Everything follows a cycle, but for some materials, this cycle is evolving into a radical reshaping of the industry. As an indispensable ‘workhorse’ of industrial manufacturing, tungsten carbide (WC) has experienced an epic surge in prices over the past two to three years, particularly between 2025 and 2026.
Amid this raw materials crisis, the waterjet mixing tube industry—which lies at the heart of ultra-high-pressure waterjet cutting—is bearing the brunt of a profound shake-up affecting everything from costs and technology to the broader industrial ecosystem. This article will provide an in-depth analysis of the recent surge in tungsten carbide prices, the underlying causes behind it, and how this has forced the waterjet mixing tube industry to fundamentally rethink its pricing and technological strategies.
I. The skyrocketing price of tungsten carbide: from stability to an all-time high
Looking back at the global metals market in recent years, the trend for tungsten carbide has followed a strikingly steep upward trajectory:
- The build-up phase of 2024: Global prices for tungsten carbide powder have hovered around 300 RMB per kilogram for some time, with supply and demand largely in balance and the industry as a whole experiencing normal cyclical fluctuations.
- The breakout surge of 2025: As 2025 began, the balance between supply and demand was completely disrupted. By mid-year, prices had climbed to 500 RMB per kilogram; by the third and fourth quarters, with spot inventories falling below the safety threshold, the market descended into panic buying, and by year-end prices had surged past the 1,000 RMB per kilogram mark.
- The historic peak and stabilisation at high levels in 2026: In the first quarter of 2026, global tungsten prices reached a fever pitch, with domestic tungsten carbide powder hitting a record high of 2,000 RMB per kilogram, whilst overseas APT (ammonium paratungstate) prices also soared. Although the market has experienced a certain degree of technical correction over the past two months (April–May), prices currently remain firmly anchored at a high of around 2,200 RMB per kilogram. A new normal characterised by ‘easier to rise than to fall’ has now taken hold.
II. The underlying logic behind the surge: Why is tungsten in such short supply?
The reason why the price of tungsten carbide has multiplied several times over in such a short period is not due to short-term speculative capital, but is determined by a combination of factors: its status as a strategic resource, regulatory controls, and the pressing demand from emerging sectors:
- Structural tightening on the supply side and declining ore grades: China accounts for over 80% of the world’s tungsten resources. In recent years, following decades of mining, the average grade of major domestic tungsten deposits has fallen from 0.42% to around 0.28%, leading to a significant rise in mining costs. Coupled with stringent environmental inspections, small and medium-sized mines have largely ceased operations, resulting in a high degree of concentration at the source of supply.
- Strategic premium in the export control of dual-use items: In January 2026, China formally implemented the Regulations on the Export Control of Dual-Use Items. As a strategic metal used in defence, aerospace and high-end manufacturing, tungsten has been subject to stricter export licensing controls. This has led to severe shortages in overseas supply chains (in Europe, the US, Japan and South Korea) in the short term, resulting in high premiums on the international market.
- The ‘hard squeeze’ from emerging domestic demand: This is the most crucial catalyst. The penetration rate of ‘tungsten wire replacing silicon wafer cutting steel wire’ in the photovoltaic industry has soared to over 60% in the past two years. The PV tungsten wire industry consumes vast quantities of high-purity tungsten powder, directly ‘competing’ for raw materials with traditional industries producing wear-resistant components such as cemented carbide cutting tools and waterjet nozzle tubes, resulting in a continuously widening supply-demand gap for tungsten carbide.
III. Price trends for waterjet mixing tubes: from ‘marginal profits’ to ‘revaluation’
The main components of waterjet abrasive mixing tubes are tungsten carbide powder (90–94%) and cobalt/nickel binders (6–10%). As a typical downstream product of tungsten carbide, the cost structure of abrasive focusing tubes is extremely sensitive. The sharp rise in raw material prices has directly triggered a ripple effect across the abrasive tube market:
Mandatory increases in absolute prices:
Prior to 2024, the retail price of a standard carbide waterjet nozzle had become extremely transparent due to intense industry competition, to the point where margins had become negligible. However, as the cost of tungsten carbide doubled, nozzle manufacturers were no longer able to absorb these costs themselves. From the second half of 2025 through to 2026, the ex-factory prices of waterjet nozzles from major global brands generally underwent two to three rounds of mandatory price increases, with overall increases ranging from 50% to 120%.
