突破20万元整数关口！年内累计涨超39% 钨矿价格刷新历史纪录

Group 1 - The current price of domestic black tungsten concentrate (≥65%) is 200,400 RMB/ton, marking a significant increase of over 39% since the beginning of the year [1] - The rise in tungsten prices is attributed to tighter supply due to export controls and stricter environmental production constraints, along with positive sentiment driven by domestic supply-side policy signals and external capital [1] - The implementation of the new industry standard for recycled tungsten materials in China on July 1, 2025, may alleviate the underutilization of capacity in recycling enterprises, but its long-term impact on offsetting slow supply growth is limited [4] Group 2 - The price of tungsten products is reaching new highs, influenced by the first batch of tungsten concentrate quotas and environmental inspections leading to decreased supply [4] - The expected increase in foreign tungsten mines, such as Sandong and Dolphin, has not materialized, while the successful production of the Bakuta tungsten mine is hindered by a lack of local smelting capacity, necessitating transportation back to China for processing before export [4] - The overall balance sheet for tungsten remains tight, with a more pronounced supply gap overseas compared to domestic levels, leading to an optimistic price outlook [4]