On January 12, 2026, tungsten prices continued to rise, with a supply led model driven by objective factors and subjective emotions, coupled with strong long-term quotes from large tungsten companies, and an overall bullish atmosphere in the market.

On an objective level, the upstream tungsten mining is affected by multiple factors such as the decline in the grade of mining resources, environmental and safety production inspections, illegal private mining and smuggling control, and total mining control indicators. The supply of raw materials remains tight, which provides strong support for tungsten prices.

On a subjective level, based on the current complex international political and economic environment, market participants hold optimistic expectations for the long-term value of tungsten as a strategic resource and safe haven asset, and holders show obvious reluctance to sell.

However, on the demand side, there are differences in the ability of downstream enterprises to bear high costs. Although the market demand for essential purchases remains stable, non essential orders have significantly decreased, and the overall trade market is mainly cautious, suppressing transaction volume.