Chongyi Zhangyuan Tungsten Co.,Ltd. has released its long-term procurement quotes for the first half of August 2026, setting 55% black tungsten concentrate at 412,000 yuan per standard tonne, 55% white tungsten concentrate at 411,000 yuan per standard tonne, and ammonium paratungstate at 606,000 yuan per tonne. These prices include 13% VAT. In the second half of July 2026, the company's quotes were 411,000 yuan for 55% black tungsten concentrate, 410,000 yuan for 55% white tungsten concentrate, and 605,000 yuan for ammonium paratungstate.
The United States is set to ban exports of tungsten scrap and recycled battery materials starting later this month, just a week after President Trump authorized relevant departments to retain critical materials domestically. According to a research report from China International Capital Corporation, emerging demand from sectors like AI and high-end equipment is growing rapidly, improving profit margins across key downstream and midstream segments of China's tungsten supply chain. After stabilizing from a decline in July, domestic tungsten prices are now showing signs of recovery, while the overseas premium has reached a record high. CICC believes that leading Chinese tungsten companies are poised to benefit from both higher volumes and prices, with current valuations already offering significant appeal.
China Minmetals Securities notes that rising geopolitical risks are introducing price elasticity to the tungsten market. In the short term, the core dynamics remain domestic demand recovery, overseas supply shortages, and cautious downstream purchasing. While domestic supply and demand continue to exhibit a weak balance, further deterioration in geopolitical conditions could trigger synchronized global military and strategic reserve demand, potentially pushing the tungsten price center higher once again.
JIAXIN INTL RES previously issued a profit alert, expecting a net profit attributable to equity holders of approximately 1.45 billion to 1.55 billion Hong Kong dollars for the first half of 2026, a significant turnaround from a loss in the same period last year. This improvement is attributed to the fact that commercial production had only just begun in the prior year, with less than two months of operational output, while the average selling price of tungsten concentrate has risen sharply during the current period. The company recently announced plans to use up to 200 million Hong Kong dollars for share buybacks in the second half of the year. According to UBS forecasts, JIAXIN INTL RES's concentrate production will reach 8,600 tonnes this year, increasing to 11,100 tonnes in 2027 and 11,700 tonnes in 2028 following the commissioning of its second phase, with gross margins expected to improve to 77% by 2028.
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