Main Supporting Logics for Tungsten Price Increases

Tight Resource Supply: Domestic tungsten mining is constrained by environmental policies, crackdowns on illegal mining, and total mining volume control targets; the replenishment of overseas resources before 2027 is limited.

Rigid Demand Support: The demand for tungsten in applications such as machinery processing, petrochemicals, mining, electronics, medical shielding, aerospace, and defense is difficult to replace in the short term.

Strategic Value Reassessment: Against the backdrop of a complex and volatile international political and economic environment and escalating global geopolitical conflicts, the demand for key strategic resources is increasing.

Capital Synergy: In the current context of risk aversion driving the rise of precious metals and other commodities, industrial capital and financial capital are showing significant resonance. Tungsten mines and trading companies are holding onto their stock with reluctance to sell, coupled with the intervention of speculative capital, further amplifying market volatility.