In the recent period, the metal industry: Tungsten prices lead the rise, with multiple factors intertwined to determine the pattern.

Price Performance
The recent price trends of metals have shown divergence. Take tungsten as an example, its price has soared continuously. On August 26th, the price of 65% black tungsten concentrate was reported at 23.3 ten thousand yuan per ton, an increase of 62.9% compared to the beginning of the year. This is mainly due to the tightening of supply, with the total control indicators for the first batch of tungsten mining in 2025 reduced by 4,000 tons compared to last year, and the mining volume in the main production areas has accordingly decreased; at the same time, the demand in the new energy sector has significantly increased, with the penetration rate of photovoltaic tungsten wire大幅提升, and the consumption of tungsten in lithium batteries has increased by 22% year-on-year. Copper and aluminum prices, on the other hand, fluctuate due to macroeconomic factors and supply-demand relationships. For instance, the slowdown in domestic retail sales growth in July affected the demand expectations, while the retail data in the United States showed growth but consumer confidence declined. Before the interest rate meeting in September, the macroeconomic sentiment was fluctuating, and copper prices, due to the weak supply and demand in the industry, had limited downward space; aluminum prices were under pressure due to the weak recovery in domestic off-season consumption, abundant supply, and accumulated inventory.
Supply and Demand Situation
Supply： Some metal mineral mining indicators have been adjusted. For example, the mining indicators for tungsten have decreased, and the safety production management of mines is strict, resulting in a contraction of market circulation supply. At the same time, some metal smelting enterprises have also changed their production, such as an increase in the operating rate of alumina. However, there are also situations of increased supply. In July, the output of zinc ingots exceeded 600,000 tons, and in August, both maintenance and production increase were present in refineries, with an expected increase of 1,000 tons in production on a monthly basis.
Demand： The demand in traditional industrial sectors is relatively stable, while emerging industries have become a new engine for the growth of metal demand. In addition to the significant increase in tungsten demand in the new energy sector mentioned earlier, in copper and aluminum, the green energy transition, electrification, and artificial intelligence will greatly boost the demand for copper; as the downstream sector emerges from the off-season, the demand expectations for aluminum are also increasing.
Corporate Dynamics
Shengda Resources' 2025 semi-annual report shows that the revenue from the mining and selection of non-ferrous metals reached 640 million yuan, with a year-on-year increase of 44.24% and a gross profit margin of 62.64%. Its main mine, Yindu Mining, has promoted the integration of mining rights, and Jinshan Mining has increased the silver metal output. Zijin Mining established Fujian Zijin Rare and Precious Metals Co., Ltd., with a registered capital of 5 billion yuan, strengthening its layout in the field of rare and precious metals, and there have been recent bulk transactions, indicating that institutional investors recognize the long-term value of the company.
Macro Impact
The expectation of the Federal Reserve to cut interest rates has risen, providing support for the prices of precious metals. For example, the prices of COMEX gold and silver have risen by 1.05% and 2.26% respectively in recent times. At the same time, macroeconomic data affects the market sentiment of industrial metals. For instance, the retail data in China and the United States affect the expectations for metal demand. Moreover, policy factors also influence the market, such as after China strengthened the export control of rare magnetic materials, overseas orders for magnetic materials increased for inventory replenishment, promoting the activity of the rare metal market.
Overall, the metal industry is currently in a complex and volatile market environment, with various factors interacting and influencing the industry's direction.