Tungsten prices have risen more than four times in over a year, industry insiders: the industry chain is entering a critical transformation period

Recently, tungsten industry chain companies have started a new round of price adjustments, covering various fields including tungsten raw materials (including long-term contracts), tungsten alloy tools, and waste tungsten recycling. As of February 28, the prices of major tungsten products such as tungsten concentrate, ammonium paratungstate (APT), and tungsten powder have increased by more than 400% compared to early 2025. The widespread price increase in the industry has not only affected the operations of related companies but has also driven the entire industry chain to accelerate its transformation. Several industry insiders interviewed stated that against this backdrop, upstream mining companies are accelerating the advancement of resource reserves and production efficiency improvements; while midstream and downstream companies are showing significant differentiation under cost transmission, having to digest pressure through technological upgrades and process optimization. (Shanghai Securities Journal)