In May 2026, the tungsten market experienced a round of accelerated bottoming-out and adjustment, with prices of major tungsten raw material varieties generally falling back to the beginning of the year or the end of 2025 levels. In May, the average price of 65% black tungsten concentrate was RMB 523,700/ton, a decrease by 41.11% month-over-month; the average price of ammonium paratungstate was RMB 816,800/ton, a decrease by 40.42% month-over-month; the average price of tungsten powder was RMB 1,488.95/kg, a decrease by 33.00% month-over-month; the average price of 70 tungsten iron was RMB 851,100/ton, a decrease by 33.56% month-over-month; the average price of tungsten scrap bar stock was RMB 671.05/kg, a decrease by 26.30% month-over-month.

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