霸刀分享-钨价暴涨
钨是一种重要的有色金属，熔点高、硬度高、密度高且导热性良好，在机械、能源开采、光伏和高端制造等领域用途广范
今年以来，钨价出现罕见上涨，钨精矿、仲钨酸铵和碳化钨等主要产品价格涨幅均超200%，引发市场关注。金属加工行业多家刀具企业发布调价通知，包括株钻、欧科亿、华锐精密、沃尔德、山高、肯纳、京瓷和住友等。年内价格涨幅超200%多重因素推动钨价大幅上涨
2025年，黑钨精矿价格从年初约14.3万元/吨上涨至45.9万元/吨，仲钨酸铵价格从年初约21.05万元/吨上涨至67.5万元/吨，涨幅均超过200%。近期多份研究报告指出，供给收紧是推高钨价的主因。
国信证券数据显示，2024年中国钨矿产量为6.7万吨，占全球钨矿产量83%。
钨自1991年起被列为国家保护性开采矿种，实行总量控制和统一管理。今年2月，商务部会同海关总署发布通知，对包括钨在内的多种稀有金属产品及相关技术实施出口管制;同时，国内对走私和非法开采的打击力度持续加大。在政策约束下，国内外现货资源均趋紧，进一步推高价格。
中信建投期货有色金属*分析师刘佳奇:钨矿目前面临开采年限下降以及品位下滑等挑战，这些供给侧的扰动直接导致了今年钨矿价格的大幅上涨。
此外，业内人士表示，除了供需基本面，年末全球的降息大环境等因素也在推高钨价。
格林大华期货副总经理王骏:11月到12月初，全球主要大宗商品，尤其是金属和稀有金属，包括贵金属价格都出现上涨，全球进入了降息的大周期，大量货币涌入市场，抬高一些战略物资、稀缺商品的价格。
下游企业调整结构应对成本压力
钨价持续走高，下游企业受到怎样的影响，又如何应对?
湖南、江西是我国主要钨产区。记者在湖南株洲走访发现，作为下游的一些硬质合金企业订单并未因钨价上涨而减少，部分领域甚至出现增长。
在四川自贡这一西部重要钨冶炼加工基地，下游企业保持较高景气度。
四川自贡某硬质合金企业总经理，我们通过原材料长单锁价、生产线成本降低、高端产品提价等措施有效对冲影响，订单已排至2026年一季度。2025年年底，公司总销量预计同比增长8%，营业收入同比增长22%。
企业订单不降反增，分析师认为，这与钨以及钨下游市场的特性有关。格林大华期货副总经理王骏:下游订单独特的一些特性，比如市场比较集中，而且耐高温、耐腐蚀，导致了它不可替代。
尽管订单保持增长，但原材料上涨仍对企业盈利形成挤压。面对成本压力，不少企业并未选择高位国料，而是通过产品结构调整和技术升级来应对。
在成本压力上升的背景下，钨企通过研发升级来对冲原材料价格波动:一方面提升材料性能和稳定性，另一方面提高附加值，使钨材在高端应用中依然具备成本优势。
业内人士表示，供应偏紧的格局短期内难以改变，钨价下行空间有限。面对原生矿供应约束，行业越来越重视废钨回收，视其为"第二矿山"。未来三年国内新投产矿山以中小型为主，增量有限，资源紧张可能持续。
而根据国际钨业协会数据，近年来全球再生钨资源回收利用率逐步提升至30%~35%，2024年我国再生钨资源回收利用率15.5%，仍远低于全球平均水平，有较大发展空间。
More powerful than gold and silver! The price of tungsten has skyrocketed.
Tungsten is an important non-ferrous metal with a high melting point, high hardness, high density, and good thermal conductivity. It is widely used in the fields of machinery, energy extraction, photovoltaics, and high-end manufacturing.
Since this year, the price of tungsten has experienced a rare increase. The prices of major products such as tungsten concentrate, ammonium tungstate, and carbonized tungsten have all risen by more than 200%, attracting market attention. Many cutting tool enterprises in the metal processing industry have issued price adjustment notices, including Zhuzhu, Okoyo, Huairui Precision, Wald, Shan Gao, Kenner, Kyocera, and Sumitomo, etc. The price increase this year has exceeded 200% due to multiple factors.
