# Zhangyuan Tungsten

Tungsten Frenzy: Geopolitics Sends ‘War Metal’ Prices and A‑Share Valuations Skyward

Tungsten prices in China have surged more than 70–80% year‑to‑date after recent geopolitical shocks and persistent supply constraints, lifting A‑share tungsten producers to extreme valuations. The spike reflects the metal’s military applications and concentrated Chinese supply, but raises questions about the sustainability of profits and the risk of a market correction.