Recent analyses on the future trends of tungsten and molybdenum mainly focused on the industry reports from May to June 2026.The overall trend was"tungsten prices soared,molybdenum prices remained stable at high levels",and the industry's prosperity was in the"moderately hot"range.Here are the core analyses of the recent trends of tungsten and molybdenum:

　　I.Trends of tungsten and molybdenum prices:Tungsten price has soared,while molybdenum price has remained stable at a high level.

　　Tungsten price surges to new highs:Due to tightened strategic mineral control,supply contraction,and demand from downstream sectors(such as photovoltaic tungsten wire and high-end CNC tools),the prices of tungsten concentrate,ammonium tungstate(APT),and tungsten powder have continued to soar.Prices of some varieties have reached record highs,and the market is showing a"seller-dominated"pattern.

　　Molybdenum price remains stable at a high level:The price of molybdenum iron has been stuck at around 290,000 yuan/tonne.Affected by the need of downstream steel mills for replenishing inventory and cost support,the molybdenum price has maintained a high-level fluctuation.However,due to the pressure from steel bidding prices,there is limited room for significant increase.

　　II.Industry prosperity:Overall"moderately hot",but with structural differentiation

　　The economic index is moderately high:In May 2026,the economic index of China's tungsten and molybdenum industry was 57.6,falling within the"moderately hot"range.The leading index rose significantly,indicating that the industry's future growth expectations have significantly strengthened.

　　Both profit and revenue increased:Driven by the significant increase in prices and the strong demand for high-end manufacturing,the main business income and total profit index of the tungsten and molybdenum industry were all within the"moderately hot"range,and the enterprises'profits improved significantly.

　　Downstream differentiation:The demand for high-end manufacturing fields such as hard alloy and photovoltaic tungsten wire is strong,driving the demand for upstream raw materials;however,the demand in the steel industry(such as crude steel)is weak,exerting certain structural pressure on the terminal demand for molybdenum and other alloys.

　　III.Core Driving Factors

　　Supply-side contraction:Tungsten is a strategically scarce mineral.The approval process for mining operations is becoming stricter,environmental regulations are more stringent,and some mines are reluctant to sell,resulting in a tight supply of spot goods.

　　Demand-side boost:The demand for electronic special gases(such as tungsten hexafluoride)has increased due to AI and storage chip applications,while the military,high-end cutting tools,and demand for tungsten wire for photovoltaic applications remain stable and in constant demand.Together,these factors have driven up the demand for upstream tungsten raw materials.

　　Restocking and sentiment:The overall inventory in the industry is at a low level.Companies are concentrating on restocking their essential supplies,and the rising market sentiment further drives up prices.

　　V.Future Trend Outlook

　　In the short term,due to the tight supply and the support from downstream essential demand,the prices of tungsten and molybdenum are expected to remain strong.The high prices of tungsten are likely to become the norm,but it is necessary to be cautious of the risk of short-term excessive gains leading to profit-taking.In the medium to long term,as the industry becomes more concentrated and the continuous expansion of high-end application fields,the tungsten and molybdenum industry is expected to maintain a high-oscillation pattern.