Tungsten Prices Rise—Will Cobalt Alloys Be Affected?

Recently, the tungsten market has surged sharply with prices continuing to climb, drawing widespread attention. 

According to China Tungsten Online on August 26, the price of 65% black tungsten concentrate reached 233,000 yuan per metric ton, up 62.9% from the beginning of the year; Ammonium Paratungstate (APT) prices reached CNY 350,000 per metric ton, up 65.9% from the start of the year. Ganzhou tungsten powder prices hit CNY 535 per kilogram on August 26, a 69.8% increase year-to-date. This round of tungsten price increases primarily stems from supply-side tightening. The total production quota for the first batch of tungsten ore mining in 2025 decreased by 4,000 tons compared to last year, a 6.45% decline, with reduced mining volumes in major producing regions Jiangxi and Yunnan. 

Concurrently, demand continues to grow driven by sectors like new energy and high-end manufacturing. For instance, the penetration rate of tungsten filaments in photovoltaic applications is rapidly increasing, while tungsten additions in lithium battery cathodes enhance energy density, leading to a significant year-on-year surge in consumption.

As a key component in tungsten-cobalt alloys, the surge in tungsten prices also impacts product costs.

Persistently high tungsten prices will continue to affect the cobalt alloy industry. Companies must optimize production processes to address cost and quality challenges while seeking development opportunities amid market differentiation.