Tungsten prices have more than quadrupled in a year, and the industry chain is facing a crucial period of transformation.

Recently, companies in the tungsten industry chain have initiated a new round of price adjustments, covering multiple areas such as tungsten raw materials, tungsten alloy cutting tools, and tungsten scrap recycling. Many companies stated in their price adjustment letters that the main reason for the price increase of tungsten is still the main reason for this round of price hikes. As of February 28, the prices of major tungsten products such as tungsten concentrate, ammonium paratungstate, and tungsten powder have all risen by over 400% since the beginning of 2025. "Now it's no longer called tungsten steel, it's called tungsten gold." Faced with the continuously rising tungsten prices, a manager of a cutting tool manufacturing company complained that current cutting tool processing companies are like "sandwich cookies," with upstream raw material prices changing daily and quotations only valid for the day, leading to continuous increases in procurement costs. The industry-wide price increase trend not only affects the operations of related companies but also drives the entire industry chain to accelerate transformation. Many industry insiders interviewed indicated that, in this context, upstream mining companies are accelerating resource reserve and production efficiency improvements, while downstream companies are experiencing significant differentiation under cost transmission pressures, and they must digest the pressure through technology upgrades and process optimization.