Tungsten prices have entered a phase of rapid escalation, triggering a wave of limit-up gains for listed companies within the tungsten industry, suggesting potential benefits for relevant firms. Public data indicates that black tungsten concentrate (grade ≥65%) has surged by 60% since the beginning of the year. As of February 25th, prices for tungsten concentrate and major tungsten products continued their sharp upward trajectory on China Tungsten Online. Against the backdrop of this collective surge, with many tungsten stocks doubling since January, listed companies engaged in tungsten product trading and supply chain services warrant close attention.
On Wednesday, the A-share market experienced broad-based gains with moderate volume increases. Tungsten-related listed companies collectively surged to their daily price limits, stimulated by the ongoing rapid price increases, making them the most prominent feature of the day's trading. Recent developments include the United States announcing plans to use a Pentagon-developed artificial intelligence project to establish reference prices for critical minerals, supporting its strategy to build a global metal trading consortium. The initial focus will be on germanium, gallium, antimony, and tungsten, with plans to gradually expand coverage. Concurrently, tungsten metal prices have entered a "jump-rise mode" since the start of the year, with 65% black tungsten concentrate and tungsten powder prices both rising over 60% from January levels according to China Tungsten Online. In this context, multiple tungsten sector stocks hit or approached their daily limits on Wednesday, with gains exceeding 10% for some. Sector leader Jiangxi Tungsten Equipment (600397) recorded four limit-up gains in the past five trading sessions, accumulating nearly 150% in gains since January. Other tungsten stocks like China Tungsten High-tech (000657), Zhangyuan Tungsten (002378), and Xianglu Tungsten (002842) have seen their stock prices double since the beginning of the year.
Tungsten prices have entered a rapid escalation phase, driving collective limit-up gains for tungsten sector stocks. Public data shows numerous tungsten companies have seen their stock prices double since January.
Outpacing even gold's impressive rally, tungsten has emerged as a dark horse strategic metal in 2025, creating remarkable market performance while gold captured global attention. The global tungsten market has experienced strong upward momentum since last year, with prices rising over 220% annually.
Multiple indicators demonstrate that since 2025, global tungsten prices have been undergoing an unprecedented上涨 wave. Particularly entering 2026, tungsten prices have shifted directly into a "jump-rise mode."
Latest public data shows that as of February 24th, black tungsten concentrate (specification ≥65%) reached 705,000 yuan per ton, up 53.26% from January; ammonium paratungstate (APT) prices hit 1.05 million yuan per ton, rising 56.72%; tungsten powder reached 1,740 yuan per kilogram, increasing 61.11%. On February 25th, China Tungsten Online indicated that tungsten concentrate and major tungsten product prices remained in a state of continuous rapid appreciation.
Industry experts note that against the backdrop of supply contraction at the mining end and downstream inventory replenishment, combined with recent crackdowns on illegal mining in major production areas reducing spot circulation volumes, tungsten prices have entered a direct "jump-rise mode."
Tungsten, with its melting point exceeding 3,400°C, serves as the "industrial teeth" for high-end manufacturing, essential for applications ranging from rocket engines to mobile chip cutting. Since 2025, tungsten product prices have generally entered an upward trajectory, with particularly significant increases at the upstream and midstream segments. "Having been in the industry over twenty years, I've never seen such rapid price increases, with quotes almost setting new records daily," described a senior tungsten trader regarding current market conditions.
An industry analyst remarked, "The magnitude and duration of this tungsten price rally have far exceeded our expectations." Industry professionals believe the driving forces behind this global price surge are the explosive growth in new energy industry demand coupled with持续 tightening of global tungsten supply. The intense collision between these factors has undoubtedly propelled tungsten prices upward.
Analysis suggests that the high-intensity, fast-paced movement of tungsten prices over the past year has fundamentally颠覆ed traditional market trading logic and commercial rhythms, even profoundly altering concepts of spot markets and stock trading psychology. A notable characteristic of the current tungsten market is the extreme compression of trading cycles, where order execution often requires completion within the same day or shorter timeframes, with time differences even becoming uncertain factors or obstacles in some transactions.
In summary, this round of tungsten price increases represents an epic surge driven not by单一 factors but by a "perfect storm" of supply-side tightening, demand-side explosion, policy reinforcement, and market sentiment.
In this context, multiple tungsten sector stocks hit or approached their daily limits on Wednesday, with gains exceeding 10% for some. Sector leader Jiangxi Tungsten Equipment (600397) recorded four limit-up gains in the past five trading sessions, accumulating nearly 150% in gains since January. Other tungsten stocks like China Tungsten High-tech (000657), Zhangyuan Tungsten (002378), and Xianglu Tungsten (002842) have seen their stock prices double since the beginning of the year.
