In the context of the rapid development of technology and industry, tungsten, as a rare refractory metal, is gradually demonstrating its irreplaceable importance. This article aims to analyze the latest trends in the tungsten raw material market, providing insights into its current situation, price trends, influencing factors, and future prospects.

1. Current Situation of the Tungsten Raw Material Market

In recent years, the tungsten raw material market has shown a fluctuating upward trend. According to data, in the first three quarters of 2024, the overall market of the Chinese tungsten market showed a fluctuating upward trend, with the prices of various tungsten products increasing to varying degrees. For example, the average price of 65% black tungsten concentrate reached 135,200 yuan/ton, a year – on – year increase of 12.85%; the average price of ammonium paratungstate was 200,400 yuan/ton, a year – on – year increase of 11.58%; and the average price of tungsten powder was 301.29 yuan/kg, a year – on – year increase of 10.36%.In terms of imports, in August 2024, the total import volume of tungsten products in China reached 1,495.05 tons, a month – on – month increase of 9.21% compared with July 2024. Among them, 881 kilograms of tungsten powder were imported, with a significant month – on – month growth rate of 77.62%.

2. Price Trends of Tungsten Raw Materials

As of February 7, 2025, the price range and average price of some tungsten raw materials are as follows:

• Black tungsten concentrate ≥65%: The price range is 144,500 – 145,500 yuan/standard ton, and the average price is 145,000 yuan/standard ton.
• Black tungsten concentrate ≥55%: The price range is 143,500 – 144,000 yuan/standard ton, and the average price is 143,750 yuan/standard ton.
• White tungsten concentrate ≥65%: The price range is 143,500 – 144,500 yuan/standard ton, and the average price is 144,000 yuan/standard ton.
• Ammonium paratungstate (domestic): The price range is 212,500 – 213,500 yuan/ton, and the average price is 213,000 yuan/ton.

Recently, the tungsten ore market has been in a weak and stable stalemate. The psychological game between upstream and downstream is obvious. Although holders have the intention to ship goods, they do not accept excessive price concessions. And those holders with the intention to ship goods have already completed shipments at high prices, and the remaining holders are still 观望. Downstream production enterprises still want to purchase at low prices. The center of the transaction price in the market has declined slightly, but there has been no transaction at an extremely low price for the time being.Overall, the price of tungsten raw materials has been relatively stable recently, but there are still some fluctuations due to the game between supply and demand.

3. Influencing Factors of the Tungsten Raw Material Market

3.1 Supply – side Factors

China is the world’s largest tungsten resource reserve country, but the distribution of tungsten ore resources is uneven, mainly concentrated in Jiangxi, Hunan and other places. Due to the scarcity and non – substitutability of resources, China implements a total amount control on tungsten ore mining, which restricts the supply of tungsten raw materials to a certain extent. In addition, the production capacity and production plans of tungsten – related enterprises also have an impact on the market supply. For example, if some enterprises reduce production or encounter production problems, it will lead to a reduction in the supply of tungsten raw materials.

3.2 Demand – side Factors

The demand for tungsten is mainly concentrated in industries such as hard alloys, tungsten special steels, tungsten materials, and tungsten chemicals, covering engineering machinery, aerospace, national defense technology, automotive manufacturing, and mining. With the recovery of industries such as automotive manufacturing, industrial machine tools, and aerospace, the demand for tungsten is expected to increase significantly. For example, in the aerospace industry, the high – temperature resistance and high – strength properties of tungsten make it an important material for manufacturing aircraft engines and aerospace components.

3.3 International Trade and Policy Factors

International trade policies and export controls also have a great impact on the tungsten raw material market. For example, if a country implements export controls on tungsten – related products, it will affect the global supply and demand pattern and price of tungsten. In addition, fluctuations in exchange rates and international trade frictions will also affect the cost and price of tungsten raw materials in the international market.

4. Future Outlook of the Tungsten Raw Material Market

Looking ahead, the tungsten raw material market is facing both opportunities and challenges. On the one hand, with the continuous development of downstream industries, the demand for tungsten is expected to continue to grow. Supply – demand analysis shows that there may be a shortage of tungsten metal in the next three years, and the maximum supply – demand gap may reach thousands of tons, which provides broad market space for related enterprises.On the other hand, due to the scarcity of tungsten resources, the sustainable development of the tungsten industry faces challenges. Enterprises need to strengthen technological innovation and R & D, improve the performance and added value of tungsten materials, and meet the market demand for high – quality tungsten materials. At the same time, the government should also increase support for the tungsten material industry, promote the healthy and sustainable development of the tungsten material industry through formulating relevant policies and providing financial support.In conclusion, the tungsten raw material market is in a critical period full of opportunities and challenges. Market participants need to pay close attention to market trends and make timely adjustments to their business strategies.