What is the supply outlook for tungsten raw materials in China through 2026?

What is the supply outlook for tungsten raw materials in China through 2026?
China's tungsten raw material supply in Q1 2026 came from three sources: primary mines, recycled material, and imports. Recycled tungsten carbide output reached 4,800 tonnes, while imported tungsten concentrate hit 7,800+ tonnes, up 170% year-on-year, mainly from Kazakhstan's Bakuta mine. Total consumption reached approximately 55,787 standard tonnes in Q1, implying full-year demand of about 223,100 standard tonnes. Supply composition is projected at 135,000 tonnes from primary mines, 70,000 tonnes from recycled sources, and 20,000 tonnes from imports. Notably, high tungsten prices in early March triggered a surge in scrap supply as manufacturers sold premium alloy inventory as scrap, with tungsten bar prices hitting CNY 1,300/kg versus CNY 400/kg for standard alloy. This recycled supply glut was a key factor behind the mid-to-late March price correction.