Zhangyuan Tungsten Industry announced the purchase price for long orders for the first half of August 2026:
55% black tungsten concentrate: 412,000 yuan/standard ton; 55% white tungsten concentrate: 411,000 yuan/standard ton;
Ammonium paratungstate: 606,000 yuan/ton.
Note: The above unit price includes 13% VAT.
Zhangyuan Tungsten Industry's monthly order purchase price for the second half of July 2026 is: 55% black tungsten concentrate: 411,000 yuan/standard ton; 55% white tungsten concentrate: 410,000 yuan/standard ton; ammonium paratungstate: 605 million yuan/ton. Note: The above unit price includes 13% VAT.
The Zhitong Finance App learned that the US will ban the export of tungsten waste and recycled battery materials from the end of this month. This move is less than a week before Trump authorizes relevant departments to leave potentially critical materials in the country.
According to the CICC Research Report, emerging demand for AI and high-end equipment is growing rapidly, and profit margins in key areas of China's tungsten industry chain, such as downstream and midstream, continue to improve.
Domestic tungsten prices showed signs of rising again after falling and stabilizing in July, and the overseas premium rate has also reached a record high.
China Gold believes that China's leading tungsten industry is expected to see a sharp rise in volume and price, and the current valuation level is already very attractive.
Minmetals Securities pointed out that rising geopolitical risks have led to flexibility in tungsten prices. The core characteristics of the tungsten market in the short term are recovery in domestic demand, shortage of external supply, and prudence in downstream procurement. The balance between domestic supply and demand continues to be weak, but if the geographical situation worsens further and global demand for military and strategic reserves is linked, the tungsten price center may face another increase.
Jiaxin International Resources (03858): Jiaxin International Resources previously announced Yingxi. It is estimated that the net profit due to equity holders in the first half of 2026 is about HK$1.45 billion to HK$1.55 billion, which is a sharp reversal of losses over the previous year, mainly due to commercial commissioning in the same period last year, which took less than 2 months; the average selling price of tungsten concentrate rose sharply during this period. The company recently announced that it plans to use up to HK$200 million for share repurchase plans in the second half of the year. In addition, according to UBS forecasts, Jiaxin International's concentrate production this year is 8,600 tons. With the second phase of production, production will increase to 11,000 tons and 11,700 tons in 2027 and 2028, and gross margin will increase to 77% in 2028.