In 2025 tungsten prices showed a sustained and significant increase supported by strong demand and constrained supply conditions with the end of the year price levels for most products well above those of 2024. In several cases tungsten powder prices increased by approximately 3–5x over the course of the year.

In 2025 tungsten prices increased significantly. The price of raw materials such as 65% tungsten concentrate (wolframite) in China and on international markets roughly doubled or even rose more sharply compared to the previous year. This was mainly driven by a tight supply restricted mining quotas, and strong demand from industrial and strategic applications around the world.

Prices of processed tungsten products such as ammonium paratungstate (APT) and tungsten powders also rose markedly throughout 2025 in many cases reaching record highs. Manufacturers metal processors, and major industrial users continued to compete for limited supply amid sustained demand.

The market trend was further reinforced by constrained global supply chains particularly due to China’s dominant role as a producer. Export restrictions and production quotas frequently pushed prices upward.