The Zhitong Finance App learned that in the past two years, supply constraints combined with the release of demand, tungsten prices have gone beyond the epic market, and global tungsten miners have accelerated their rush to open markets. Following Guardian Metal Resources's listing in the US stock market in March this year, two more private tungsten miners revealed their IPO plans last week. Tungsten is a hard and heat-resistant strategic metal, known as “industrial teeth”, used in military, aerospace, and high-end manufacturing. As an industry benchmark, the price of ammonium paratungstate (APT) in Europe ranged from 240 to 355 US dollars per ton from 2021 to 2024, closed at 343 US dollars at the end of 2024, reached 1005 US dollars by the end of 2025, and rose to 2,925 US dollars at the end of September, an increase of 7.5 times in less than two years.

The Zhitong Finance App learned that in the past two years, supply constraints combined with the release of demand, tungsten prices have gone beyond the epic market, and global tungsten miners have accelerated their rush to open markets. Following Guardian Metal Resources's listing in the US stock market in March this year, two more private tungsten miners revealed their IPO plans last week. Tungsten is a hard and heat-resistant strategic metal, known as “industrial teeth”, used in military, aerospace, and high-end manufacturing. As an industry benchmark, the price of ammonium paratungstate (APT) in Europe ranged from 240 to 355 US dollars per ton from 2021 to 2024, closed at 343 US dollars at the end of 2024, reached 1005 US dollars by the end of 2025, and rose to 2,925 US dollars at the end of September, an increase of 7.5 times in less than two years.