According to the CICC research report, when the tungsten price market started in 2025, the domestic tungsten concentrate price rose from 142,000 yuan/ton to 456,000 yuan/ton at the end of the year, with a cumulative total of +221%. Entering 2026, domestic tungsten prices accelerated and once exceeded 1 million yuan/ton in mid-March. However, since the Middle East conflict in February of this year, traffic in the Strait of Hormuz was blocked, and the warring parties attacked energy facilities, causing oil prices to rise above expectations, exacerbating fears of stagnation in the global economy. As a result, domestic tungsten prices, which had previously risen too fast, ushered in a reversal, a wave of sell-offs in the industrial chain, and increased downstream wait-and-see sentiment. In May of this year, the domestic price of white tungsten concentrate fell to a low of 406,000 yuan/ton during the year, -61% compared with the March high. As of May 29, domestic tungsten prices reached 416,000 yuan/ton, and there are signs of a steady recovery. According to the research report, considering the emerging demand and strategic attributes of tungsten, the tight supply pattern remains unchanged, domestic tungsten prices are expected to rise steadily after a short-term sharp drop, and the allocation appeal of leading targets in the global tungsten industry is becoming more and more prominent.

According to the CICC research report, when the tungsten price market started in 2025, the domestic tungsten concentrate price rose from 142,000 yuan/ton to 456,000 yuan/ton at the end of the year, with a cumulative total of +221%. Entering 2026, domestic tungsten prices accelerated and once exceeded 1 million yuan/ton in mid-March. However, since the Middle East conflict in February of this year, traffic in the Strait of Hormuz was blocked, and the warring parties attacked energy facilities, causing oil prices to rise above expectations, exacerbating fears of stagnation in the global economy. As a result, domestic tungsten prices, which had previously risen too fast, ushered in a reversal, a wave of sell-offs in the industrial chain, and increased downstream wait-and-see sentiment. In May of this year, the domestic price of white tungsten concentrate fell to a low of 406,000 yuan/ton during the year, -61% compared with the March high. As of May 29, domestic tungsten prices reached 416,000 yuan/ton, and there are signs of a steady recovery. According to the research report, considering the emerging demand and strategic attributes of tungsten, the tight supply pattern remains unchanged, domestic tungsten prices are expected to rise steadily after a short-term sharp drop, and the allocation appeal of leading targets in the global tungsten industry is becoming more and more prominent.