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 s

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 noted recent 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.