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Industry Overview - The non-ferrous sector showed significant gains on the 29th, with tungsten concept stocks performing notably well, including Zhongtung High-tech hitting the daily limit for two consecutive days, and Xiamen Tungsten and Zhangyuan Tungsten rising over 4% [1] - Jiangxi Copper, China Aluminum, and Huaxi Nonferrous also saw approximately 5% increases [1] Market Dynamics - The tungsten market has recently entered a rising trend, with prices for black tungsten concentrate (≥65%) quoted at 288,000 yuan/ton, an increase of 3,000 yuan per ton from the previous trading day [1] - APT (Ammonium Paratungstate ≥88.5%) is priced at 425,000 yuan/ton, up 7,000 yuan per ton, while tungsten powder (≥99.7%) is priced at 635 yuan/gram, an increase of 5 yuan per gram [1] Demand and Consumption - Tungsten is increasingly recognized as a strategic resource, with demand continuing to grow. According to Antaike data, China's tungsten consumption from January to June 2025 is projected to total 35,900 metric tons, a year-on-year increase of 2.1%, with primary tungsten consumption at 30,400 metric tons, up 2.5% year-on-year [1] - Key downstream industries such as excavators, metal cutting machine tools, automobiles, and photovoltaics have shown significant production increases, leading to higher tungsten consumption [1] Supply Constraints - Guosen Securities indicates that domestic tungsten prices are under pressure due to increased demand, safety production in mines, and environmental inspections, resulting in tight supply and demand at the mining level, with previously available inventories being depleted [1] - The Bakuta tungsten mine in Kazakhstan has potential for increased output, but capacity release will take time, potentially exacerbating supply-demand gaps in the short term [1] - With heightened export controls, tungsten's status as a strategic metal is being elevated, suggesting that prices for tungsten and related strategic minor metals may continue to rise [1]