2025

Chinese prices surged from about USD 21,000.00/MT in Q1 2025 to USD 68,000.00/MT by Q4, up roughly 223.8%, as the government's own February 2025 export controls fundamentally reshaped this market's supply-demand balance.

Tungsten Ore Prices in Netherlands in 2025

Dutch prices surged from about USD 15,500.00/MT in Q1 2025 to USD 50,500.00/MT by Q4, a gain of roughly 225.8%, the strongest annual increase of the four regions.

Tungsten Ore Prices in South Korea in 2025

South Korean prices surged from about USD 12,800.00/MT in Q1 2025 to USD 41,500.00/MT by Q4, up roughly 224.2%, tracking the extraordinary global tightening that defined this market throughout the year.

How We Can Help

Expert Market Research: Your Source for Real-Time Tungsten Ore Price Intelligence

Expert Market Research tracks Tungsten Ore prices continuously across every major producing and consuming region, combining Chinese export policy and mining quota data, defense and semiconductor demand signals, and new supply project development timelines into a single, regularly updated view of the market. Our team can help your procurement function benchmark current offers, plan purchases around the extraordinary structural supply constraints covered in this report, and build a defensible view of where this critical strategic mineral is headed next. Reach out to our team for a tailored briefing or a deeper look at any of the regional markets covered here.