人民财讯12月25日电，据"中钨在线"消息，钨价呈现暂稳横盘态势。元旦将至，资金面压力渐增，市场 购销活动随之减少。在此背景下，供应商获利回吐情绪有所抬头，废钨市场率先出现恐慌性波动，原生 料市场则多持观望态度。而中间贸易商与下游用户心态犹豫，既忧虑原料成本持续高企，又担心成为高 位接盘者，因而谨慎避险情绪为主。 钨废料市场上，获利套现引发的恐慌情绪逐步扩散，部分回收商开始压价或暂停收购，市场秩序出现一 定混乱。废钨棒材价格报650元/公斤，较年初涨195.5%；废钨钻头价格报620元/公斤，较年初涨 171.9%。 钨精矿市场上，持货商看涨预期依然坚定，尽管局部存在套现行为，但报价并未松动，整体行情保持稳 固。65%黑钨精矿价格报46.2万元/标吨，较年初涨223.1%；65%白钨精矿价格报46.1万元/标吨，较年初 涨224.7%。 ...

Core Viewpoint - The tungsten price maintains a stable upward trend, driven by a dual force of supply-side tightening and strategic premiums, while demand remains cautious with limited incremental contributions [1] Supply Side - The market for tungsten concentrate shows a tight supply, with holders adopting a wait-and-see attitude to support high prices [1] - The price of 65% black tungsten concentrate is reported at 336,000 RMB per standard ton, an increase of 135% since the beginning of the year [1] - The price of 65% white tungsten concentrate is reported at 335,000 RMB per standard ton, reflecting a 135.9% increase since the start of the year [1] Demand Side - Overall demand is cautious, primarily supported by downstream essential needs, with limited incremental contributions [1] - The recent announcement of the "artificial sun" research plan has strengthened market expectations regarding the application potential and development prospects of tungsten alloys in fusion energy [1] APT Market - In the ammonium paratungstate (APT) market, a tug-of-war between cost support and demand pressure is observed, leading to cautious purchasing and sales by manufacturers [1] - Domestic APT prices are reported at 490,000 RMB per ton, marking a 132.2% increase since the beginning of the year [1] - European APT prices range from 735 to 780 USD per ton (equivalent to 461,000 to 489,000 RMB per ton), reflecting a 129.6% increase since the start of the year [1]

Core Viewpoint - The tungsten market is experiencing a steady upward trend in prices, driven by tight supply conditions and cautious demand from downstream enterprises [1] Supply Side - Resource supply remains tight, enhancing the bargaining power of sellers [1] Demand Side - Downstream enterprises are primarily purchasing based on immediate needs, with cautious inventory replenishment due to cost pressures [1] Macro Environment - Geopolitical factors continue to disrupt the market, although no significant changes in direction are observed in the short term [1] Price Data - The price of 65% black tungsten concentrate is reported at 332,000 yuan per standard ton, an increase of 132.2% since the beginning of the year [1] - The price of 65% white tungsten concentrate is reported at 331,000 yuan per standard ton, an increase of 133.1% since the beginning of the year [1] - The price of ammonium paratungstate (APT) is reported at 486,000 yuan per ton, an increase of 130.3% since the beginning of the year [1]

Group 1 - A-shares in the tungsten industry are experiencing a strong performance, with Zhangyuan Tungsten hitting the daily limit, China Rare Earth rising over 4%, Xianglu Tungsten increasing by over 4%, and Xiamen Tungsten up by over 2% [1] - Jiangxi Tungsten Holdings Group has raised the guidance price for black tungsten concentrate to 213,000 yuan per standard ton for the second half of August, an increase of 19,000 yuan per standard ton, representing a 9.79% rise and a month-to-date increase of 17.03% [1] - Tungsten prices have surged recently, with daily increases ranging from 5,000 yuan to 10,000 yuan per ton, leading to a 51.1% increase in the price of 65% black tungsten concentrate compared to the beginning of the year [1] Group 2 - Zhangyuan Tungsten has a market capitalization of 13.9 billion yuan and has seen an 80.03% increase year-to-date [2] - China Rare Earth has a market capitalization of 50.9 billion yuan with a year-to-date increase of 71.12% [2] - Xianglu Tungsten has a market capitalization of 3.615 billion yuan and a year-to-date increase of 77.94% [2] - Xiamen Tungsten has a market capitalization of 43.3 billion yuan and a year-to-date increase of 44.32% [2]