近日，国内钨粉市场迎来重大变化，截至2026年1月15日，钨粉价格正式突破120万元/吨，达到1200元/公斤，创历史新高，这标志着钨产业链在多重因素推动下进入新阶段。

从价格走势来看，钨粉价格上涨势头迅猛。2025年12月17日，钨粉首次突破百万大关，价格达到100万元/吨，主要受年末供应收紧、长单调价影响；2026年1月6日，突破110万大关，价格超过110万元/吨，是因为江西大型钨企上调报价、钼价共振；1月14日，逼近120万大关，价格近120万元/吨，源于黑钨精矿破50万、APT站上73万；1月15日，正式站上120万，达到120万元/吨，持货商惜售、地缘政治预期强化成为主要驱动因素。同时，上游原料也同步走强，黑钨精矿突破50万元/标吨，白钨精矿报50.4万元/标吨，仲钨酸铵（APT）达74.5万元/吨。

价格走势与关键节点

（补充说明）上游原料同步走强。

钨粉价格上涨的动因是多方面的。供给侧存在刚性约束，国内实行钨矿开采总量控制，2025年指标同比下降6.5%，临近年底多家矿山指标耗尽、停产检修，导致原料供应持续偏紧。成本传导压力大，上游钨精矿与APT价格大幅上涨，直接推高钨粉生产成本，硬质合金企业纷纷发布涨价函。战略资源重估方面，在全球地缘政治不确定性加剧背景下，钨作为国防军工、航空航天关键材料，其战略价值被重新评估，持货商惜售待涨情绪浓厚。此外，资本与市场共振，产业资本与金融资本联动，游资介入放大波动，期货市场溢价进一步刺激现货看涨预期。

这一价格变化对市场和企业产生了诸多影响。上市公司股价联动上涨，中钨高新、厦门钨业等概念股在2025年底至2026年初显著跑赢大盘，中钨高新年内涨幅一度达200%。下游承压明显，尽管原料价格上涨，但终端产品提价空间受限，中小企业面临成本传导困难与现金流压力。企业应对策略分化，章源钨业因自产矿不足，需外购原料，价格波动直接影响利润；佳鑫国际资源（港股）作为纯钨矿标的，受益于矿价上涨，股价持续创新高。

业内人士认为，钨粉价格站上120万元/吨是供需失衡、政策调控与战略预期共同作用的结果，短期内高位运行态势或延续。尽管下游需求受高价抑制，成交活跃度不高，但供给端的刚性约束和全球对关键矿产的争夺将持续支撑价格基本面。

The price of tungsten powder has exceeded 120,000 yuan per ton, setting a new record high

Recently, the domestic tungsten powder market has witnessed a significant change. As of January 15, 2026, the price of tungsten powder has officially exceeded 1200,000 yuan per ton, reaching 1,200 yuan per kilogram, setting a new record high. This indicates that the tungsten industry chain has entered a new stage driven by multiple factors. 

From the perspective of price trends, the price of tungsten powder has been rising rapidly. On December 17, 2025, the price of tungsten powder broke through the 1 million mark for the first time, reaching 1 million yuan per ton, mainly due to the tightened supply at the end of the year and the long-term fixed price; on January 6, 2026, it broke through the 110 million mark, with the price exceeding 110 million yuan per ton, because the large-scale tungsten enterprises in Jiangxi raised their quotations and the molybdenum price rose in tandem; on January 14, it approached the 120 million mark, with the price close to 120 million yuan per ton, due to the break of the black tungsten concentrate price at 50 million yuan per ton and the APT price rising to 73 million yuan per ton; on January 15, it officially reached 120 million yuan, reaching 120 million yuan per ton, with the hoarders being reluctant to sell and the strengthening of geopolitical expectations becoming the main driving factors. At the same time, the upstream raw materials also strengthened simultaneously, with the black tungsten concentrate breaking through 50 million yuan per ton, the white tungsten concentrate reporting 50.4 million yuan per ton, and the ammonium tungstate (APT) reaching 74.5 million yuan per ton.

Price trends and key milestones

The reasons for the increase in tungsten powder prices are diverse. There are rigid constraints on the supply side, and domestic authorities have implemented total control over tungsten ore mining. The target for 2025 has decreased by 6.5% compared to the previous year. As the year draws to a close, many mines have exhausted their quotas and are undergoing maintenance shutdowns, resulting in a continuous shortage of raw materials. The pressure of cost transmission is significant. The prices of upstream tungsten concentrate and APT have risen sharply, directly increasing the production costs of tungsten powder. Many hard alloy enterprises have issued price increase notices. In terms of strategic resource revaluation, in the context of increasing global geopolitical uncertainties, tungsten, as a key material for national defense and aerospace, has its strategic value reassessed. Speculators are reluctant to sell and are waiting for prices to rise. In addition, there is a resonance between capital and the market, with industrial capital and financial capital interacting. Speculative capital has entered, amplifying fluctuations, and the premium in the futures market further stimulates the bullish expectations in the spot market. 

This price change had a significant impact on the market and enterprises. The stock prices of listed companies rose in tandem, and concepts such as Zhongtong High-Tech and Xiamen Tungsten significantly outperformed the market from the end of 2025 to the beginning of 2026. The stock price of Zhongtong High-Tech rose by up to 200% within the year. The downstream sector was under significant pressure. Despite the increase in raw material prices, the price increase space for terminal products was limited, and small and medium-sized enterprises faced difficulties in cost transmission and cash flow pressure. The coping strategies of enterprises varied. Zhangyuan Tungsten due to insufficient self-produced ore needed to purchase raw materials, and price fluctuations directly affected profits; Jiaxin International Resources (a Hong Kong-listed company) as a pure tungsten ore company benefited from the increase in ore prices and its stock price continued to reach new highs. 

Industry insiders believe that the price of tungsten powder reaching 120,000 yuan per ton is the result of the combined effects of supply-demand imbalance, policy regulation and strategic expectations. The high-level trend is likely to persist in the short term. Although the downstream demand is suppressed by the high price and the transaction activity is not active, the rigid constraints on the supply side and the global competition for key minerals will continue to support the price fundamentals. 

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