霸刀分享-钨价狂飙的产业大考：战略金属重塑与价值链突围
市场灼热，价格全线上涨创历史新高
12月钨市场交易情绪高涨，报价频繁更新。“报价刚发出就作废，没货可卖。”江西一位贸易商反映。
当周产业链价格全线飙升：65%黑钨精矿达37.3万元/标吨，白钨精矿37.2万元/标吨，周涨5.7%；仲钨酸铵涨至55.5万元/吨，周涨7.1%；钨粉突破91万元/吨，碳化钨粉达88万元/吨，周涨幅均超10%。市场呈现“无量空涨”，持货商惜售，采购方被动跟进，推动价格循环上行。
供给收紧，政策与龙头提价加剧紧张
供给端持续收缩。年底部分矿山检修，叠加开采总量控制政策，流通货源紧张。章源钨业、厦门钨业等龙头企业集中上调长单价格，单次涨幅近5万元/吨，释放强烈看涨信号。此外，中钨高新收购衡阳远景钨业股权，凸显资源争夺白热化。
需求承压，下游成本矛盾显现
钨价快速上涨已超出下游硬质合金等企业承受能力。“原料价一天一变，长期订单不敢接。”广东一家刀具企业负责人称。近两月钨价累计涨幅约40%，市场担忧行情透支。同时，2026-2027年钨出口资质审核仅1家新企业通过，严格管控进一步限制市场调节空间。
多维驱动，成本、需求与全球博弈重塑价值
价格上涨背后是多重要素支撑：环保与安全投入抬高全产业链成本，形成“成本地板”；光伏等新兴需求与传统产业升级共塑长期紧张基本面；全球供应链“去风险化”推动主要消费国争夺资源，地缘政治加持“风险溢价”；在宽松流动性环境下，钨的稀缺性与战略性吸引资本关注，高端制造业复苏亦提供需求支撑。
未来趋势，结构性调整与产业升级并行
根据中冶有色网《钨产业报告2025》的预测，当前高钨价正深刻重塑产业链格局。上游企业的核心竞争力正从资源占有转向绿色开采与可持续供应链。中游冶炼环节则承受巨大成本压力，必须向高纯度、特种化及定制化材料解决方案转型以提升附加值。对下游企业而言，供应链安全成为关键，需建立多元供应体系并与供应商深度协同。
此次价格波动是对全行业的一次压力测试，指明了绿色、高效、高端的发展方向，体现了中国制造业通过夯实根基与创新实现韧性发展的深层逻辑。
The industrial test of Tungsten price soaring: Reshaping Strategic Metals and Breaking through the Value Chain
The market is scorching, with prices rising across the board to a record high
The trading sentiment in the tungsten market was high in December, and quotations were frequently updated. "The quotation is invalid as soon as it is sent out. There is no stock to sell." " A trader from Jiangxi Province reported.
During the week, prices across the entire industrial chain soared: 65% black tungsten concentrate reached 373,000 yuan per standard ton, and white tungsten concentrate was 372,000 yuan per standard ton, with a weekly increase of 5.7%. Ammonium paratungstate rose to 555,000 yuan per ton, up 7.1% for the week. Tungsten powder has broken through 910,000 yuan per ton, and tungsten carbide powder has reached 880,000 yuan per ton, with weekly increases both exceeding 10%. The market is showing a "no-volume, empty rise" trend. Holders are reluctant to sell, and purchasers are passively following suit, driving prices to rise in a cycle.
Supply tightening, policy changes and price hikes by leading companies have intensified the tension
The supply side continues to contract. At the end of the year, some mines are under maintenance. Coupled with the policy of controlling the total amount of mining, the supply of circulating goods is tight. Leading enterprises such as Zhangyuan Tungsten Industry and Xiamen Tungsten Industry have raised the prices of long-term contracts in a concentrated manner, with a single increase of nearly 50,000 yuan per ton, sending out a strong bullish signal. In addition, China Tungsten High-Tech's acquisition of equity in Hengyang Envision Tungsten Industry highlights the fierce competition for resources.
Demand is under pressure and the cost contradiction in the downstream sector is emerging
The rapid increase in tungsten prices has exceeded the affordability of downstream enterprises such as cemented carbide. "Raw material prices change every day. We dare not accept long-term orders." " A person in charge of a knife enterprise in Guangdong said. In the past two months, the price of tungsten has risen by approximately 40% cumulatively, and the market is concerned that the market trend has been overdrawn. Meanwhile, only one new enterprise passed the tungsten export qualification review in 2026-2027, and the strict control further restricts the market regulation space.
Multi-dimensional drive, cost, demand and global competition reshape value
The price increase is supported by multiple factors: environmental protection and safety investment have raised the cost of the entire industrial chain, creating a "cost floor". Emerging demands such as photovoltaic power and the upgrading of traditional industries jointly shape the long-term tense fundamentals. The "de-riskization" of the global supply chain has driven major consuming countries to compete for resources, and geopolitics has added to the "risk premium". In a loose liquidity environment, the scarcity and strategic nature of tungsten have attracted capital attention, and the recovery of high-end manufacturing also provides demand support.
The future trend is that structural adjustment and industrial upgrading will go hand in hand
According to the prediction of the "Tungsten Industry Report 2025" by China Metallurgical Nonferrous Metals Network, the current high tungsten price is profoundly reshaping the industrial chain pattern. The core competitiveness of upstream enterprises is shifting from resource possession to green mining and sustainable supply chains. The midstream smelting sector is under tremendous cost pressure and must transform towards high-purity, specialized and customized material solutions to enhance added value. For downstream enterprises, supply chain security has become crucial, and it is necessary to establish a diversified supply system and deeply collaborate with suppliers.
This price fluctuation is a stress test for the entire industry, pointing out the development direction of green, efficient and high-end, and reflecting the deep-seated logic of China's manufacturing industry achieving resilient development through consolidating its foundation and innovation.