Tungsten powder prices have surged to over 1.4 million yuan per ton

In 2025, tungsten prices rose by more than 220% throughout the year, outperforming the base metals and precious metals markets. Entering 2026, the upward momentum remains strong, with a year-to-date increase exceeding 29%. As of press time, tungsten concentrate prices have broken through 570,000 yuan per ton, ammonium paratungstate prices have reached 845,000 yuan per ton, and tungsten powder prices have even surpassed 1.4 million yuan per ton. According to China Tungsten Industry Network, besides tight supply, the fundamental driving force behind the surge in gold and tungsten prices lies in the high uncertainty of the global political and economic environment and the escalating risk of geopolitical conflicts. These factors have collectively increased demand for strategic reserves and safe-haven assets. Gold has attracted significant attention due to its significant monetary effects (such as central bank gold purchases) and its role in hedging against inflation. Tungsten, with its irreplaceable industrial and defense value, has become a core target of strategic resource revaluation. Many major economies, including the United States and Europe, have listed tungsten as a key mineral and are accelerating the construction of diversified supply chains to reduce their dependence on Chinese tungsten products, which account for 80% of the global market share. It is worth noting that as the Spring Festival approaches, tungsten market trading activities are increasingly affected by high price pressure and the festive atmosphere, leading to more cautious trading and relatively limited transaction volume.

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