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 2025, China APT averaged RMB317,500 per tonne, up 57.41% year-on-year. Prices climbed from RMB205,000 per tonne to RMB690,000 per tonne at the year-end.

Antaike data shows national tungsten concentrate output(metal content) at 65kt in 2025, down 0.9% year-on-year under state mining quotas. Domestic consumption was around 76kt. After deducting 12kt of scrap, primary demand was around 64kt, up 4.3% year-on-year, representing a clear supply-demand mismatch.

Since export controls of tungsten related products began in 2025, the domestic-export price difference widened. Solar tungsten wire and cemented carbide demand remained strong. China prices initially followed, then started to lead global markets from Q4. With minimal mine growth, the market relied on imports and scrap recycling to fill the gap. This structural imbalance, unlikely to ease soon, pushed prices to record highs.