The tungsten value chain encompasses a wide range of products, from upstream tungsten concentrates through intermediate chemicals such as ammonium para-tungstate (APT), to downstream applications including cemented carbides and advanced materials. Each segment operates under a distinct set of economic drivers and margin structures, which vary significantly both within and across end-use sectors.
CM Group has undertaken a comprehensive analysis of the global tungsten value chain to map its structural dynamics and quantify margins across key intermediate products. This work builds on CM’s established expertise in upstream tungsten markets and is designed to provide clients with a robust basis for assessing relative profitability and strategic positioning across the industry.
The outlook for the upstream tungsten sector remains closely tied to developments in China, which continues to dominate the global supply–demand balance. As a result, Chinese industrial policy plays a decisive role in shaping market conditions, introducing a persistent layer of regulatory and geopolitical risk across the entire value chain.
Since 2025, China has implemented increasingly stringent controls over tungsten resources and exports in order to safeguard long-term resource security. The first batch of 2025 mining quotas for tungsten concentrate (65% WO₃) was reduced by more than 5% year-on-year, while details of subsequent quota allocations have remained only partially disclosed. In parallel, tungsten and related technologies have been added to the export control list, alongside intensified enforcement against illegal mining and smuggling activities.
These policy-driven supply constraints have fundamentally reshaped market dynamics. Tungsten prices surged by more than 200% over the course of 2025, significantly outperforming gold over the same period. Looking ahead, we expect prices to continue trending higher into 2026, supported by ongoing policy tightening in China and resilient demand growth across key industrial sectors.
Against a backdrop of evolving global supply chains and heightened geopolitical complexity, tungsten’s role as a critical strategic material is becoming increasingly pronounced. CM Group is uniquely positioned to support clients in navigating this rapidly changing landscape, delivering data-driven insights and actionable intelligence across the full tungsten value chain.