In 2025, the price of black tungsten concentrate rose from approximately 14.300 yuan/ton at the beginning of the year to 45.900 yuan/ton, and the price of ammonium tungstate rose from approximately 21.050 yuan/ton at the beginning of the year to 67.500 yuan/ton, with both increases exceeding 200%. Multiple research reports recently pointed out that the supply tightening is the main factor driving the significant increase in tungsten prices.
Data from Guosen Securities shows that China's tungsten ore production in 2024 was 67,000 tons, accounting for 83% of the global tungsten ore production.
Since 1991, tungsten has been listed as a protected mining species by the state, with total production controlled and managed uniformly. In February this year, the Ministry of Commerce and the General Administration of Customs issued a notice, implementing export control on various rare metal products and related technologies including tungsten; at the same time, the domestic crackdown on smuggling and illegal mining has continued to intensify. Under policy constraints, both domestic and international spot resources have become tighter, further pushing up prices.
Analyst Liu Jiaqi from CICC Futures Precious Metals: Tungsten mines currently face challenges such as a decline in mining years and a decrease in grade. These supply-side disturbances directly led to the significant increase in tungsten mine prices this year.
In addition, industry insiders said that factors such as the global interest rate cut environment at the end of the year are also pushing up tungsten prices.
Wang Jun, the vice general manager of Green Da Hua Futures: From November to early December, major global commodities, especially metals and rare metals, including precious metals, all saw an increase. The global cycle of interest rate cuts led to a large amount of money flowing into the market, raising the prices of some strategic and scarce commodities.
How have downstream enterprises been affected by the continuous rise in tungsten prices and how have they responded?
Hunan and Jiangxi are the main tungsten production areas in China. During a visit to Zhuzhou, Hunan Province, the reporter found that some hard alloy enterprises as downstream customers did not reduce their orders due to the increase in tungsten prices. In some fields, there was even an increase.
In the important tungsten smelting and processing base of Sichuan Zichong, downstream enterprises maintained a high level of prosperity.
The general manager of a hard alloy enterprise in Sichuan Zichong said that they effectively mitigated the impact through measures such as locking prices with long-term raw material contracts, reducing production line costs, and raising the prices of high-end products. The orders have been scheduled until the first quarter of 2026. By the end of 2025, the company's total sales are expected to increase by 8% and its revenue to increase by 22%.
The increase in enterprise orders has not decreased but increased. Analysts believe that this is related to the characteristics of tungsten and its downstream market. Wang Jun, the vice general manager of Green Da Hua Futures: The unique characteristics of downstream orders, such as a relatively concentrated market and high temperature resistance and corrosion resistance, have led to its irreplaceability.
Although orders have continued to increase, the rise in raw materials still squeezes the profits of the enterprises. Facing cost pressure, many enterprises did not choose to purchase at high prices but instead adjusted product structures and upgraded technologies to cope.
In the context of rising cost pressure, tungsten enterprises use research and development upgrades to hedge against fluctuations in raw material prices: on the one hand, they improve material performance and stability, and on the other hand, they increase added value, so that tungsten materials still have cost advantages in high-end applications.
Industry insiders said that the tight supply pattern is unlikely to change in the short term, and the downward space for tungsten prices is limited. Facing the supply constraint of primary ore, the industry is increasingly emphasizing waste tungsten recycling, viewing it as a "second mine". Over the next three years, new mines in China will mainly be small and medium-sized, with limited growth. The resource shortage is likely to persist.
According to data from the International Tungsten Industry Association, the global recovery rate of recycled tungsten resources has gradually increased to 30% - 35% in recent years. In 2024, the recovery rate of recycled tungsten resources in China was 15.5%, still far below the global average, indicating a significant increase in tungsten demand.
This year, tungsten prices have experienced a rare increase. The prices of major products such as tungsten concentrate, ammonium tungstate, and carbonized tungsten have all risen by more than 200%, attracting market attention. Titanium and other metals are an important type of non-ferrous metal with high melting point, high hardness, high density, and good thermal conductivity. They are widely used in mechanical, energy extraction, photovoltaic, and high-end manufacturing fields.