霸刀分享-欧洲钨库存见底引发恐慌采购 全球价格中枢加速上移
从背景来看，欧洲钨库存已降至临界低位，部分硬质合金生产商面临库存见底困境，原材料短缺问题日益突出。这一局面是长期供需失衡叠加政策扰动的结果，中国实施钨相关物项出口管制、全球钨矿品位下滑、环保督察限产等因素共同压缩了有效供应。
在驱动机制方面，恐慌性采购本质是低库存下的博弈行为。当终端用户意识到补库窗口收窄，便倾向于高价集中采购现货，进一步抬高报价情绪。欧洲市场约20公吨APT以1350美元/公吨单位成交，拉动鹿特丹港报价快速攀升至1400美元/公吨单位，该价格已劝退多数终端用户；亚洲市场废钨溢价显著，如中国市场废钨钻头报价达112美元/千克，价差驱动全球废钨贸易流向调整；欧盟将钨列为关键原材料，启动2万吨钨储备招标，美国加速构建国家储备，加剧了资源争夺。
全球价格中枢也在加速上移。从关键指标对比来看，截至2026 - 02，欧洲（鹿特丹港）APT价格均值为1350美元/公吨单位，中国（国内市场）约32.2万元/吨（≈4500美元/公吨单位），内外价差超3000美元/公吨单位，反映出出口管制与区域供需错配；2026 - 02欧洲钨铁价格均值为167美元/千克钨，较1月23日上涨11.5美元/千克钨，涨幅达7.5%；废钨价格方面，亚洲溢价显著，推动废钨向高报价市场转移。当前内外价差已远超历史常态，凸显中国对全球钨定价权的强化。
总体而言，欧洲钨库存告急触发了恐慌性采购，成为全球钨价中枢加速上移的核心催化剂之一。其背后是供应刚性收缩、需求结构性爆发与战略博弈三重共振的结果。短期价格或高位震荡，中长期因核聚变等新需求打开空间，中枢上移趋势明确。
The panic buying phenomenon triggered by the depletion of European tungsten inventory and its impact on the global market has attracted widespread attention.
In the context of this background, European tungsten inventories have dropped to critical lows, with some hard alloy producers facing the predicament of stockiles running out, while the problem of raw material shortage is increasingly prominent. This situation is the result of long-term supply-demand imbalance compounded by policy disruptions, with's implementation of export controls on tungsten-related items, the decline in global tungsten ore grades, and production restrictions due to environmental inspections all contributing to the compression effective supply.
In terms of driving mechanisms, panic buying is essentially a game of behavior under low inventory. When end users realize that the window for replenishment is narrow, they tend to purchase spot at high prices, further boosting the bidding sentiment. Around 20 tons of APT in the European market were traded at a unit price of $,350/MT, which quickly pushed the quoted price in Rotterdam Port up to $1,400/MT, a price that has discouraged most end; The significant scrap tungsten premium in the Asian market, such as the scrap tungsten drill bit in the Chinese market, reached $112/kg, and price difference drove the adjustment of global scrap tungsten trade flow; The EU listed tungsten as a critical raw material and launched a tender for 20,00 tons of tungsten reserves, and the United States accelerated the construction of the national reserve, which intensified the competition for resources.
The global price center is also accelerating upward. From the comparison of key indicators, as of 2026-02, the average A price in Europe (Rotterdam Port) was $1350/MT, and in China (domestic market) it was about 322,00 yuan/ton (≈$4500/MT), with a price difference of more than $3000/MT, reflecting the impact of export control regional supply and demand mismatch; In terms of European tungsten iron prices, the average price in 2026-02 was $167/kg of tsten, an increase of $11.5/kg of tungsten from January 23, an increase of 7.5%; In terms of scrap tung prices, the premium in Asia is significant, driving scrap tungsten to shift to the market with high quotations. The current price difference between domestic and foreign is far beyond the norm, highlighting China's strengthening of its global tungsten pricing power.
Overall, the emergency of tungsten inventory in Europe has triggered panic buying and has become one of the core catalysts for the acceleration of the global tsten price center. Behind it is the result of three-fold resonance: rigid supply contraction, structural demand explosion and strategic game. In the short term, the price may fluctuate a high level, and in the long term, as new demand such as nuclear fusion opens up space, the trend of rising price center is clear.