Tungsten Prices Surpass One Million Mark, Boosting Earnings Across the Supply Chain

Recently, tungsten prices have continued to rise, with the price of ammonium paratungstate (APT)—a key tungsten product—surpassing RMB 1 million per metric ton on February 9, marking another upward shift in the price benchmark. As a critical raw material for high-end manufacturing sectors such as photovoltaic tungsten wire and electric vehicle motors, tungsten powder is experiencing tight supply and strong demand, driving up prices and drawing significant attention from capital markets. Benefiting from rising product prices and notably higher sales volumes, several A-share listed companies along the tungsten industry chain have reported substantial earnings improvements in their 2025 profit forecasts or preliminary results, delivering an overall impressive performance.