Western Tungsten Price Premium Widens Sharply
Rotterdam APT prices reached 3.74 times China ex-works levels in October 2026, far above the historical average.
Updated on Nov. 4, 2026 in International Trade
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In October 2026, Rotterdam APT traded at $278.22 per kg while China ex-works APT traded at $74.43 per kg. The gap widened well beyond the 1.24 average seen from September 2021 to June 2025.
Why it matters
The divergence reflects China's tungsten export licensing, in effect since February 2025, alongside rising US tariffs aimed at favouring domestic supply. Together these measures are reshaping how tungsten is priced across regions.
Rotterdam APT rose from a February 2025 average of $34.60 per kg to $290.06 per kg in September 2026, while China ex-works APT rose from $28.92 to $86.02 per kg over the same period. Whether Western prices converge toward Chinese levels depends on US conversion capacity growth, which the data does not yet confirm.
The details
China's tungsten export licensing took effect in February 2025, and US tariffs on tungsten rose from about 4% between 2015 and 2024 to 16.2% in December 2025. A US scrap allocation order took effect in late August 2026, and the analysis calculated the premium from monthly APT price averages across both markets.
Timeline
February 2025: China's tungsten export licensing takes effect.
April 2026: The Rotterdam-to-China multiple first breaks out above its historical range.
December 2025: US tungsten tariffs are raised to 16.2%.
Late August 2026: A US tungsten scrap allocation order takes effect.
January 1, 2027: A DFARS procurement restriction on tungsten takes effect.
Market Dynamics
The October 2026 Rotterdam-to-China APT multiple of 3.74 sits far above the 1.24 average recorded between September 2021 and June 2025, marking a sharp break from the prior pricing relationship. This departure tracks the period after China's tungsten export licensing took effect in February 2025, which the report links to the widening gap.
Investors tracking tungsten exposure face a widening split between Western and Chinese APT pricing, which affects how materials-linked holdings are valued across regions. The January 1, 2027 DFARS restriction is a specific date to monitor for procurement-driven price changes.
The takeaway
Regional tungsten pricing has decoupled sharply, with Western APT now trading far above Chinese levels. Watching the US conversion capacity and the January 2027 DFARS restriction will show whether that gap narrows or persists.
What happens next
The DFARS procurement restriction on tungsten takes effect January 1, 2027, and the US tungsten September 2026 data is due for release.
Further reading
For broader context on cross-border commodity flows, see International Trade.
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