Tungsten prices have taken a wild ride this year: surging early on, correcting deeply in Q2, and settling into high-level, range-bound trading in Q3. Although prices are well off their March record highs, they remain nearly double their levels from two years ago. That elevated pricing has released earnings power across the industry chain — A-share tungsten-mining stocks delivered blowout first-half results: Luoyang Molybdenum led with 16.152 billion yuan in attributable net profit, followed by Xiamen Tungsten at 2.201 billion and China Tungsten & Hightech at 2.076 billion. In growth terms, Xianglu Tungsten soared 2,522.40% year-on-year, while Zhangyuan Tungsten and Zhongxi Nonferrous both grew more than 400%.

Why does the sector remain strong after the price correction? The answer lies at the supply end. China dominates global tungsten reserves and production, with a highly concentrated industry; under domestic mining quota controls, the room for supply growth is limited. Combined with tungsten’s status as a strategic metal and the strategic stockpiling demand arising from global supply-chain restructuring, institutions generally expect the central price of tungsten to stay elevated.

From an industry-logic perspective, this tungsten rally is not a get-rich-quick speculation but a medium-term story driven by the combination of supply constraints and strategic-value repricing. That said, a word of caution: with prices at historical highs, any disappointment in downstream demand or change in quota policy could amplify volatility — chasing the rally carries risk.