With tungsten prices持续 soaring, who benefits most? The profound changes in the tungsten market this year essentially reflect the重新定义 of critical materials in the new energy era. This transformation has just begun, and enterprises with提前布局, possessing dual advantages in resources and technology, have already secured favorable positions in this industrial upgrade.
Long-term perspective suggests high tungsten price levels will become常态. China International Capital Corporation predicts global tungsten supply-demand gaps will continue widening during 2026-2028, reaching 18,500 tons, 18,800 tons, and 19,200 tons respectively, accounting for 17.6%, 17.5%, and 17.5% of global primary tungsten demand. Long-term global supply tightness will support持续 upward movement of tungsten price benchmarks.
Minmetals Securities believes that over the next 5-10 years, overseas markets will struggle to challenge China's dominant position in the tungsten industry chain. High tungsten prices will provide strong support for China's tungsten industry to complete domestic substitution and international expansion of high-end hard alloy tools.
It should be noted that the持续 surge in tungsten prices creates significant benefits for listed companies across multiple segments of the related industry chain. For upstream resource companies, those possessing tungsten resources or with high self-sufficiency rates may directly benefit from profit elasticity brought by price increases. China Tungsten High-tech (000657) serves as China Minmetals' tungsten industry operation platform, managing an integrated chain from mining to smelting, processing, and trading. Xiamen Tungsten (600549) has established a complete industry chain from tungsten mining to tungsten-molybdenum smelting and processing applications, maintaining international leadership in multiple technologies. Zhangyuan Tungsten (002378) integrates exploration, mining, beneficiation, smelting, powder production, hard alloy manufacturing, deep processing, and trading, ranking in the industry's first tier for resource reserves and mining scale. Jiangxi Tungsten Equipment (600397), which recently announced plans to cover deep tungsten processing through major asset restructuring, has控股股东 with widely distributed tungsten resources concentrated in Jiangxi province, forming a multi-point development pattern.
In midstream processing, some companies possess technological and cost advantages in deep processing segments like tungsten powder and tungsten carbide, enabling them to transmit cost pressures through product price increases and enhance profitability. Xianglu Tungsten (002842) serves as a core domestic supplier of tungsten powder, tungsten carbide powder, and hard alloys with mature technology and coverage of mainstream hard alloy customers. Oriental Tantalum (000962) maintains深厚 technical expertise in tungsten and molybdenum metal processing.
Additionally, downstream application companies and those in high-barrier fields are poised to benefit. ATA Technology (000969) leads in high-end refractory metals and new materials domestically, dominating semiconductor tungsten targets and 3D printing tungsten powders while breaking foreign technological monopolies. Companies like OKE (688308) and Dingtai High-tech (301377) may also benefit from exploding high-end manufacturing demand.
Certainly, listed companies engaged in tungsten product trading and supply chain services undoubtedly benefit from the持续 surge in tungsten prices. While gold, silver, and copper enjoy relatively even global distribution, tungsten resources concentrate primarily in China. Global proven tungsten reserves total 4.63 million tons, with China holding 2.4 million tons, representing 52% share. In production terms, China同样 maintains leading地位. Global tungsten production reached 78,000 tons in 2025, with China producing 63,000 tons, exceeding 81% share and far surpassing combined outputs from countries like Vietnam and Russia. More importantly, China has established a complete industry chain from mining to smelting, processing, and application, with tungsten processed products accounting for over 75% of the global market share. Self-sufficiency rates for high-end products exceed 90%, enabling control over global supply fundamentals.
Thus, listed companies involved in tungsten product trading and supply chain services, with channels covering mainstream production areas and consumption regions nationwide, directly benefit from expanding trade margins driven by price increases. The most典型 example is Suhao Huihong, whose wholly-owned subsidiary Jiangsu Nonferrous Metals Import & Export Corporation engages in tungsten product trading and supply chain services covering core varieties like tungsten concentrate and APT, undoubtedly benefiting significantly from the持续 price surge.
Reportedly, the company's wholly-owned subsidiary Jiangsu Nonferrous Metals Import & Export Corporation engages in tungsten product trading and supply chain services covering core varieties like tungsten concentrate and APT. As a leading provincial trading enterprise in Jiangsu, following strategic restructuring with five provincial enterprises including Suhao Holding in 2023, the company became the core vehicle for Suhao Holding Group's "building world-class enterprises" strategy. Its main businesses include supply chain operations and financial investment services promoting industrial development, with major segments covering bulk commodity supply chains, food and fresh produce supply chains, green circular supply chains, and textile and apparel supply chains.
