Tungsten Price Trend and Forecast 2026-2027

Market Overview

Tungsten prices surged across all reporting regions through 2025 and into Q1 2026, driven by Chinese export controls restricting the critical metal's flow to international markets. North America recorded the steepest gain, climbing from USD 19.35/KG in Q1 2025 to USD 34.17/KG in Q1 2026 - a 76.6% increase. The global average rose from USD 18.38/KG to USD 28.45/KG over the same period. For the remainder of 2026, the global average is expected in the USD 29 to USD 35/KG range as strategic stockpiling maintains firm demand.

Tungsten is a dense refractory metal with the highest melting point of any element, primarily extracted from scheelite and wolframite ore deposits. Cemented carbide tools and inserts for the cutting, drilling, and mining industries absorb approximately 60% of global tungsten demand. Specialty steel alloys and superalloys account for 20%, with mill products, electronics, and other applications making up the remaining 20%.

Chinese supply availability is the dominant global pricing driver, given China's over 80% share of world mine production. Additional key factors include export quota changes from Beijing, strategic stockpiling by defence and industrial buyers, energy tariffs at processing facilities, and downstream cemented carbide demand tied to global industrial production.

Tungsten Price Forecast for 2026

The supply-demand balance for tungsten through 2026 is expected to remain tight, with no imminent relaxation of Chinese export controls. New supply from Australia, Canada, and Portugal is in development but will not reach meaningful volume before 2027. Strategic stockpiling demand from Western governments will remain elevated. The primary upside risk is further Chinese export tightening; the primary downside risk is a bilateral trade arrangement that relaxes the current constraints.

For the Quarter Ending March 2026

Tungsten Prices Q1 2026:

• Europe: USD 21.49/KG
• North America: USD 34.17/KG
• Northeast Asia: USD 29.68/KG

Tungsten Prices in Europe

European tungsten averaged USD 21.49/KG in Q1 2026, rising 11.3% from Q4 2025. No meaningful relaxation of Chinese export restrictions occurred in Q1. European buyers explored alternative supply from Kazakhstan and smaller African producers, though volumes were insufficient to replace the Chinese deficit. Industrial cemented carbide and specialty tool procurement continued at measured rates, accepting the higher price environment.

Why did the price of Tungsten change in Q1 2026 in Europe?

Chinese export restrictions remained in force through Q1 2026, maintaining the primary supply deficit. Alternative supply development from non-Chinese sources was insufficient to offset the shortage. Ongoing industrial demand kept the market firm, producing the 11.3% Q1 advance and establishing a new higher price base.

Tungsten Prices in North America

North American tungsten averaged USD 34.17/KG in Q1 2026, a further 16.9% gain from Q4 2025. The US strategic reserve procurement programme contributed significant demand as inventory targets were pursued under the critical minerals framework. Reduced arrivals from secondary Chinese-origin processors in Vietnam and Myanmar compounded the primary supply deficit. North America became the highest-priced reporting region, with the Q2 trajectory of USD 35.14/KG indicating modest deceleration.

Defence contractor procurement for cutting tools and armour-penetrating materials maintained elevated buying activity. The Q2 2026 trajectory of USD 35.14/KG suggests a deceleration in the rate of appreciation as some supply chain adjustment begins, though prices remain sharply above 2024 levels.

Why did the price of Tungsten change in Q1 2026 in North America?

Government strategic reserve procurement and defence contractor buying competed with industrial demand for the constrained import supply. The reduction in secondary Chinese-origin supply from Southeast Asian processing hubs amplified the deficit, driving the 16.9% Q1 gain and pushing North America to the highest regional price.

Tungsten Prices in Northeast Asia

Northeast Asian tungsten averaged USD 29.68/KG in Q1 2026, rising 4.4% from Q4. Appreciation moderated as Japanese and South Korean producers secured limited volumes from Australian and Canadian non-Chinese suppliers. Steady cemented carbide and electronics demand persisted, while the Lunar New Year period reduced spot transaction pace. The 4.4% Q1 gain was the smallest quarterly increase in the region since Q2 2025.

Why did the price of Tungsten change in Q1 2026 in Northeast Asia?

The sustained Chinese export restriction maintained the structural supply deficit. Partial supply substitution from Australian and Canadian sources moderated the pace of appreciation. Steady cemented carbide and electronics demand kept the market firm despite the temporary Q1 trading lull, producing the measured 4.4% advance.

For the Quarter Ending December 2025

Tungsten Prices Q4 2025:

• Europe: USD 19.31/KG
• North America: USD 29.22/KG
• Northeast Asia: USD 28.43/KG

Tungsten Prices in Europe

European tungsten averaged USD 19.31/KG in Q4 2025, a gain of 15.3% from USD 16.74/KG in Q3. The European market entered Q4 facing a structural deficit as Chinese export licence approvals for tungsten ore and concentrate reached their lowest quarterly level in recent years. European cemented carbide producers and specialty steel manufacturers accelerated spot purchasing as forward supply certainty deteriorated.

