Tungsten, referred to as the “industrial teeth,” is a crucial strategic resource for the nation. It possesses outstanding chemical stability, heat-resistant and corrosion-proof, and is an ideal material for applications in aerospace, national defense and cutting tools.

In 2024, tungsten market was in tight balance. Supply side was curbed by multiple factors including control of total mining production and declining ore grade. On demand side, there was steady growth across major sectors including better demand from traditional areas including automobile, consumer electronics, and engineering machinery and robust growth of demand of tungsten in emerging sectors. Photovoltaic tungsten consumption developed rapidly, driving the accelerated replacement of carbon steel wire by photovoltaic tungsten wire. High-end consumption of tungsten from various sectors including new energy also increased.