1.Harder & Costlier to Mine:

*Good tungsten ore is getting harder to find (grades are declining).

*Existing mines are running out.

*Few new mines are being developed.

*This supply shortage pushes mining costs up.

2.Tighter Rules & Export Concerns:

*China controls a lot of the world’s tungsten supply. Their export restrictions make buyers globally worried about getting enough.

China also reduced its mining quotas this year, signaling even less supply. Efforts to stop chaotic market competition (“anti-involution”) help stabilize prices.

3.Rising Production Costs Everywhere:

*Lower ore grades mean more work to get the same amount of tungsten.

*Adding to this, global inflation is making labor, energy, and transporting materials more expensive for all producers.

4.Growing Strategic Importance:

*With global tensions and economic risks, countries are more focused on securing critical resources.

*Tungsten is vital for defense and high-tech industries, so its value is being reassessed and seen as more important (and worth more).

5.New Uses Creating More Demand:

*Industries like solar power (photovoltaics), electric vehicles/new energy, computer chips (semiconductors), and defense are using more tungsten products, creating fresh sources of demand.

*Economic Activity Picking Up:

*Factories (manufacturing) and big construction projects (like the Yarlung Zangbo hydropower project) are increasing.

*This boosts the actual need for tungsten and also makes investors more optimistic about future demand.

6.Economic Activity Picking Up:

*Factories (manufacturing) and big construction projects (like the Yarlung Zangbo hydropower project) are increasing.

*This boosts the actual need for tungsten and also makes investors more optimistic about future demand.

7.Investors Piling In:

*Because tungsten is seen as strategically crucial, investors and traders are paying more attention.

*This increased interest, combined with positive market sentiment, can lead to buying that pushes prices up in the short term.