霸刀分享霸刀分享-钨价持续攀升；下游企业正积极作出回应，着重于技术升级。-钨价持续攀升；下游企业正积极作出回应，着重于技术升级。
钨价持续攀升引发广泛关注。自2026年初以来，钨价已突破历史高位，形成全产业链价格上行潮。
钨素有“工业牙齿”之称，是硬质合金、切削刀具、军工特钢、光伏新能源、半导体等领域的不可替代战略金属，核心应用场景中几乎无替代材料。本轮钨价上涨并非短期波动，而是供给刚性收缩、新兴需求爆发和战略属性重估三重逻辑共振的结果。
在供给端，国内实行钨矿开采总量控制，2026年指标延续偏紧格局，环保与安全生产监管强化，中小矿山加速退出。全球钨矿品位下降、开采成本上升，海外新增产能释放缓慢，难以缓解缺口。春节前后矿山开工率偏低，市场流通货源减少，现货进一步趋紧。
需求端则呈现爆发式增长。2026年光伏钨丝渗透率预计突破80%，仅该领域新增需求就占全球总需求5%以上；3nm及以下先进制程芯片对高纯钨需求激增，放大供需矛盾；军工与高端制造领域，大飞机、5/6代战机、核聚变装置等拉动高性能钨合金需求超万吨。
数据显示，黑钨精矿(65%)同比涨幅达291.0%，APT涨幅为284.6%，钨粉涨幅达301.6%。2025年首批开采指标5.8万吨，同比减6.45%，江西主产区配额缩减2370吨。
面对持续的成本压力，下游企业策略已从被动承压转向主动升级。大型企业通过签订长期采购协议锁定原料价格，规避短期波动风险；加大研发投入，提升钨粉利用率、减少原料损耗；聚焦高附加值产品，实现溢价；布局再生钨回收技术，缓解原生钨供应紧张；推进矿权整合与资源勘查，提升资源保障能力等。
下游企业正通过“长协锁价+工艺提效+产品高端化+再生利用”四维协同，系统性应对钨价上涨压力，推动行业向高端化、集约化、绿色化加速转型。短期看，成本传导与订单承接能力成为分水岭；中长期看，具备核心技术、资源掌控力与产业链纵深的企业将赢得更大定价权与成长空间。
Tungsten prices continue to climb; downstream enterprises are actively responding by anchoring on technological upgrades.
The soaring price of tungsten has attracted widespread attention. Since the beginning of 2026, the price of tungsten has broken through the high, forming a wave of rising prices in the entire industry chain.
Tungsten, known as the "industrial tooth," is a strategic metal that is irreplaceable in fields such as hard alloy, cutting tools military special steel, photovoltaic new energy, and semiconductors, with almost no substitutable materials in its core application scenarios. The current round of tungsten increase is not a short-term fluctuation, but a result of the resonance of three logic: rigid supply contraction, the outbreak of emerging demand, and the revaluation of strategic attributes
On the supply side, China implements a total control over the domestic tungsten mining, and the index in 2026 continues to be tight The environmental protection and safety production supervision are intensified, and small and medium-sized mines are accelerating to withdraw. The global tungsten ore grade declines and the mining cost rises and it is difficult for the new production capacity in overseas to ease the gap. The mine utilization rate is low before and after the Spring Festival, and the market circulation sources decrease, the spot market continues to be tight.
On the demand side, there is an explosive growth. It is expected that by 2026, the penetration rate of photovoltaicungsten wire will exceed 80%, and the new demand in this field alone will account for more than 5% of the global total demand; the demand for highpurity tungsten in advanced process chips of 3nm and below is increasing sharply, amplifying the contradiction between supply and demand; in the military and high-end manufacturing, large aircraft, 5/6 generation fighter jets, nuclear fusion devices, etc., drive the demand for high-performance tungsten alloys to exceed 10000 tons.
Data show that the year-on-year increase in black tungsten ore concentrate (65%) reached 291.0%; APT increased 284.6%; tungsten powder increased by 301.6%. The first batch of mining indicators in 2025 was 5,000 tons, down 6.45% year-on-year, and the quota in the main producing area of Jiangxi was reduced by 2370 tons.
Faced with persistent cost pressures, downstream companies have shifted their strategies from passively bearing the brunt to actively upgrading. Large companies are locking in raw prices through long-term purchase agreements to mitigate short-term volatility risks; increasing R&D investment to improve tungsten powder utilization and reduce raw material loss; focusing on highvalue-added products to achieve a premium; deploying regenerative tungsten recycling technology to alleviate the tight supply of primary tungsten; advancing the integration of mining rights and resource to enhance resource security capabilities, etc.
Downstream enterprises are systematically addressing the pressure of rising tungsten prices through "long-term contract pricing process efficiency enhancement product premiumization regener utilization," driving the industry towards accelerated transformation in high-end, intensive, and green directions. In the short term, cost transmission and order acceptance capabilities become the watershed in the medium to long term, enterprises with core technologies, resource control, and deep industrial chains will gain greater pricing power and growth space.