Lu Yannan, a tungsten industry analyst at Shanghai Steel Union, said that the core driving factor behind the rise in tungsten prices was the mismatch between supply and demand caused by rigid supply constraints combined with demand release, and prices continued to rise on the mining side. Behind the sharp rise in prices, tungsten's strategic position is also taking a leap forward. According to Oriental Securities's August 20 research report, countries' accumulation and protection of strategic resources will continue to reduce the total amount of tungsten resources available in global circulation and increase price flexibility. In the face of the global “tungsten grab” craze, China's advantage is still stable. According to a research report released by CICC on July 29, the average processing costs for APT and tungsten powder in China increased by 331% and 447%, respectively, compared to 2025. The export structure shifted to higher added value, and overseas premiums reached record highs. According to Wind statistics, the core targets for A-share tungsten ore are Xiamen Tungsten Industry, China Tungsten Hi-Tech, Zhangyuan Tungsten Industry, and Xianglu Tungsten Industry. The profits of the four companies increased dramatically in the first half of 2026. Lu Yannan pointed out that upstream procurement companies are the biggest beneficiaries, but due to quota restrictions, there is limited room for growth.

Lu Yannan, a tungsten industry analyst at Shanghai Steel Union, said that the core driving factor behind the rise in tungsten prices was the mismatch between supply and demand caused by rigid supply constraints combined with demand release, and prices continued to rise on the mining side. Behind the sharp rise in prices, tungsten's strategic position is also taking a leap forward. According to Oriental Securities's August 20 research report, countries' accumulation and protection of strategic resources will continue to reduce the total amount of tungsten resources available in global circulation and increase price flexibility. In the face of the global “tungsten grab” craze, China's advantage is still stable. According to a research report released by CICC on July 29, the average processing costs for APT and tungsten powder in China increased by 331% and 447%, respectively, compared to 2025. The export structure shifted to higher added value, and overseas premiums reached record highs. According to Wind statistics, the core targets for A-share tungsten ore are Xiamen Tungsten Industry, China Tungsten Hi-Tech, Zhangyuan Tungsten Industry, and Xianglu Tungsten Industry. The profits of the four companies increased dramatically in the first half of 2026. Lu Yannan pointed out that upstream procurement companies are the biggest beneficiaries, but due to quota restrictions, there is limited room for growth.