"Industrial Teeth" tungsten prices surge; A-shares non-ferrous tungsten sector performs strongly

Source: Securities Times Network Author: Zhao Liyun

Known as the “industrial teeth,” tiny tungsten metals are experiencing a new surge. According to Shanghai Steel Union data, in early March 2026, the price of 65% black tungsten concentrate surged to 1.045 million yuan per ton, nearly a 128% increase from the beginning of 2026 and a 633% increase from the start of 2025.

Along with the rising mineral prices, in early March, the price of 80% tungsten iron also rose sharply to 1.43 million yuan per ton, up 115% from early 2026 and 562% from early 2025; APT prices increased strongly to 1.5 million yuan per ton, up over 123% from early 2026 and 615% from early 2025; tungsten powder prices rose sharply to 2,345 yuan per kilogram, an increase of over 119% from early 2026 and 644% from early 2025.

The continuous surge in tungsten prices has led to strong performance in the A-share nonferrous tungsten sector.

Zhangyuan Tungsten, as a leading domestic tungsten industry chain company covering mining, smelting, and deep processing, owns four mining rights and accounts for about 5.33% of the country’s tungsten resources. Since 2026, its stock price has risen significantly from about 14.16 yuan per share to a peak of 48.42 yuan in mid-March, an increase of over 240%.

As a global leader in integrated tungsten industry chain, Xiamen Tungsten also saw its stock rise from about 40 yuan per share at the beginning of the year to a peak of 81.56 yuan in mid-March, doubling in a short period.

This round of tungsten price surge is the result of supply-demand mismatch, policy tightening, and strategic demand resonance.

Wang Huimin, an analyst at Shanghai Steel Union’s Ferroalloy Division, explained that tungsten supply currently shows a rigid contraction, with strict controls on domestic mining, crackdown on illegal mining, coupled with export restrictions, environmental and safety inspections, and market hoarding. On the demand side, strong support exists, with resonance from new energy (photovoltaic tungsten wires), high-end manufacturing, and military needs, leading to a reevaluation of tungsten’s strategic attributes.

It is understood that tungsten, due to its high melting point and high density, is a core material for armor-piercing shells, rocket nozzles, and other products. Meanwhile, the penetration rate of photovoltaic tungsten wires has exceeded 80%, and demand for high-end tungsten materials in semiconductors continues to grow. The traditional cemented carbide and tungsten product markets remain stable. China accounts for 83% of global tungsten production, with significant resource advantages.

“By 2026, the market’s expectation of a contraction in tungsten supply remains unchanged, while downstream demand still has room for growth. Overall, tungsten is supported, but whether prices will continue to rise depends on the release of new overseas supply capacity and actual downstream demand expansion,” Wang Huimin said.

Jianghai Securities’ research report believes that in the short term, due to the lack of incremental supply, continuous demand release, and low inventory levels, tungsten powder prices still have further upward potential; however, caution is needed against profit-taking risks caused by short-term rapid increases. From a medium- to long-term perspective, the tungsten mine supply-demand gap may further widen, and high tungsten prices could become the new normal.

Huaruan Securities also analyzed that on the supply side, safety and environmental controls at mines are becoming stricter, with increased inspection efforts during holidays and in main production areas, leading to a decline in domestic tungsten mine operating rates. On the demand side, with low raw material inventories in downstream industries such as hard alloy and high-speed steel, companies are frequently adjusting product prices, creating industry chain linkage and driving continued tungsten price strength.