Multiple Tungsten Companies Report Surging Q1 Earnings as Tungsten Prices Maintain High-Level Trajectory

Tungsten Prices Soar as Listed Tungsten Companies Reap a 'Harvest Season' in Q1

Since 2025, tungsten prices have maintained a strong upward trajectory, continuously expanding profit margins across the industry chain. Driven by this tailwind, multiple listed tungsten companies posted substantial Q1 earnings growth, delivering impressive results. According to Securities Times, industry analysts generally believe that the tight supply-demand balance in the tungsten sector will persist long-term, with prices expected to remain elevated and the industry's high prosperity cycle demonstrating sustainability.

Profits Surge Across Multiple Listed Tungsten Companies

Based on disclosed Q1 financial reports, multiple listed tungsten companies achieved notable growth in both revenue and net profit. The sustained rise in tungsten prices directly boosted selling prices of core products including tungsten concentrate, ammonium paratungstate (APT), and tungsten powder, significantly improving corporate gross margins.

As a non-renewable scarce strategic resource, tungsten is widely used in high-end manufacturing sectors including cemented carbides, aerospace, military equipment, electronic information, and new energy. In recent years, the rapid development of global advanced manufacturing and steady growth in defense and military demand have continuously expanded downstream tungsten demand, providing solid fundamental support for price increases.

Tight Supply-Demand Balance Supports Long-Term Price Elevation

Analysts point out that the current tight supply-demand balance in the tungsten industry stems from several key factors:

Supply-side constraints are pronounced. Global tungsten resources are highly concentrated, and China, as the world's largest tungsten producer and consumer, has continued to implement total mining volume control policies in recent years, strictly limiting tungsten mining quotas. Meanwhile, intensified environmental inspections and tightened safety production requirements have compressed capacity at some small and medium-sized mines, while new capacity releases have been slow. Globally, high-quality overseas tungsten mining projects are scarce and unlikely to generate large-scale supply additions in the near term.

Demand-side growth remains steady. In traditional demand sectors, cemented carbides—the largest tungsten consumption segment—have maintained robust demand driven by manufacturing upgrades and infrastructure development. In emerging fields, tungsten applications continue to expand in new energy vehicles, photovoltaics, semiconductors, and other industries. Additionally, escalating global geopolitical tensions and increased defense spending across nations have further driven demand for high-performance tungsten materials.

Inventory levels remain low. After years of sustained drawdowns, both social and corporate inventories in the tungsten industry are at relatively low levels. The limited buffering capacity of inventories means that any pulse-like surge in downstream demand could generate significant upward price elasticity.

Strategic Resource Status Strengthened with Continued Policy Support

Notably, tungsten's strategic resource attributes are being further reinforced. In recent years, China has tightened export controls on tungsten and other critical mineral resources to safeguard domestic supply security and strategic reserves. Concurrently, under the policy direction of "new quality productive forces," the domestic substitution of high-end tungsten products is accelerating, creating new growth opportunities for leading tungsten companies with technological advantages.

From a global perspective, major economies including the EU and the United States are also accelerating efforts to secure critical mineral supply chains, placing tungsten on their critical minerals lists. This global elevation of resource security awareness further consolidates tungsten's strategic position and price support.

Investment Institutions Bullish on Medium-to-Long-Term Outlook

Multiple brokerage research institutions have recently published reports expressing optimism about the tungsten industry's medium-to-long-term prospects. Analysts generally believe that under the dual drivers of rigid supply constraints and steady demand growth, the tungsten price center is expected to continue shifting upward. Leading tungsten companies, leveraging advantages in resource reserves, full industry chain integration, and R&D capabilities, stand to benefit substantially from the current industry upcycle, with profitability expected to improve continuously.

However, some analysts also caution investors about potential risk factors, including the possibility that global macroeconomic headwinds could cause downstream demand to fall short of expectations, the risk of periodic pullbacks after excessive short-term price gains, and marginal supply additions from certain overseas mining projects entering production.

Outlook: High Prosperity Cycle Expected to Continue

Overall, the tungsten industry is in a high prosperity cycle characterized by continuously optimizing supply-demand dynamics and a steadily rising price center. The collective Q1 earnings surge among listed tungsten companies is a direct reflection of this industry trend. Looking ahead, against the backdrop of global advanced manufacturing upgrades, expanding defense and military demand, and persistently tight resource supply, the tungsten industry's high prosperity cycle is expected to continue. Leading companies with premium resource endowments and deep processing capabilities will continue to demonstrate strong earnings resilience throughout this cycle.