Tungsten Prices

Tungsten Price Trend and Forecast

Track the latest insights on tungsten price trend and forecast with detailed analysis of regional fluctuations and market dynamics across Europe, North America, Middle East & Africa, Asia Pacific, and Latin America.

Tungsten Prices Q4 2024

During the last quarter of 2024, the tungsten prices in the USA reached 86,200 USD/MT in December.  The market remained steady, with a slight price increase in spite of local production limitations and trade worries. Although it increased somewhat, manufacturing activity was still below ideal levels. Moreover, the supply landscape became more constrained due to maintenance shutdowns and limited mining production.

In Q4 2024, the tungsten prices in Vietnam reached 45,000 USD/MT in December.  The industry saw a range of outcomes. Early in the era, the manufacturing sector recovered due to rising production and recent orders. The growth was hampered by persistent logistical challenges and limited post-production reserves. The demand for automobiles was first increased by government subsidies, but after a significant drop in vehicle sales, tungsten consumption weakened. 

During the last quarter of 2024, the tungsten prices in Germany reached 74,560 USD/MT in December. Due to consistent demand from the aerospace, automotive, and defense sectors, Germany's tungsten market held steady in late 2024. A new mining project's regulatory approval improved domestic supplies, but businesses were negatively impacted by fluctuating energy prices. Tungsten consumption was maintained by increased vehicle production and the manufacture of sophisticated military ammunition. Short-term market stability was ensured by imports, which complemented supplies despite wider economic concerns.

Tungsten Prices Q4 2023

In the fourth quarter of 2023, the price of tungsten in China reached 309 USD/MT by December.  

Regional Coverage

The report provides a detailed analysis of the tungsten market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the tungsten price trend. 

Global Tungsten Price

The report offers a holistic view of the global tungsten pricing trends in the form of tungsten price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price of tungsten but also provides insights into historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed tungsten demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Tungsten Price Trend

Q4 2024:

The European tungsten market remained on a stable course by the end of 2024, with modest price increases and consistent supply. With regulatory permissions for a new mining project, Germany bolstered its domestic production capacity, strengthening market resilience. However, manufacturing processes were impacted by the difficulties caused by variable energy costs. With growing munitions and vehicle production, the automotive and defense industries were crucial in maintaining the need for tungsten. Additionally, the aerospace sector increased its footprint and won lucrative contracts. Consistent imports maintained market equilibrium in the face of foreign trade pressures, making Germany a significant regional consumer of tungsten.

Europe's tungsten pricing trends are deeply affected by its stringent environmental regulations and the push towards sustainable and recycled materials. The automotive and aerospace industries in Europe, which demand high-quality specialty metals, further complicate the pricing landscape. Energy costs and the availability of renewable energy sources also significantly influence tungsten production costs. Additionally, the region's dependency on tungsten imports, coupled with fluctuating currency values, adds another layer of complexity to understanding price trends in this market.

Detailed price information for tungsten can also be provided for an extensive list of European countries.

North America Tungsten Price Trend

Q4 2024:

Despite uncertain supply conditions, the market remained stable and even increased somewhat in the last quarter of 2024. The region successfully managed the difficulties of international trade, and tungsten prices remained stable. Although it showed indications of improvement, the U.S. manufacturing sector was still below its high. Limited domestic mining capacity, impending tariffs on Chinese tungsten, and aggressive inventory stocking were the main causes of market swings. Demand was stimulated by the defense and aerospace sectors, which intensified the production of propulsion and air defense equipment. Reduced orders, however, were a problem for several carbide and alloy sectors, indicating that market performance differed by industry.

In North America, tungsten prices are closely tied to technological advancements in extraction and processing techniques, which aim to reduce costs and enhance efficiency. The region's emphasis on defense and technology sectors, which require precise and high-grade metals, drives demand variability. Furthermore, trade policies, particularly those involving major trade partners like Canada and Mexico, heavily influence tungsten supply chains and pricing structures. The shift towards green energy and electric vehicles in North America also affects demand patterns for metals.

Specific tungsten historical data within the United States and Canada can also be provided.

Middle East and Africa Tungsten Price Trend

Q4 2024:

The report explores the tungsten pricing trends and tungsten price index in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

The tungsten pricing trends in the Middle East and Africa are increasingly impacted by infrastructural developments and investments in the construction and transportation sectors. The region’s political climate and its effect on operational stability and security are also crucial in determining price trends. Additionally, the Middle East's strategic initiatives to diversify away from oil dependency and invest in mining and metal production capabilities are reshaping its market dynamics. In Africa, the availability of resources combined with foreign investment in mining projects heavily influences local and global tungsten supply and prices.

Region-wise data and information on specific countries within these regions can also be provided.

Asia Pacific Tungsten Price Trend

Q4 2024:

Due to strong supply and low demand, the Asia-Pacific tungsten market had some downward pressure in late 2024. In order to counteract procurement uncertainty, producers deliberately controlled their inventory. The price rise was constrained by China's excess output and regulated purchase patterns from important industries. Due to persistent supply chain issues, early production recovery tapered off, resulting in a mixed performance for Vietnam's tungsten industry. By the conclusion of the quarter, the initial government-backed demand in the automobile sector had diminished, which resulted in fewer cars being sold. High input costs and growing reliance on imports made market conditions even more complex, indicating a careful outlook for the foreseeable future.

