比黄金还疯狂！这种“工业牙齿”一年暴涨220%，今年还可能接着涨

Core Viewpoint - The tungsten market is experiencing a significant surge, with prices increasing dramatically, outpacing gold, and is expected to continue this trend into 2026 and beyond [1][2]. Price Trends - Tungsten prices have risen over 220% in the past year, with specific products showing substantial increases: black tungsten concentrate (≥65%) at 705,000 CNY/ton (+53.26% YTD), ammonium paratungstate (APT) at 1,050,000 CNY/ton (+56.72% YTD), and tungsten powder at 1,740 CNY/kg (+61.11% YTD) as of February 24, 2026 [3][4]. Supply and Demand Dynamics - China's tungsten supply and exports are contracting, with a 6.5% decrease in the mining quota for 2025 and a 27.5% drop in exports [10]. The country holds 52% of global tungsten reserves and produces 83% of the world's tungsten, indicating a strong resource advantage [7]. - The demand for tungsten in sectors such as new energy, military, and semiconductors remains robust, driving prices higher despite supply constraints [11]. Strategic Importance - Tungsten is classified as a strategic metal in China, with protective mining policies in place since 1991 [6]. The recent export controls on tungsten products are aimed at ensuring resource security and supporting domestic industries [10]. Market Outlook - Analysts predict that the tungsten price will remain high and volatile due to ongoing supply constraints and strong demand, with a projected global supply-demand gap increasing from 18,500 tons in 2026 to 19,200 tons by 2028 [15]. The high prices are expected to support the domestic tungsten industry's transition to high-end products and international competitiveness [15].