Why did the price of Tungsten change in Q4 2025 in Europe?

Chinese export controls reduced the available tungsten ore and concentrate supply to Europe materially. Defence and aerospace procurement agencies accelerated buying alongside regular industrial demand, tightening available spot volumes. The combination of supply restriction and intensified demand produced the 15.3% Q4 surge.

Tungsten Prices in North America

North American tungsten averaged USD 29.22/KG in Q4 2025, a 29.8% surge from USD 22.52/KG in Q3. US critical mineral classification triggered accelerated procurement by federal agencies and defence contractors. The region's import dependency made it particularly vulnerable to Chinese supply restrictions, and industrial consumers in oilfield services and mining competed with strategic buyers for depleted spot volumes.

Why did the price of Tungsten change in Q4 2025 in North America?

Government-directed critical mineral procurement intensified alongside regular industrial demand at a time when Chinese export controls had materially reduced the North American supply pool. The combination of import dependency, strategic urgency, and constrained supply produced the 29.8% Q4 price surge, the sharpest in the dataset.

Tungsten Prices in Northeast Asia

Northeast Asian tungsten averaged USD 28.43/KG in Q4 2025, rising 12.2% from USD 25.33/KG in Q3. Chinese export controls reduced volumes available to Japan, South Korea, and Taiwan's cemented carbide producers. Firm automotive and electronics sector demand competed with defence-linked buying for constrained supply. The Q4 price narrowed Northeast Asia's historical discount to North America, reflecting the global supply compression.

Why did the price of Tungsten change in Q4 2025 in Northeast Asia?

Chinese export restrictions reduced the available tungsten for processing in Japan, South Korea, and Taiwan's cemented carbide and specialty alloy industries. Firm automotive and electronics sector demand competed with defence-linked buying for the constrained supply, producing the 12.2% Q4 advance.

Quarterly Tungsten Price Trends

Tungsten prices rose across all reporting regions through the full six-quarter period. The global average gained 54.8% from USD 18.38/KG in Q1 2025 to USD 28.45/KG in Q1 2026. The acceleration was most pronounced in Q4 2025 when Chinese export controls fully manifested. Q2 2026 data indicates modest deceleration as supply chain adjustment occurs, though prices remain materially above pre-2025 levels.

What was Tungsten Price in 2025?

Tungsten prices rose in every quarter of 2025 across Europe, North America, and Northeast Asia. The global average gained 4.1% in Q2 before accelerating sharply: up 12.5% in Q3 and 19.1% in Q4 as Chinese export controls took hold and strategic procurement intensified. The full-year gain was 39.6%. Three forces shaped the year: Chinese export restrictions reducing international supply; accelerated strategic stockpiling by Western government procurement agencies; and firm demand from cemented carbide, aerospace, and defence sectors.

• Chinese export restrictions on tungsten ore and intermediate products reducing international supply availability
• Accelerated strategic stockpiling by government and defence procurement agencies in North America and Europe
• Firm cutting tool and cemented carbide demand from the automotive, aerospace, and energy drilling sectors

Tungsten Prices in Europe in 2025

European tungsten rose from USD 14.61/KG in Q1 2025 to USD 19.31/KG in Q4 2025, a full-year gain of 32.2%. Quarterly appreciation accelerated through the year: a 4.5% Q2 gain preceded a 9.6% Q3 advance and a 15.3% Q4 surge as Chinese supply restrictions fully impacted the import-dependent European market. The cemented carbide and specialty tool sector remained the dominant demand segment.

Tungsten Prices in North America in 2025

North American tungsten rose from USD 19.35/KG in Q1 2025 to USD 29.22/KG in Q4 2025, a full-year gain of 51.0% - the steepest among reporting regions. A 29.8% Q4 surge, driven by defence procurement agencies accelerating purchases ahead of anticipated further supply restrictions, was the defining market event. The United States critical mineral designation amplified procurement urgency, as industrial and government buyers competed for the same constrained supply.

Tungsten Prices in Northeast Asia in 2025

Northeast Asian tungsten rose from USD 21.17/KG in Q1 2025 to USD 28.43/KG in Q4 2025, a full-year gain of 34.2%. Despite China's dominant producer status, domestic and regional prices rose materially as export quotas reduced supply to downstream processors in Japan and South Korea. The 15.4% Q3 advance reflected intensifying competition for limited available supply among regional cemented carbide producers.

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Expert Market Research tracks tungsten prices across Europe, North America, and Northeast Asia, tracing every move through Chinese export policy, strategic stockpiling activity, cemented carbide demand cycles, and alternative supply development. Forecasts integrate trade policy analysis, critical mineral supply chain data, and geopolitical risk assessment. Contact us for tungsten pricing data and procurement advisory.