In the Asia Pacific region, tungsten pricing dynamics are significantly influenced by robust industrial growth and expanding manufacturing sectors, particularly in China and India. The region's high demand for metals is driven by its active construction industry and increasing investments in infrastructure projects. However, supply disruptions due to geopolitical tensions and regulatory changes in mining practices also play a critical role in shaping price fluctuations. Additionally, trade policies and import-export tariffs continue to impact the cost structures and availability of tungsten, making the Asia Pacific market a complex environment for price trend analysis.

This tungsten price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Tungsten Price Trend

Q4 2024:

Latin America's tungsten market is predominantly influenced by its rich natural reserves, particularly in countries like Chile and Brazil. However, political instability and inconsistent regulatory frameworks can lead to significant volatility in tungsten prices. Infrastructure challenges and logistical inefficiencies often impact the supply chain, affecting the region's ability to meet international demand consistently. Moreover, tungsten price index, economic fluctuations, and currency devaluation are critical factors that need to be considered when analyzing tungsten pricing trends in this region.

Latin America's tungsten market is predominantly influenced by its rich natural reserves, particularly in countries like Chile and Brazil. However, political instability and inconsistent regulatory frameworks can lead to significant volatility in tungsten prices. Infrastructure challenges and logistical inefficiencies often impact the supply chain, affecting the region's ability to meet international demand consistently. Moreover, economic fluctuations and currency devaluation are critical factors that need to be considered when analyzing tungsten pricing trends in this region.

This comprehensive review can be extended to include specific countries within Latin America.

Tungsten Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Tungsten Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2025 Edition,” offers an in-depth analysis of tungsten pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of tungsten at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of tungsten price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing tungsten price fluctuations, such as supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Tungsten Industry Analysis

The global tungsten industry size reached 78,000.0 Tons in 2023. By 2032, IMARC Group expects the market to reach 95,714.0 Tons, at a projected CAGR of 2.30% during 2023-2032.

• An increase in the adoption of tungsten in the automotive sector in engine components that require high heat resistance and durability. It is used in balancing weights for tires and crankshafts because of its high density. It is employed in skid plates to provide greater protection than any other metal. The rising need for vehicles among individuals on account of rapid urbanization is catalyzing the demand for tungsten in the automotive sector. People are purchasing vehicles due to their changing lifestyle, along with inflating income levels. CEIC reported that motor vehicle production was 5,851,507.000 units in December 2023 in India.     
• The increasing utilization of tungsten carbide to create jewelry like rings, which are even relatively harder than metallic tungsten and maintain their gloss and shine for an extended period, further contributes to the market growth.
• In the medical sector, tungsten is used as the metal in the filament in X-ray tubes because of its very high melting point. High melting point and atomic number and low vapor pressure make it a preferred choice for target material in x-ray tubes.
• The tungsten demand is further propelled by its utilization in the electronics sector because of its high plasticity, low evaporation rate, high melting point, and high electron emission ability. It is used in the manufacture of various bulb filament such as incandescent lamps and halogen lamps. Tungsten wire can also be used in the manufacture of electronic tubes with direct hot cathode. It finds application in semiconductor devices due to its low resistivity and good thermal stability. It helps in connecting different parts of an integrated circuit. In addition, tungsten electrodes are used in arc welding processes, particularly in gas tungsten arc welding (GTAW), owing to their high melting point and enhanced electrical conductivity. It plays a vital role in electrical contacts and switches where high wear resistance and conductivity are required.

Tungsten News

The report covers the latest developments, updates, and trends impacting the global tungsten industry, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in tungsten production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the tungsten price trend.

Latest developments in the tungsten industry:

• 4 December 2023, Sandvik completed the previously announced acquisition of Buffalo Tungsten, Inc. (BTI), a leading US based manufacturer of tungsten metal powder and tungsten carbide powder, primarily operating in North America.
• 12 September 2023, Bright Laser Technologies (BLT) unveiled new additive manufacturing (AM) applications in tungsten carbide.  

Product Description

Tungsten, also known as wolfram, is a transitional element that belongs to group VIb of the periodic system, together with molybdenum and chromium. It is a naturally occurring element that is found in the minerals of wolframite and scheelite. It has the highest melting point at 3,410 °C, the highest tensile strength at temperatures of more than 1,650 °C, and the lowest coefficient of linear thermal expansion at 68 °F. It is not oxidized in air at ordinary temperatures and is highly resistant to acids.

In line with this, tungsten does not contain any traces of oxygen and carbon within its chemical composition, which makes it very brittle when put under tremendous stress and force. It is widely used in a wide range of sectors like aerospace and defense, electronics, medical, and energy.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of tungsten pricing, covering global and regional trends, spot prices at key ports, and a breakdown of ex-works, FOB, and CIF prices.
• The study examines factors affecting tungsten price trend, including supply-demand shifts and geopolitical impacts, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The tungsten price charts ensure our clients remain at the forefront of the industry.