The Price Of Tungsten Has Soared, While The Copper And Aluminum Markets Have Been Affected By Policies.

Recently, the metal industry has witnessed a complex and volatile situation. The continuous rise in tungsten prices and the fluctuations in the copper and aluminum markets due to policy impacts have become the focus of attention.
The tungsten price has been soaring recently, becoming a highlight in the metal market. As of August 20th, the quoted price of 65% black tungsten concentrate reached 21.70 million yuan per ton, a 51.75% increase from the beginning of the year. The price of ammonium tungstate (APT) was 31.15 million yuan per ton, a 47.98% increase from the beginning of the year, and the price of tungsten powder reached 482.5 yuan per kilogram, a 53.91% increase from the beginning of the year. The significant increase in tungsten prices is mainly due to the continuous tightening of supply. In April this year, the first batch of tungsten mining total control indicators issued by the Ministry of Natural Resources for 2025 were 58,000 tons, a decrease of 4,000 tons compared to 2024, a 6.45% decrease. Meanwhile, major production areas such as Jiangxi and Hunan had 18 mines shut down and reformed due to environmental protection inspections. On the demand side, the demand for tungsten in the new energy sector has shown explosive growth. The penetration rate of photovoltaic tungsten wire from 2024's 20% has significantly increased to 40% in 2025. The consumption of lithium-ion positive electrodes has increased by 22% year-on-year after adding tungsten elements, reaching 1,500 tons. This has led to outstanding performance of tungsten-related stocks, with an average increase of 10.1% since August.
The copper and aluminum markets have been affected by policies. Since August 1st, the United States imposed a 50% tariff on semi-finished copper and copper-intensive derivative products. Since then, global copper markets have experienced intensified volatility. Due to the fact that raw materials such as copper ore are not subject to taxation, the cost of American enterprises to import raw materials for processing and then export has increased. Some enterprises are considering transferring production capacity. China, as the global center for copper processing and consumption, the "rush for installation" of new energy projects in the first half of the year overshot some demand, coupled with the US tariff policy, the market has concerns about a downward trend in copper prices. In the aluminum market, it shows a weak balance between supply and demand. The United States did not impose tariffs on refined aluminum, but the cost pressure on local aluminum processing enterprises has risen, and the prices of some products have been raised. Domestic aluminum inventory has accumulated but has not flowed smoothly, and the price of aluminum futures has fluctuated around 20,700 yuan per ton.
In addition, in terms of enterprise dynamics, Zijin Mining recently established Fujian Zijin Rare and Precious Metals Co., Ltd., with a registered capital of 5 billion yuan, further extending the industrial chain and strengthening its layout in the field of rare and precious metals. Shengda Resources, based on its 2025 semi-annual report, shows that the revenue from non-ferrous metal mining and processing business reached 640 million yuan, a year-on-year increase of 44.24%. The high profitability of its core mines supports the overall performance.
At the macro level, the expectation of the Federal Reserve to cut interest rates has risen, providing support for precious metals and also having a certain impact on the prices of industrial metals. Overall, the metal industry, under the influence of multiple factors such as supply, demand, and policies, presents different development trends. The future trend is worth continuous attention.