Overview of Recent Developments in the Tungsten Segment

The Chinese tungsten market has experienced a pronounced rally in early February 2026, with several key players posting significant price gains. Chongyi Zhangyuan Tungsten Industry Co Ltd (章源钨业), a leading producer of tungsten and tungsten carbide products, has been a focal point of investor attention. The company’s shares were among those that surged during the period when the broader small‑metal sector exhibited strong performance.

1. Market Activity and Price Movements

  • February 24–25, 2026:

  • A total of 88 stocks hit the daily upper trading limit while only four reached the lower limit during the morning session of February 25.

  • The tungsten‑related stocks were represented prominently.

  • On February 24, Zhangyuan Tungsten raised its 2026 second‑half long‑term purchase quotation for 55 % black tungsten concentrate to 73.00 万元/标吨, an increase of roughly 9 % from the first‑half quotation of 67.00 万元/标吨.

  • The price adjustment reflects tighter supply and stronger demand dynamics in the small‑metal market.

  • Stock‑specific performance:

  • Zhangyuan Tungsten’s share price reached a 52‑week high of 32.4 CNY on February 19, 2026.

  • The company’s market capitalization rose by 187.06 亿元 over the past 30 trading days, indicating heightened investor confidence.

  • During the same period, the company posted a 5‑day price increase of 21 %, underscoring the momentum in its valuation.

2. Industry Context

  • Small‑metal sector:

  • The sector’s initial rebound on February 23–25 was driven by strong performances from companies such as Yunnan Germanium and Xinyuan Tungsten.

  • The overall upward trend aligns with broader industrial demand for high‑performance materials, particularly in cutting tools, mining equipment, and precision components.

  • Tungsten carbide powder market:

  • A market‑research report dated February 23, 2026, projects the tungsten carbide powder market to reach US$27.5 billion by 2033, driven by the need for wear‑resistant materials in high‑performance applications.

  • The Asia Pacific region is expected to dominate the market, with a 43 % share, further supporting growth prospects for domestic tungsten producers.

  • PCB upstream demand:

  • The demand for tungsten in printed circuit board (PCB) manufacturing is on the rise due to the expanding AI server market.

  • The rise in tungsten prices has translated into improved profitability for upstream producers, including Zhangyuan Tungsten, as reflected in its robust earnings forecasts.

3. Financial Snapshot

  • Current price (2026‑02‑12): 30.57 CNY
  • 52‑week range: 5.72 CNY – 32.40 CNY
  • Market capitalization: 36,619,210,752 CNY
  • Price‑to‑earnings ratio: 170.58

These figures illustrate that while the company remains highly valued relative to earnings, its stock has gained significant ground in recent months, largely attributed to favorable commodity pricing and sectoral demand.

4. Strategic Implications

  • The upward adjustment of purchase quotations indicates a tightening of supply, which could benefit producers with stable inventory levels.
  • Zhangyuan Tungsten’s recent performance suggests it is benefiting from both upstream supply constraints and downstream demand growth in high‑performance industrial sectors.
  • Continued monitoring of tungsten pricing trends and the semiconductor/AI hardware markets will be critical to assess the sustainability of the current upside.