Tungsten prices almost doubled in the first three quarters, with the possibility of further increases in the future.

As a key strategic metal, tungsten will usher in its "golden moment" in 2025: product prices will increase significantly, related company performance will improve, and the year-on-year growth rate of non-GAAP net profit in the third quarter will all exceed double digits. Faced with cost pressures, leading companies have not passively buckled under pressure, but have actively managed risks through diverse strategies, effectively transmitting costs. Looking ahead, based on rigid supply constraints and sustained growth in downstream demand, the industry generally believes that tungsten prices will have long-term support.