Tungsten Prices, Chart, Index, Trends, Demand and Forecast | Q3 2025

Tungsten Prices Overview: Global Market Trends and Regional Analysis for Q3 2025

The global tungsten prices landscape in Q3 2025 showcased significant volatility, shaped by complex geopolitical, supply-chain, and end-use demand dynamics across major consuming and producing regions. The metal—known for its extremely high melting point, exceptional hardness, and critical role in aerospace, defense, electronics, automotive components, drilling tools, and energy transition technologies—has remained at the center of global strategic materials discussions.

During the quarter, North America, Asia-Pacific, and Europe moved in sharply different directions. While some regions saw price declines due to subdued industrial activity, others experienced steep increases because of supply shortages and export regulation changes. This article provides a detailed, region-by-region assessment of Tungsten Prices with Q3 2025 data, emphasizing drivers such as inventory trends, end-user consumption, mining constraints, and global trade flows.

Importance of Tungsten in the Global Economy

Before examining regional price movements, it is important to understand why tungsten is considered a strategic and critical industrial metal. Its high melting point (3422°C), toughness, and resistance to corrosion make it indispensable in:

• Hardmetal and carbide tools (drilling, cutting, milling)
• Aerospace components
• Oil & gas equipment
• Defense applications (penetrators, ammunition)
• Electronics and semiconductors
• Automotive ignition systems
• Industrial heating elements
• Renewable energy technologies

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Because global tungsten production is highly concentrated—China alone controls more than 80% of global output—market participants carefully monitor trade actions, mine output variations, and policy decisions impacting supply security.

Tungsten Prices in North America (USA): Q3 2025 Market Analysis

Price Trend Overview

In North America, specifically the United States, Tungsten Prices experienced a noticeable downturn during Q3 2025.

• The Tungsten Price Index fell by 13.3% quarter-over-quarter, reflecting both supply and demand pressures.
• The average Tungsten price for the quarter reached approximately USD 67,920.33/MT, indicating relatively high value despite the decline.

The price movement in the U.S. was shaped by a combination of weakened manufacturing activity, reduced toolmaking demand, and tighter supply from global sources.

Key Drivers Behind the U.S. Tungsten Price Decline

1. Weak End-User Demand

Demand from key tungsten-consuming sectors remained muted in Q3:

• The aerospace sector saw slower ordering cycles.
• Metalworking and machining industries faced lower industrial activity.
• Oil & gas drilling tool demand softened due to lower rig counts in certain states.

These contributed to a contraction in new procurement orders, leading buyers to rely on existing inventories.

2. Supply Tightening Despite Lower Consumption

Although demand was weak, tungsten supply in the U.S. tightened because:

• Imports declined as Asian suppliers prioritized domestic buyers or shifted volumes to higher-paying markets.
• Domestic recycling activity dipped due to reduced scrap generation.
• Some major producers faced logistical delays.

This unusual combination of weak demand but tight supply contributed to maintaining prices at elevated levels even as the price index fell.

3. Industrial Resilience Supported Price Floors

Despite demand weakness, certain industrial segments—such as precision tooling and high-end electronics manufacturing—continued to procure material steadily. This consistent baseline demand prevented a steeper collapse in tungsten prices in North America.

Outlook for North America

Looking ahead, the U.S. tungsten market could stabilize as:

• Aerospace orders begin to recover.
• Defense procurement increases.
• Import volumes rebalance with new sourcing agreements.

However, any export controls from major producers or unexpected mine disruptions could rapidly shift prices upward again.

Tungsten Prices in APAC (Vietnam): Strong Surge Amid Chinese Export Restrictions

Price Trend Overview

In the Asia-Pacific region, Vietnam observed a significant rise in Tungsten Prices during Q3 2025.

• The Tungsten Price Index rose sharply by 24.8% quarter-over-quarter, one of the highest increases globally.
• The average price stood at USD 59,039.33/MT (CFR Hai Phong), marking a dramatic upswing from the previous quarter.

This surge was closely tied to China’s evolving export policies and domestic consumption patterns.

Key Factors Influencing the Asia-Pacific Tungsten Price Increase

1. Chinese Export Restrictions Reshaped Regional Supply

China, the world’s dominant tungsten producer, tightened export quotas and enforced stricter environmental regulations on mining operations. These restrictions:

• Reduced available export volumes.
• Forced buyers in Southeast Asia, Japan, and South Korea to seek alternative suppliers.
• Increased competition for Vietnamese, Russian, and Central Asian tungsten shipments.

Vietnam, being a growing processing and trading hub, witnessed stronger demand inflows and higher pricing power.

