Tungsten prices have more than quadrupled in over a year, industry insiders say: The industry chain is entering a crucial transformation period.

Recently, companies in the tungsten industry chain have initiated a new round of price adjustments, covering various fields such as tungsten raw materials, tungsten alloy tools, and tungsten waste recycling. As of February 28, the prices of main tungsten products such as tungsten concentrate, ammonium paratungstate, and tungsten powder have all risen by over 400% since the beginning of 2025. The industry-wide price hikes have not only affected the operations of related companies, but also driven the entire industry chain to accelerate transformation. Several industry insiders interviewed stated that against this backdrop, upstream mining companies are speeding up resource reserves and production efficiency improvements, while midstream and downstream companies are showing significant differentiation under cost pressures and are forced to digest the pressure through technological upgrades and process optimization.