The tungsten market in China experienced a significant price correction in September and October 2026. Following the sharp price increases earlier in the year, tungsten concentrate and ammonium paratungstate (APT) prices declined substantially, while weaker downstream purchasing and changes in producer inventory influenced market activity.
For international buyers of cemented carbide products, these developments raise an important question: how should changing raw material conditions influence procurement decisions?
Understanding the market requires looking beyond the headline price. Raw material costs, actual demand, product specifications, manufacturing requirements and supplier capabilities all affect the purchasing decision.
1. What Happened in the Tungsten Market in October?
According to Shanghai Metals Market (SMM), its price guidance for 65% wolframite concentrate stood at RMB 302,000 per standard tonne on October 15, 2026. This represented a decline of RMB 75,000 per standard tonne during October up to that date and a decrease of 71.3% from the mid-March peak.
SMM also reported an APT price of RMB 470,000 per tonne on October 15, down RMB 80,000 during October up to that date and 69% below its mid-March peak.
These figures refer to the specific products, price assessments and dates reported by SMM. They should not be interpreted as universal transaction prices for every supplier or market.
The figures nevertheless demonstrate the scale of the correction in China's domestic tungsten market. After a period of exceptionally high prices, the market entered a phase in which suppliers and buyers had to reassess their purchasing decisions.
2. Why Did Prices Decline?
SMM's October analysis identified several factors behind the price correction, including weaker-than-expected downstream demand, reduced purchasing activity and selling pressure among some suppliers.
During September, market participants had expected demand from downstream industries, including cemented carbide, to improve. However, demand did not strengthen as anticipated. Some companies reduced their procurement volumes, while spot transactions remained limited.
SMM reported that 65% wolframite concentrate closed at RMB 377,000 per standard tonne on the final trading day of September, down RMB 39,500 from the beginning of the month. Its APT assessment closed at RMB 550,000 per tonne, down RMB 46,500 over the same period.
After the National Day holiday, purchasing activity weakened further, according to the same report. Suppliers faced pressure to sell material, while buyers remained cautious about replenishing inventories.
These observations help explain why falling raw material prices cannot be understood through supply conditions alone. Purchasing behavior, liquidity and the willingness of downstream companies to replenish stocks can also influence short-term market movements.
3. Production and Inventory Require Careful Interpretation
Price movements are only one part of the market picture. Production and inventory indicators can provide additional information, but their scope must be understood before drawing conclusions.
Asian Metal reported that China's tungsten carbide output decreased by 16.17% year on year in September 2026. It also reported that inventory held by China's tungsten carbide producers decreased by 19.85% year on year during the same month.
These are reported industry indicators. The inventory figure refers specifically to tungsten carbide producers, not the entire tungsten supply chain. It should not be interpreted as proof that inventories declined across every stage of production and distribution.
Asian Metal also published reports concerning production reductions among six APT producers and operating suspensions among eight APT producers in September.
Together, these reports indicate that market participants were adjusting production and inventory in response to changing market conditions. However, individual producer activity and sector-level indicators do not, by themselves, establish the future direction of tungsten prices.
For buyers, the practical lesson is to evaluate market information carefully and distinguish between reported data, market interpretation and forecasts.
4. Does a Lower Tungsten Price Mean Lower Finished Carbide Prices?
Not necessarily.
Tungsten is an important raw material in cemented carbide, but the price of a finished component depends on more than the market price of tungsten concentrate or APT.
The relationship between raw material prices and finished-product quotations can be affected by the product's material composition, existing inventory, manufacturing costs, processing requirements, order quantity and quotation validity.
Different products also have different specifications. A custom carbide blade, a precision wear part and a carbide rod may involve different manufacturing and finishing requirements.
As a result, a movement in raw material prices should not automatically be translated into an identical percentage change in every finished carbide product.
For buyers, it is more useful to request quotations based on clear product specifications and to confirm the validity period of each quotation.