In recent years, the company's bulk business has fully leveraged platform and resource advantages, capitalizing on accumulated strengths in metal mineral categories like nickel ore, zinc concentrate, copper concentrate, and tungsten ore, as well as mechanical/electrical products and oil/chemicals. Maintaining specialized operations, it持续 promotes concentration of优质 resources in advantageous fields, accelerating formation of a bulk business operation sector with clearer primary responsibilities, more focused business structures, and more突出 core capabilities.
On June 24, 2024, the company issued a quality-efficiency improvement announcement. The announcement indicated that控股股东 Jiangsu Suhao Holding Group actively promotes specialized division among subsidiaries. To avoid同业竞争 and enhance independence between companies, the future focus will be deepening the bulk business segment to further enhance company influence.
Bulk commodity supply chains represent vital components of modern economic systems. As the world's largest bulk commodity importer and consumer, modern supply chain enterprises' importance in integrating global bulk commodity resources, improving supply chain efficiency, and serving the real economy and national strategies has become increasingly prominent, with优质 supply chain service value显著提升. As a first-batch national supply chain innovation and application demonstration enterprise, the company's bulk commodity supply chain operation business represents the most vibrant aspect of its operations.
With implementation of regional integration strategies like the Belt and Road Initiative and Regional Comprehensive Economic Partnership Agreement (RCEP), partial bulk commodity consumption demand has shifted abroad. The company has seized opportunities from China's bulk commodity supply chain "going global," following Jiangsu province's步伐 in building national import trade promotion innovation demonstration zones. Staying close to industrial chains and clusters, it conducts bulk supply chain business cooperation with leading manufacturing enterprises, deeply serving the real economy and promoting steady improvement in bulk business quality and efficiency.
According to latest management plans, the company will focus on bulk commodities as its core business over the next three years (2025-2027), using cross-border e-commerce as a new driver. It aims to build a dual-wheel驱动 model combining supply chain operations and financial investment, accelerated by digital transformation and overseas expansion, forming six core highlights.
On October 13, 2025, the company stated on interactive platforms that according to控股股东's commitment to eliminate同业竞争, it will specialize in bulk commodity-related businesses. Maintaining specialized operations, it持续 promotes concentration of优质 resources in advantageous fields, accelerating formation of a bulk business operation sector with clearer primary responsibilities, more focused business structures, and more突出 core capabilities, striving to play an important role in Jiangsu province's advanced manufacturing high-quality development demonstration zone construction. Asset swap work with控股股东 is progressing orderly, having completed transfers for Suhao Zhongjia, Suhao Ruiying, and Jiangsu Nonferrous. Subsequent work will further advance steadily, continuously improving bulk business segment布局 to achieve effective resource allocation and enhance competitive advantages. Jiangsu Nonferrous Metals Import & Export Corporation has now become a wholly-owned subsidiary.
Jiangsu Nonferrous Metals Import & Export Corporation was established in December 1984 with approval from China Nonferrous Metals Industry Corporation, initially named "China Nonferrous Metals Import & Export Jiangsu Company" under dual leadership from China Nonferrous Metals Import & Export Corporation and Jiangsu Metallurgical Industry Bureau. In December 2018, following Jiangsu Market Regulatory Administration approval, the company transitioned from state-owned to limited liability structure, changing its name to "Jiangsu Nonferrous Metals Import & Export Corporation."
In April 2024, Shuntian Group transferred its 100% stake in Jiangsu Nonferrous Metals Import & Export Corporation to Jiangsu Suhao Holding Group without compensation. In December 2024, Suhao Holding Group injected its 100% stake in Jiangsu Nonferrous Metals Import & Export Corporation into the company through asset swap arrangements. Thus, Jiangsu Nonferrous Metals Import & Export Corporation became a wholly-owned subsidiary.
According to company website information, Jiangsu Nonferrous Metals Import & Export Corporation始终坚持 "focusing on core business, seeking innovation amidst stability, improving quality and efficiency" as its working principle. The company maintains diverse product lines including rare earth series, steel series, ferroalloys, and rare metals like germanium, tungsten, molybdenum, indium, cobalt, strontium, bismuth, along with their deep-processed products. Import-export operations for these products have established stable market positions and competitive advantages.
Therefore, the company's wholly-owned subsidiary Jiangsu Nonferrous Metals Import & Export Corporation engages in tungsten product trading and supply chain services covering core varieties like tungsten concentrate and APT. With channels covering mainstream tungsten production areas and consumption regions nationwide, it directly benefits from expanding trade margins driven by tungsten price increases.