Zhangyuan Tungsten Raises Long-Term Contract Prices for First Half of August; Tungsten Prices Signal Renewed Rise Amid Looming US Export Ban on Tungsten Scrap
August 10, 2026
After stabilizing following a decline in July, domestic tungsten prices are showing signs of rising again. On August 6, Zhangyuan Tungsten announced its long-term contract procurement prices for the first half of August 2026: 412,000 yuan/standard ton for 55% grade black tungsten concentrate, 411,000 yuan/standard ton for 55% grade scheelite concentrate, and 606,000 yuan/ton for ammonium paratungstate (APT, National Standard Grade 0). Prices for these three core products were each raised by 1,000 yuan compared to the second half of July. The steady rise in long-term contract prices from a leading tungsten enterprise has injected confidence into the market.
I. Impending US export ban on tungsten scrap. On August 6, the US Department of Commerce's Bureau of Industry and Security (BIS) officially issued a ban prohibiting the unlicensed export of tungsten scrap and spent lithium-ion battery materials, effective August 27, 2026, for a period of one year. This move will further tighten the global supply of recycled tungsten and is expected to drive up the strategic premium for overseas tungsten resources.
II. Continued tightening of domestic mine regulation. On June 25, 2026, the National Mine Safety Administration issued "Opinions on Standardizing Excavation (Stripping) Construction Teams for Metal and Non-metal Mines." Coupled with the "Regulations on the Implementation of the Mineral Resources Law" (which officially took effect on June 15), this has increased compliance costs for tungsten mining and further constrained short-term supply elasticity.
III. Emerging highlights on the demand side. A research report by CICC indicates rapid growth in demand from emerging sectors such as AI and high-end equipment. Global tungsten demand is expected to continue growing, with high-value-added areas-such as precision cutting tools for AI PCBs and the military/aerospace sectors-serving as key highlights. Xiangcai Securities also believes that, given supply constraints and structural adjustments in demand, the baseline for tungsten prices is likely to remain high. It is worth noting that a research report by Minmetals Securities indicates that rising geopolitical risks are imparting significant elasticity to tungsten prices, as the industry shifts from a purely economic rationale to one driven by security considerations. Should the geopolitical situation deteriorate further-triggering a convergence of global military and strategic reserve demands-the baseline for tungsten prices could rise once again.
Price trends since the beginning of the year have resembled a "rollercoaster" ride. From January to July 2026, the average price of tungsten carbide powder stood at 1,535.18 yuan/kg, a year-on-year increase of 354.98%. Although the current price of tungsten concentrate has retreated significantly from its March peak (exceeding 1 million yuan/tonne), it remains 90% higher than the average price in 2025, marking a notable upward shift in the price baseline.