Tungsten Carbide Raw Materials Enter Sharp Correction as China Market Flips to Buyer’s Territory

The Chinese tungsten market posted a steep downward adjustment in April 2026, ending a roughly one-year bull run that saw tungsten product prices climb nearly 650%. The reversal marks a shift from a tight seller’s market to a buyer’s market, with supply conditions easing and downstream buyers stepping back.

According to data from Chinatungsten Online, tungsten product prices accumulated a 650% gain from the March 2025 low to the March 2026 peak. Tungsten scrap prices rose more than 500% over the same period. In the first two and a half months of 2026 alone — from January to mid-March — tungsten prices jumped nearly 130%.

The downturn began in mid-March, driven by profit-taking pressure. Since then, tungsten raw material prices have dropped roughly 30%. Tungsten scrap has given back most of its 2026 gains, falling more than 50% from the recent high.

Market activity has slowed significantly. Offers continue to edge lower in what traders describe as a grinding downtrend, with restocking demand largely on hold.

Structural Support Remains, but a Sharp V-Shape Rebound Is Unlikely

Despite the sharp pullback, analysts at Chinatungsten Online note that tungsten prices are unlikely to return to 2025 lows. The metal’s fundamentals remain intact: tungsten plays an irreplaceable role in traditional machining, cutting tools, and wear parts, while also benefiting from strategic positioning under current Chinese industrial policy and global geopolitical supply chain shifts.

“The floor for tungsten remains strong, but the one-sided extreme rally is unlikely to repeat,” the firm stated in its April market brief.

The market is currently in a bottom-testing phase. Where prices stabilize will depend on three factors:

· the pace of trader liquidation and social inventory drawdowns
· actual restocking pace and intensity from end users
· further changes in fundamentals and macro conditions

Practical Advice for Tungsten Carbide Buyers

For buyers of tungsten carbide powder, tungsten scrap, and related raw materials, Chinatungsten

 Online recommends the following:

· Non-urgent orders – Wait for a clearer bottom before committing.
· Urgent orders – Contact our sales team directly for updated pricing, as market volatility remains high.