Tungsten Prices Surpass 1.05 Million! Nickel Prices Hold Steady at 144,000!

Since March 2026, prices for the key industrial metals tungsten and nickel have continued to soar. Tungsten prices have broken through the 1 million yuan mark to reach a historic high, while nickel prices have remained at elevated levels.

Raw material costs typically account for more than 60% of fastener production costs. The sharp rise in tungsten and nickel prices has dealt a double blow to the industry: on the one hand, the cost of tungsten products used to manufacture cemented carbide cutting tools, molds, and certain high-performance stainless steel fasteners has risen sharply; on the other hand, high nickel prices have directly led to increased procurement costs for stainless steel wire such as 304 and 316, and the surge in raw material costs has directly squeezed corporate profits.

According to a survey by China Tungsten Online, as tungsten prices continue to climb, market concerns about the risks of overvaluation are mounting, and current market sensitivity has significantly increased. Bullish sentiment stems primarily from tight tungsten ore supply and strategic expectations regarding the value of critical global minerals; concerns, however, arise from the lack of substantial growth in consumer demand to support the ongoing one-sided upward trend. As for the nickel market, short-term fluctuations are expected to remain at high levels due to a mix of bullish and bearish factors, including disruptions caused by Indonesia’s supply policies.