As a critical strategic metal, tungsten has had a standout year in 2025, with prices surging and related companies reporting robust earnings. Third-quarter non-GAAP net profits more than doubled year-over-year.

Compared to early-year levels, tungsten product prices have doubled across the board. Black tungsten concentrate, priced at CNY 143,000 per ton at the start of the year, has risen 101.4% year-to-date. Ammonium paratungstate (APT) and tungsten powder have climbed 101.42% and 100.95%, respectively. Hua Yuan Securities noted that over the past two weeks, black tungsten concentrate rose 3.73% to CNY 278,000 per ton, while APT increased 3.70% to CNY 406,000 per ton.

On the supply side, tungsten mining quotas have tightened, with mines generally slowing production, further constraining market circulation. Demand remains stable domestically, driven largely by essential procurement. In late October, major producers announced long-term contract prices, with 55% black tungsten concentrate contracts mostly around CNY 273,000 per metric ton, supporting high-price volatility.

Leading companies have actively managed cost pressures through diversified strategies, effectively passing on expenses. Industry players remain optimistic about long-term tungsten price support, citing rigid supply constraints and steady downstream demand growth.

A CITIC Securities report highlighted that China’s Ministry of Commerce issued guidelines for tungsten, antimony, and silver export quotas for 2026–2027, signaling a recovery in antimony exports and prices. Last week, tungsten prices surged past previous highs. During Q3’s rapid price hikes, downstream hard alloy and cutting tool manufacturers improved pricing flexibility, driving significant earnings growth for vertically integrated firms.

**Hong Kong-listed tungsten industry stocks:** - **JIAXIN INTL RES (03858)**: A Kazakhstan-based tungsten miner focused on its Bakuta project. CICC noted the company’s core asset, Bakuta, is operational with expansion potential, positioning it to benefit from rising tungsten prices. - **CMOC (03993)**: The company’s 2025 production guidance forecasts tungsten output of 6,500–7,500 tons.