The global Tungsten market witnessed a slight upward movement in January, driven by supply constraints and strategic market adjustments. In China, prices rose modestly as tight raw material availability and pre-holiday restocking contributed to market firmness. Meanwhile, in the United States, Tungsten prices mirrored China's trend, rising marginally. Persistent supply chain challenges, including port disruptions at San Diego and high production costs, kept the market under pressure.

Tungsten prices in China experienced a slight 0.5% increase in January. Despite subdued downstream demand, some enterprises engaged in pre-holiday restocking. This upward pressure coincided with price increases announced by major producers like Jiangxi Tungsten Industry, Zhangyuan Tungsten Industry, and a leading Fujian-based enterprise. Concerns over dwindling Tungsten ore resources, particularly high-grade black Tungsten ore, have intensified, leading to expectations of tighter supply and driving price increases across the Tungsten industry chain.

The Tungsten market in China is poised for a stable to slightly upward trend in the short term, driven by tight supply and modest demand. With limited raw material inventory and miners undergoing maintenance, supply constraints are expected to persist. Meanwhile, downstream APT enterprises are engaging in slight pre-holiday restocking, though high prices have tempered demand.

Additionally, the recent imposition of export controls on Tungsten and related items by the Ministry of Commerce and General Administration of Customs, effective February 4, aims to safeguard national security and fulfill international obligations. This regulatory move may further tighten domestic supply and support prices, as export operators will now require government approval, potentially limiting overseas shipments and reinforcing market stability.

The Tungsten market in the USA saw a modest price increase of 0.5%, reflecting a delicate balance between supply constraints and subdued demand. Traders, facing difficulties in replenishing stock, are holding onto inventory, while smelters struggle to secure raw materials at competitive prices. The persistent high costs in the downstream market have discouraged producers from offering significant discounts, maintaining price stability.

A key factor influencing supply is the ongoing dock repairs at the Port of San Diego, which began in mid-January. These repairs could temporarily disrupt import flows, potentially tightening supply in the short term.

The U.S. Tungsten market in 2025 is poised for continued growth, driven by the country's focus on securing critical mineral supply chains and reducing dependence. Almonty's re-domiciling and its strategic partnerships with U.S. companies like GTP are indicative of a broader trend toward collaboration between North American and allied producers to meet the rising demand. As the market evolves, prices are expected to remain volatile in the short term, with potential stabilization as new supply from projects like Sangdong comes online and downstream processing capabilities expand.