According to data from Zhongtung Online, on May 29, tungsten ore prices surged above the 170,000 yuan/ton mark, while ammonium paratungstate (APT) prices climbed above the 250,000 yuan/ton threshold, setting a new historical record.

Data show that on May 29, the price of 65% black tungsten concentrate was 171,000 yuan per ton, up 19.6% from the beginning of the year, up 22.1% from the lowest price within the year, and up 24.8% from the average price in 2024. The price of 65% white tungsten concentrate was 170,000 yuan per ton, up 19.7% from the beginning of the year, up 22.3% from the lowest price within the year, and up 25.1% from the average price in 2024.

Tungsten prices continue to soar, primarily due to persistently tight supply. It is reported that global tungsten resources are relatively concentrated. According to statistics from the United States Geological Survey (USGS), global tungsten reserves stood at 4.4 million tons in 2024, of which China accounted for 2.4 million tons, representing a whopping 55%. In global tungsten mining, China maintains a dominant position; therefore, any changes in domestic tungsten supply indicators will have a significant impact on tungsten prices.