Since early 2025, tungsten prices in China have risen sharply. Almost all products, including wolframite, APT, tungsten powder, ferrotungsten, and scrap tungsten, have hit record levels. Experts call this rise “unprecedented.”

Price Overview

• 65% Wolframite Concentrate: RMB 233,000/ton (+62.9%)
• 65% Scheelite Concentrate: RMB 232,000/ton (+63.4%)
• Ammonium Paratungstate (APT): RMB 350,000/ton (+65.9%)
• Tungsten Powder: RMB 525/kg (+66.1%)
• Tungsten Carbide Powder: RMB 510/kg (+64.0%)
• Ferrotungsten (70%): RMB 338,000/ton (+57.2%)
• Scrap Tungsten Rods: RMB 400/kg (+81.8%)

How Does a PDC Cutter Combine Diamond and Tungsten Carbide?

A typical PDC cutter is a two-layer composite structure.

(1) Diamond Layer (working surface): A polycrystalline diamond layer formed by sintering numerous diamond microcrystals under high temperature and pressure, offering exceptional hardness and wear resistance.

(2) Tungsten Carbide Substrate (base layer): Usually a cemented carbide substrate made primarily of tungsten carbide (WC) with cobalt as a binder.

In short, a PDC cutter is composed of polycrystalline diamond (superhard material) + tungsten carbide (cemented carbide substrate), combining hardness with toughness for superior drilling performance.

Industries Hit by Tungsten Price Changes

Among all industries, energy exploration and drilling are among the most immediately impacted by tungsten price volatility. The following sectors are particularly sensitive:

(1) PDC Cutters: The base layer of PDC cutters uses tungsten carbide as a substrate, making them heavily dependent on stable tungsten supply.

(2) Coal Mining & Geological Exploration: PDC cutters are widely applied in coal mining tools, geological coring bits, and exploration equipment, all of which require reliable tungsten carbide substrates.

(3) Energy & Geothermal Drilling: PDC cutters are critical in oil and gas operations, geothermal drilling equipment, and water-well projects, and are therefore also heavily affected by tungsten price volatility.

Market Outlook

In the short term, tungsten prices are likely to remain volatile at elevated levels, influenced by supply-demand imbalances and global market dynamics. The surge is driven by reduced mining quotas, stricter environmental regulations, tightened export controls, and sustained strong downstream demand. Industries such as renewable energy, aerospace, automotive, defense, and high-end manufacturing have significantly increased tungsten consumption, intensifying supply constraints.

Our Promise at FIELD DIAMOND

At FIELD DIAMOND, we understand the challenges rising tungsten prices bring to the drilling industry. As tungsten carbide is a key substrate in PDC cutters, market volatility affects both costs and supply stability. Despite these pressures, our mission remains clear: to help clients achieve efficient drilling, longer cutter life, and lower overall costs.

Since 2018, FIELD DIAMOND has specialized in superhard materials and PDC cutter innovation across oil & gas, geothermal, mining, water well, and geological exploration. Through optimized procurement, advanced design, and strict quality control, we deliver cutters with excellent wear resistance, impact strength, and thermal stability—ensuring reliable performance in complex drilling environments.