A shift from ‘price competition’ to ‘value for money’:
In the past, buyers were accustomed to purchasing low-cost sand pipes and replacing them when they broke. However, with the absolute price of sand pipes having doubled, the ‘cost of downtime’ and the ‘cost of the pipes themselves’ associated with frequently replacing low-quality sand pipes have increased exponentially. Consumer sentiment in the market has undergone a fundamental shift, with customers now willing to pay a higher unit price for high-quality sand pipes that offer a longer service life.
IV. Disruptive Changes in the Sand Pipe Industry and Technological Landscape
Behind these price fluctuations lies a technological and ecological transformation sweeping the entire waterjet sandblasting industry as it faces a matter of survival, which is primarily reflected in the following three key areas:
1. A technological breakthrough: Binderless carbide is becoming mainstream
Conventional cemented carbide sand pipes contain 6–10% cobalt (Co); when subjected to the impact of high-speed garnet sand, the softer cobalt is eroded first, causing the tungsten carbide particles to detach prematurely.
Driven by soaring raw material costs, the industry’s demand for ‘extending the service life of carbide tubes and reducing unit cutting costs’ has reached a critical point. Binderless tungsten carbide and nano-grain technologies are rapidly moving from the laboratory to large-scale production. Through advanced sintering processes such as hot isostatic pressing (HIP), the use of binders has been reduced to near zero. Although the raw material and processing costs of these sand tubes are extremely high, their service life is typically several times that of ordinary cemented carbide sand tubes. In an era of high tungsten carbide prices, this technical approach—characterised by ‘high initial costs but extremely low amortisation costs’—has, paradoxically, become the most cost-effective option.
2. Intensifying industry consolidation: Small and medium-sized processing plants face elimination, whilst the ‘winner-takes-all’ effect becomes increasingly pronounced
The persistently high price of tungsten carbide is placing a severe strain on the cash flow of sand tube manufacturers.
As small and medium-sized enterprises lack bargaining power over upstream resources and do not possess core sintering technology, they are highly vulnerable to cash flow disruptions when faced with a doubling of raw material procurement costs, or may lose market share due to an inability to guarantee product quality.
Leading companies, leveraging long-term agreements with major upstream tungsten producers and advanced binderless sintering processes, have not only successfully passed on costs but also expanded their market share by introducing high-end sand-coated tubes with extended service life. Industry concentration reached unprecedented levels by 2026.
3. The rise of ‘urban mining’: the recycling of waste sand pipes creates a highly profitable closed-loop system
In an era where tungsten carbide powder is worth thousands of yuan per kilogram, scrap waterjet nozzles, defective nozzles and waste carbide cutting tips—once casually discarded—have become highly sought-after commodities by 2026. Prices for recycled cemented carbide have soared in tandem. Many sandblasting tube manufacturers have begun establishing their own ‘trade-in’ recycling schemes, using advanced chemical or zinc-melting processes to recover high-quality recycled tungsten carbide powder to offset the cost of virgin powder. The maturation of this green recycling industry chain is an unexpected benefit brought about by the current high prices.
Conclusion
On the surface, the sharp rise in tungsten carbide prices appears to be a cost crisis that has left downstream industries in dire straits; however, viewed through the lens of industrial evolution, it is more akin to a powerful catalyst for the transition to high-end manufacturing.
For the waterjet abrasive tube industry, the era of relying on cheap raw materials and engaging in cut-throat competition at the low end of the market is now a thing of the past. As we approach 2026, binderless technology, ultra-long service life and recycling have become the new prerequisites for survival in the industry. In this materials-driven transformation, only those companies that counter the pull of costs through technological innovation will be able to forge ahead in the ‘new era of high prices’ for industrial cemented carbides.