On September 15, the A-share tungsten sector showed active performance. Many individual stocks such as Xianglu Tungsten, Zhangyuan Tungsten, Chinatungsten Hi-Tech, and Xiamen Tungsten had the highest gains. Choice data shows that since the beginning of the year, the individual stocks of Xianglu Tungsten and Chinatungsten Hi-Tech have both increased by more than 100%. “The rise in the tungsten sector in this round is the result of a combination of factors such as the AI computing power cycle driving demand in related industrial chains, excessive demand for replenishment due to anxiety about key minerals under geographical conflicts, and tight supply.” Xu Yong, chief analyst of Metals New Materials at Huaan Securities, said in an interview with reporters. The Guojin Securities Research Report predicts that from 2026 to 2028, domestic tungsten supply will be 50,000, 50,000, and 52,000 metal tons, respectively, while demand during the same period will be 81,700, 88,700, and 93,300 metal tons, respectively. The tight balance between domestic tungsten supply and demand is expected to continue.

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