China International Capital Co says rising strategic and emerging demand plus persistent supply tightness mean domestic tungsten prices, after a sharp short-term drop, are likely to stabilise 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 Internation

China International Capital Co says rising strategic and emerging demand plus persistent supply tightness mean domestic tungsten prices, after a sharp short-term drop, are likely to stabilise 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.