Tungsten Giants Accelerate Resource Layout Amid Relatively Stable Prices

Analysis of Latest Tungsten Market from Chinatungsten Online

Tungsten prices continue to exhibit a divergence in market sentiment amid a narrow-range oscillation. 

The ongoing contest between mine-end reluctance to sell and price support, on the one hand, and cautious downstream purchasing, on the other, persists. Intermediate smelting segments face significant margin compression and are under clear pressure. Yesterday, long-term contract procurement prices from major tungsten enterprises were essentially aligned with the current spot market, reinforcing the short-term market stalemate and relative stability. A wait-and-see atmosphere continues to dominate the tungsten market, with limited trading activity.

Since the beginning of this year, tungsten prices have undergone a rapid surge followed by a correction and have gradually entered a sideways consolidation phase. During this window, leading enterprises in China’s domestic tungsten industry chain are accelerating upstream resource deployment, advancing dual efforts in M&A consolidation and overseas expansion. The goal is to strengthen raw-material security, enhance control over core mines, and thereby further bolster risk resilience and long-term competitiveness amid intensifying global resource competition and a profound reshaping of the industry landscape.

A major Xiamen-based tungsten enterprise plans to acquire a 30.1683% equity interest in the operating entity responsible for the development and construction of the Dahutang Tungsten Mine in Wuning County for RMB 593 million in cash, thereby gaining actual control of the company. This move aims to secure upstream tungsten raw-material supply, strengthen self-sufficiency in feedstock, and increase control over large-scale tungsten concentrate resources. The northern and southern zones of the Dahutang Tungsten Mine together contain approximately 1.38 million tonnes of WO₃ metal. The northern zone is designed for open-pit mining at a scale of 6.60 million tonnes per year, with proven industrial ore containing 843,300 tonnes of WO₃ metal, plus an estimated 103,700 tonnes of WO₃ metal in low-grade altered-granite-type tungsten ore. The southern zone is designed for underground mining at a scale of 1.65 million tonnes per year, with proven industrial main ore containing 370,300 tonnes of WO₃ metal, plus an estimated 65,500 tonnes of WO₃ metal in low-grade veinlet-disseminated-type tungsten ore.

A major Jiangxi-based tungsten enterprise continues to advance its overseas layout, connecting global resources and expanding cross-border business. Its subsidiary tungsten mining company was officially inaugurated in Hong Kong on 20 August, with relevant holders of the Bakuta Tungsten Mine in Kazakhstan attending the ceremony. The contract for the Phase 1 tailings storage facility expansion project of the Bakuta Tungsten Mine was signed on 24 August 2026, with a total value of approximately RMB 257 million. The scope of work includes the tailings dam, seepage-control facilities, tailings conveyance facilities, water intake facilities, and monitoring facilities.

Prices of Tungsten Products on August 26, 2026

Tungsten Price Trend from January to August 2026

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