China International Capital Co says rising strategic and emerging demand plus
persistent supply tightness means domestic tungsten prices, after a sharp
short-term drop, are likely to stabilize and rebound. Supply: domestic output
remains tight; Kazakhstan and South Korea may add incremental supply while
European upside is increasingly uncertain. Inventories: China’s tungsten stocks
rose QoQ in 1Q26 but the increase was limited; overseas restocking demand
remains urgent. Outlook: China International Capital Co expects a global
tungsten supply–demand deficit of 23,000/24,000/24,000/25,000 tonnes in
2026–2029, equivalent to 14.6%/14.8%/13.9%/14.3% of global tungsten consumption
(primary + recycled). The report flags rising allocation appeal of leading
global tungsten producers.
