智通财经网·2026-02-14 13:04Group 1 - Tungsten prices have surged significantly since the beginning of the year, with black tungsten concentrate (≥65%) averaging 696,000 yuan/ton, reflecting a year-to-date increase of approximately 51.6% [3] - The rapid price increase is attributed to supply constraints in the mining sector and increased demand for inventory replenishment from downstream industries, exacerbated by strict crackdowns on illegal mining [2][8] - Major tungsten companies, including Xiamen Tungsten (600549.SH), Zhongtung High-tech (000657.SZ), and Xianglu Tungsten (002842.SZ), have issued multiple price increase notices this year [2][6] Group 2 - The tightening supply of tungsten has led to a situation where some downstream companies are struggling to cope with high prices, resulting in a "no rice to cook" scenario [7] - The crackdown on illegal mining has reduced the market supply of raw materials by approximately one-third to one-fourth, impacting the overall availability of tungsten [7][9] - The current supply-demand imbalance raises questions about whether the rapid price increase is a temporary phenomenon or indicative of a longer-term structural bull market [2][15] Group 3 - The transmission of price increases from the tungsten mining sector to downstream industries is generally smooth but may weaken over time, particularly affecting lower-end processing sectors [11][12] - High-end tungsten products, such as hard alloys and cutting tools, are experiencing increased demand, with lead times for orders extending from over a month to 2-3 months [14] - The cost of tungsten raw materials constitutes a small portion of the overall production costs for tools, which limits the impact of price increases on end-user pricing [14] Group 4 - The long-term outlook for tungsten prices remains strong due to ongoing supply constraints and increasing demand from traditional industries and emerging sectors [15][16] - Analysts suggest that while there may be short-term price adjustments, the overall trend is expected to maintain a high price level due to limited new mining capacity and stringent domestic regulations [15][16] - The market sentiment has become extreme due to the rapid price increases, indicating potential for a correction in the near future [17]