钨价持续攀升 下游企业锚定技术升级积极应对

Core Viewpoint - The tungsten market has experienced a strong upward trend since the beginning of 2026, with core product prices reaching historical highs, making it the most outstanding performer in the non-ferrous metal sector [1] Group 1: Price Trends - In the second half of February 2026, major companies announced long-term procurement prices: 55% black tungsten concentrate at 730,000 CNY/ton, 55% white tungsten concentrate at 729,000 CNY/ton, and ammonium paratungstate (national standard zero grade) at 1,070,000 CNY/ton, all of which represent an increase from the first half of February [1] - The overall price increase is driven by tight market supply and a clear sentiment of reluctance to sell among enterprises, leading to a price surge along the industrial chain [1] Group 2: Factors Driving Price Increase - The price increase is attributed to three main factors: tightening supply, recovering demand, and reassessment of strategic attributes [2] - On the supply side, domestic mining has implemented total extraction control, with 2026 extraction indicators remaining tight, compounded by enhanced environmental and safety regulations, leading to the exit of small mines and a continuous contraction of effective supply [2] - On the demand side, sectors such as high-end manufacturing, new energy vehicles, and military industries are seeing steady recovery, with significant increases in demand from emerging fields like photovoltaic tungsten wire, military, and semiconductors [2] Group 3: Impact on Downstream Industries - The continuous rise in tungsten prices significantly impacts downstream industries, particularly the hard alloy sector, where tungsten raw materials account for 60% to 70% of production costs, leading to increased production costs and financial pressure on small processing enterprises [3] - Some downstream companies are experiencing difficulties in procurement, with reports of "difficulty in obtaining goods, price increases, and low inventory" [3] Group 4: Industry Transformation - In response to ongoing cost pressures, downstream companies are actively adopting various measures to accelerate industry transformation and upgrading [4] - Large enterprises are signing long-term procurement agreements to lock in raw material prices and increase R&D investment to optimize production processes and reduce raw material losses [4] - Leading companies are focusing on high-value-added products, such as Xiamen Tungsten Co., Ltd. producing ultra-fine tungsten wire for photovoltaic applications, thereby achieving premium pricing [4] - The recycling of tungsten is also gaining traction, with leading companies investing in waste tungsten recovery technologies to alleviate the tight supply of primary tungsten [4] - Industry experts suggest that the tungsten market has entered a phase of tight supply and demand balance, with strong price support expected in the short term, while long-term demand from new energy and high-end manufacturing will further highlight tungsten's scarcity and value [4]