2. Robust Regional Industrial Activity

Tungsten demand from:

• Electronics and semiconductor industries,
• Automotive component manufacturers,
• Toolmaking and cutting tool production

remained strong across APAC. Vietnam benefitted from being an intermediary trade point between China and other Asian economies.

3. Increased Freight and Insurance Costs

Global supply chain restructuring and higher freight rates pushed CFR Hai Phong tungsten prices upward, amplifying the price increase.

Why Vietnam Became a Key Tungsten Node

Vietnam’s role in the global tungsten market has expanded due to:

• Investments in refining and processing facilities.
• Strategic geographic position near China.
• Growing trade relationships with Japan, India, and South Korea.
• Ability to attract intermediate concentrates for further processing.

This has enabled Vietnam to influence regional pricing more strongly than in previous years.

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Outlook for APAC

Tungsten prices in APAC may remain elevated as long as:

• Chinese export restrictions persist.
• Regional electronics and toolmaking demand remains strong.
• Logistics bottlenecks continue.

If China loosens supply, prices may correct; otherwise, further increases are possible.

Tungsten Prices in Europe (Germany): Downward Trend Amid Moderated Demand

Price Trend Overview

Europe portrayed a more subdued landscape in Q3 2025.

• In Germany, the Tungsten Price Index fell by 12.8% quarter-over-quarter, following broader industrial cooling trends.
• The average Tungsten price was recorded at USD 64,529/MT, a level reflecting moderated volatility.

Germany, being the region’s primary industrial hub, acts as a bellwether for European tungsten market dynamics.

Key Drivers Behind Europe’s Tungsten Price Decline

1. Easing Demand Across Manufacturing Sectors

Major sectors like:

• Automotive manufacturing
• Industrial machining
• Metal refining
• Electronics assembly

reduced procurement volumes amid sluggish economic growth, tighter monetary policy, and declining export orders.

2. Stable Supply from Existing Contracts

Europe maintained steady supply due to long-term contracts with:

• Chinese producers
• African and South American miners
• Intra-Europe recycling streams

This ensured a stable supply pipeline despite reduced demand, leading to downward pricing pressure.

3. Reduced Market Volatility

Recent quarters saw significant tungsten price volatility, particularly due to fluctuating supply and geopolitical pressures. However, in Q3:

• Inventories were well balanced.
• Spot market purchasing dropped.
• Buyers held adequate stocks.

Combined, these factors led to smoother, more predictable price behavior.

Outlook for Europe

The European tungsten market may remain soft unless:

• Automotive production stabilizes,
• Industrial orders increase,
• Energy costs fall to stimulate manufacturing activity.

However, energy transition technologies (turbines, drilling tools, semiconductors) may gradually boost tungsten demand over the next several quarters.

Global Tungsten Prices: Cross-Regional Comparison

Major Factors Influencing Global Tungsten Prices in 2025

1. China’s Dominant Control Over Global Supply

Any policy change within China—including environmental inspections, export restrictions, or production quotas—has an immediate global impact.

2. Slowdown in Global Manufacturing

Weak industrial output across the U.S. and Europe reduced demand, pushing prices downward.

3. Rising Strategic Importance

Defense and renewable energy sectors continue to elevate tungsten’s importance, preventing deeper price declines.

4. Supply Chain Reconfiguration

Countries such as Vietnam are emerging as alternative hubs for tungsten processing and export.

Forecast: What to Expect from Tungsten Prices Going Forward

Looking ahead to late 2025 and early 2026, Tungsten Prices may continue to experience fluctuations driven by:

Bullish Factors (Upward Pressure)

• Continued Chinese restrictions
• Defense sector procurement
• Semiconductor and electronics demand
• Energy transition technologies

Bearish Factors (Downward Pressure)

• Slower global GDP growth
• Weak construction and metalworking activity
• High inventory levels in some regions

Overall, the market is likely to remain fundamentally tight, with intermittent price spikes possible.

Conclusion

Q3 2025 revealed a highly dynamic and regionally divergent tungsten market, with prices falling sharply in North America and Europe but surging in the Asia-Pacific region. These movements underscore tungsten’s sensitivity to global supply shifts, geopolitical decisions, and industrial demand cycles.

• North America faced weak consumption but tight supply.
• APAC, especially Vietnam, saw strong gains as Chinese export restrictions reshaped trade flows.
• Europe continued on a softer path amid subdued manufacturing activity.

As industries increasingly depend on tungsten for high-performance applications, monitoring global supply chains, regional demand patterns, and Chinese policy directions will remain crucial for anticipating Tungsten Price trends in the months ahead.

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