When market conditions are changing quickly, comparing quotations issued on different dates without checking their assumptions may lead to misleading conclusions.
5. Why Application Requirements Matter
Raw material prices are important, but they are not the only factor determining whether a carbide component provides good value.
The appropriate cemented carbide grade depends on the working environment and the balance required between wear resistance and toughness.
For example, a component exposed primarily to abrasive wear may require a different material solution from one exposed to repeated impact. A component operating under a combination of cutting forces, impact and abrasion may require a more carefully balanced specification.
The correct choice depends on the actual application rather than a general assumption that the hardest material is always the best.
When evaluating a custom carbide product, buyers should consider:
The material being processed
The machine and operating conditions
The required dimensions and tolerances
The balance between wear resistance and toughness
Expected service life and replacement frequency
Production quantity and delivery requirements
Providing accurate application information helps a manufacturer evaluate the requirements more effectively.
6. Evaluating Total Cost Instead of Unit Price Alone
For industrial components, the initial purchase price is only one part of the total cost.
Depending on the application, service life, replacement frequency, machine downtime and maintenance requirements may also affect the overall cost of using a component.
A lower-priced part may not provide the best value if it needs to be replaced more frequently. On the other hand, selecting a more expensive grade without a clear performance benefit may increase purchasing costs unnecessarily.
This does not mean that a particular carbide solution will always reduce operating costs. The result depends on the application and should be assessed using relevant performance data or practical testing.
For buyers considering a new supplier or replacement component, a sample order or controlled trial may help evaluate whether the product meets the required specifications and performance expectations.
7. What Should Buyers Ask a Carbide Supplier?
A clear technical enquiry helps both the buyer and manufacturer evaluate a project more efficiently.
When requesting a quotation for a custom cemented carbide component, buyers can prepare the following information:
Product drawings or dimensions
Drawings, samples and dimensional requirements help clarify the product geometry and critical tolerances.
Application details
Information about the machine, processed material and working conditions helps explain the product's operating requirements.
Material or grade requirements
If a specific grade is already in use, sharing the existing specification can provide a useful starting point for discussion.
Order quantity
The required quantity helps the manufacturer evaluate production arrangements and prepare an appropriate quotation.
Delivery requirements
The target delivery schedule and destination should be communicated early so that production and shipping arrangements can be considered.
A supplier should also clarify the quotation's validity, applicable specifications and any technical details that still require confirmation.
8. Custom Cemented Carbide Solutions from Brace Carbide
Brace Carbide focuses on customized cemented carbide products for industrial applications.
Our product range includes carbide blades, shredder blades and knives, carbide wear parts, rods, plates and precision cemented carbide components.
Rather than limiting every enquiry to a fixed standard model, we can discuss custom requirements based on customer drawings, dimensions, samples and application information.
For industrial buyers, this approach provides a way to communicate the actual requirements of a component before confirming its specification and quotation.
If you are sourcing a replacement part or developing a custom carbide component, preparing a drawing, sample or detailed dimensional specification is a useful first step.
Visit our website to learn more about our custom tungsten carbide solutions:
https://bracecarbide.com/
Conclusion
The October 2026 tungsten market reports show a substantial correction in Chinese domestic tungsten concentrate and APT prices compared with their mid-March peaks. Reports also describe weaker downstream purchasing and changes in production and inventory among parts of the tungsten industry.
These indicators provide useful context for cemented carbide buyers, but they do not determine the price or performance of every finished carbide component.
For procurement decisions, buyers should evaluate raw material conditions alongside product specifications, application requirements, supplier capabilities and the quotation's validity period.
A well-defined technical requirement can help manufacturers provide a more relevant quotation and help buyers compare products on a consistent basis.
For customized cemented carbide components, Brace Carbide welcomes enquiries based on drawings, dimensions, samples or application requirements.
Contact Brace Carbide to discuss your custom tungsten carbide requirements.