In 2023, the average price of tungsten was around 260 U.S. dollars per metric ton unit of tungsten trioxide, a decrease of some 5.5 percent in comparison to the previous year. Tungsten is a rare metal that has the highest melting and boiling point of all known elements.
Global tungsten market
In the past, tungsten was mainly used for making the filaments of old-style incandescent light bulbs. Today, tungsten and its alloys such as tungsten carbide, also known as wolfram carbide, are used in many high-temperature applications such as arc welding electrodes and heating elements. As of 2022, the global market value of tungsten amounted to over five billion U.S. dollars.
Leading tungsten producers
Global tungsten production amounted to around 78,000 metric tons in 2023. China is by far the leading producer of tungsten, with a production volume of some 63,000 metric tons in 2023, accounting for more than 80 percent of the global tungsten production that year. Vietnam ranked in a distant second place, having produced 3,500 metric tons of tungsten. Meanwhile, countries classified as politically unstable accounted for around 84,300 metric tons of the tungsten produced worldwide in 2021.
Price of tungsten worldwide from 2018 to 2023
(in U.S. dollars per metric ton)
Characteristic
Price in U.S. dollars per metric ton
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Prices in dollars per metric ton unit WO₃, average, in-warehouse Rotterdam. A metric ton unit of tungsten trioxide (WO₃) contains 7.93 kilograms of tungsten.
This statistic has been assembled using several editions of the report.
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US Geological Survey. (January 31, 2024). Price of tungsten worldwide from 2018 to 2023 (in U.S. dollars per metric ton) [Graph]. In Statista. Retrieved July 27, 2024, from https://www.statista.com/statistics/1009446/tungsten-price/
US Geological Survey. "Price of tungsten worldwide from 2018 to 2023 (in U.S. dollars per metric ton)." Chart. January 31, 2024. Statista. Accessed July 27, 2024. https://www.statista.com/statistics/1009446/tungsten-price/
US Geological Survey. (2024). Price of tungsten worldwide from 2018 to 2023 (in U.S. dollars per metric ton). Statista. Statista Inc.. Accessed: July 27, 2024. https://www.statista.com/statistics/1009446/tungsten-price/
US Geological Survey. "Price of Tungsten Worldwide from 2018 to 2023 (in U.S. Dollars per Metric Ton)." Statista, Statista Inc., 31 Jan 2024, https://www.statista.com/statistics/1009446/tungsten-price/
US Geological Survey, Price of tungsten worldwide from 2018 to 2023 (in U.S. dollars per metric ton) Statista, https://www.statista.com/statistics/1009446/tungsten-price/ (last visited July 27, 2024)
Price of tungsten worldwide from 2018 to 2023 (in U.S. dollars per metric ton) [Graph], US Geological Survey, January 31, 2024. [Online]. Available: https://www.statista.com/statistics/1009446/tungsten-price/