At the open Sept. 15, Xianglu Tungsten locked at the daily limit within one
minute after a single buy order topped CNY1bn; Zhangyuan Tungsten, China
Tungsten High-Tech and Xiamen Tungsten also surged. Traders cited two catalysts:
media reports that tungsten prices have risen roughly ninefold over two years
while China supplies about 80% of global output, and US tungsten producer The
Elmet Group saying the US Department of Defense has pledged $450m to accelerate
its manufacturing capacity—Elmet shares rose as much as 55% intraday. Analysts
recently noted nonferrous-metal volatility tracks offshore markets but say price
moves reflect financial positioning; they view tungsten’s tight balance as
structural rather than a normal cyclical swing.
