Zhongjin: The emerging demand and strategic attributes of tungsten are increasingly strengthening, and the price of tungsten is expected to stabilize and rebound.

According to a research report by Zhongjin Company, the price of tungsten is expected to start in 2025, with the domestic price of tungsten concentrates rising from 142,000 yuan/ton to 456,000 yuan/ton by the end of the year, a cumulative increase of +221%. In 2026, the domestic tungsten price accelerated upwards, breaking through 1 million yuan/ton in mid-March. However, since the Middle East conflict in February of this year, the blockade of the Strait of Hormuz and mutual attacks on energy facilities by the warring parties have caused oil prices to rise unexpectedly, exacerbating global economic inflation fears. This has led to a reversal in the previously rapidly rising domestic tungsten price, with a sell-off in the industry chain and increased caution among downstream players. In May of this year, the domestic price of white tungsten concentrates fell to a low of 406,000 yuan/ton, down 61% from the high point in March. As of May 29th, the domestic tungsten price has reached 416,000 yuan/ton, showing signs of stabilization and recovery. The research report believes that considering the increasingly strong new demand and strategic attributes of tungsten, as well as the unchanged tight supply situation, the domestic tungsten price is expected to stabilize and rebound after a short-term sharp drop, with the growing attractiveness of global tungsten industry leaders.