Core Viewpoint - Tungsten products have experienced a rapid price increase since October, with prices doubling compared to the beginning of the year [1] Supply and Demand Analysis - As of October 28, black tungsten concentrate (>65%) is priced at 288,000 yuan/ton, up 3,000 yuan/ton from the previous trading day; APT (Ammonium Paratungstate: ≥88.5%) is priced at 425,000 yuan/ton, up 7,000 yuan/ton; tungsten powder (≥99.7%) is priced at 635 yuan/gram, up 5 yuan/gram [1] - Supply side: The mining indicators for tungsten concentrate have been reduced, and production pace in mines has generally slowed, leading to a tightening of industry circulation [1] - Demand side: Domestic demand remains stable, primarily driven by essential procurement [1] Future Outlook - According to Huaxin Securities, tungsten prices have been running at high levels since early 2025, frequently setting historical highs [1] - Although there is new supply expected from overseas, it will take time to materialize, and the current tight supply situation is expected to support tungsten prices [1] - Future attention should be paid to the annual tungsten concentrate indicator issuance [1]