Since 2025, the global tungsten industry chain has faced an increasingly severe imbalance between supply and demand, and tungsten powder prices have started a continuous upward trend. As of February 25th, 2026, the price of tungsten powder has climbed to 1,800 yuan per kilogram, a surge of 470% compared with the first quarter of 2025, hitting a new high in recent years, driving downstream related enterprises to raise product prices one after another.

As a strategic rare metal, tungsten is widely used in cemented carbide, aerospace, electronic equipment and other fields. In recent years, with the recovery of the global manufacturing industry and the rapid development of the new energy and semiconductor industries, the market demand for tungsten has continued to rise. However, the supply side has been constrained by factors such as limited mine production capacity and tightened environmental protection policies, resulting in weak growth and a growing supply-demand gap, which has driven prices to rise continuously.

Affected by the skyrocketing price of tungsten powder, downstream cemented carbide manufacturers such as Xinyue Co., Ltd. and Huarui Precision have set off a wave of price increases, with adjustments ranging from 5% to 15% depending on product types. Despite the sharp rise in raw material prices, leading CNC tool manufacturers achieved double growth in revenue and profits in 2025 with technological advantages and economies of scale, and the industry concentration further increased.

Industry insiders said that the global imbalance between supply and demand of tungsten is difficult to change in the short term, and the price of tungsten powder is expected to remain at a high level. Downstream enterprises need to accelerate technological upgrading and optimize cost structures to cope with the pressure brought by the rise in raw material prices. In the long run, the localization substitution process of the tungsten industry chain will also further accelerate.