近日消息，2025年11月钨价呈现高位上涨态势，其核心产品价格突破历史高点，在供需博弈下市场理性氛围渐浓。    

　　11月，国内外钨价持续上行，国内各钨系产品价格全面突破2011年历史高点。其中，65%黑钨精矿、仲钨酸铵（APT）、碳化钨等核心产品报价均创阶段性新高，国际市场因供应链问题价格也同步坚挺。从11月核心产品价格对比来看，65%黑钨精矿11月主流报价区间为31.6   -   31.8万元/吨，10月下半月价格为28.2万元/吨，环比涨幅约12%，历史高点（2011年）约为15.8万元/吨；仲钨酸铵（APT）11月主流报价区间为46   - 47万元/吨，10月下半月价格为41万元/吨，环比涨幅约12 - 14%；中颗粒碳化钨11月主流报价区间为705 -   720元/公斤，10月预测价格为625元/公斤，环比涨幅约13 - 15%；70钨铁11月主流报价区间为42.3 -   43.1万元/吨，10月28日价格为39 - 39.5万元/吨，环比涨幅约8 -   9%。数据综合自市场报价与企业长单价格，部分产品如碳化钨粉年内涨幅已达160%。    

　　从市场驱动因素来看，供应端方面，矿端资源紧俏，江西钨业、章源钨业等企业11月长单报价上调，65%黑钨精矿指导价达31万元/吨，较10月下半月上涨3.9万元。需求端方面，下游硬质合金、高端制造需求提供支撑，但买方对高价接受度谨慎，11月中旬市场成交趋缓，供需博弈加剧。    

　　对于未来预期，短期来看，钨价高位震荡概率较大；长期而言，在资源稀缺与政策管控（如出口国营贸易管理）的影响下，钨价或维持坚挺。    

In   November 2025, the price of tungsten broke through its historical high. What   will be its future trend?    

　　Recently,   it was reported that in November 2025, the price of tungsten showed a high   upward trend, and the price of its core product broke through the historical   high. Under the game of supply and demand, the rational atmosphere in the   market is gradually intensifying.    

　　In   November, tungsten prices both at home and abroad continued to rise, and the   prices of all domestic tungsten products comprehensively broke through the   historical highs of 2011. Among them, the quotations of core products such as   65% black tungsten concentrate, ammonium paratungstate (APT), and tungsten   carbide all reached new highs in a certain period. Due to supply chain   issues, the prices in the international market also remained firm   simultaneously. From the comparison of core product prices in November, the   mainstream quotation range of 65% black tungsten concentrate in November was   316,000-318,000 yuan per ton, and the price in the second half of October was   282,000 yuan per ton, with a month-on-month increase of approximately 12%.   The historical high point (in 2011) was about 158,000 yuan per ton. The   mainstream quotation range of ammonium paratungstate (APT) in November was   460,000 to 470,000 yuan per ton, and the price in the second half of October   was 410,000 yuan per ton, with a month-on-month increase of approximately 12   to 14%. The mainstream quotation range of medium particle tungsten carbide in   November is 705-720 yuan per kilogram, and the predicted price in October is   625 yuan per kilogram, with a month-on-month increase of approximately 13% -   15%. The mainstream quotation range of 70 tungsten iron in November was   423,000-431,000 yuan per ton. On October 28th, the price was 390,000-395,000   yuan per ton, with a month-on-month increase of approximately 8-9%. The data   is synthesized from market quotations and long-term contract prices of   enterprises. For some products, such as tungsten carbide powder, the   year-to-date increase has reached 160%.    

　　From   the perspective of market drivers, on the supply side, resources at the ore   end are tight. The long-term contract quotations of Jiangxi Tungsten   Industry, Zhangyuan Tungsten Industry and other enterprises in November have   been raised. The guidance price of 65% black tungsten concentrate has reached   310,000 yuan per ton, an increase of 39,000 yuan compared with the second   half of October. On the demand side, the downstream demand for hard alloys   and high-end manufacturing provides support, but buyers are cautious about   accepting high prices. Market transactions slowed down in mid-November, and   the supply and demand game intensified.    

　　In   terms of future expectations, in the short term, the probability of tungsten   prices fluctuating at a high level is relatively high. In the long term,   under the influence of resource scarcity and policy control (such as the   management of state trade in exports), the price of tungsten may remain firm.    

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