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近期，The mining market research team of the International Mining Research Center of the China Geological Survey conducted a review of the pricing mechanism of some primary energy and mineral resources products. 并形成系列文章。“矿业界”公众号陆续刊发，敬请垂注。

此为本系列第二十九篇。前二十八篇详见 （点击题目可查看）

1: [How are lithium resources priced? ](

2: [How is international oil priced? ](

3: [How is international natural gas priced? ](

4: [How is manganese ore priced? ](

5: [How is chromium ore priced? ](

6: [How is iron ore priced? ](

7 : [How is phosphate ore priced? ](

8: [How is copper concentrate priced? ](

9: [How is nickel ore priced? ](

10: [How is cobalt ore priced? ](

11 : [How is bauxite priced? ](

12 : [How is coal priced? ](

13: [How is rhenium priced? ](

14: [How is tin priced? ](

15: [How is zinc priced? ](

16: [How is germanium priced? ](

17: [How is gallium priced? ](

18: [How is graphite priced? ](

19: [How is beryllium priced? ](

20: [How is hafnium priced? ](

21: [How is lead priced? ](

22: [How is fluorite priced? ](

23: [How is boron priced? ](

24: [How is vanadium priced? ](

25: [How is antimony priced? ](

26: [How is bismuth priced? ](

27: [How is tantalum ore priced? ](

28: [How is potassium salt priced? ](

Global tungsten ore pricing is mainly based on long-term quotes from manufacturers. There is no futures market. Tungsten prices fluctuate from large fluctuations to relatively stable. The global tungsten ore reserves distribution, output, tungsten consumption fields and regions are relatively concentrated, and production and consumption generally show a fluctuating upward trend. The overall economic volume of the global tungsten ore market is about 22 - 24.5 billion yuan. There are obvious spatial differences in global tungsten trade, with imports relatively concentrated and exports relatively scattered. China is a major producer, consumer and importer of tungsten ore. It has a certain influence on tungsten prices, but there are differences in the upstream and downstream of the industrial chain.

01 Global tungsten ore pricing mechanism

1 Global tungsten prices are mainly based on long-term quotes from manufacturers, and there is no futures market. Overall, they fluctuate significantly to relatively stable.

First, tungsten prices are mainly based on long-term quotes from large manufacturers. After being compiled and released through quotation platforms such as the London Metal Herald, they have become the reference price for the global tungsten market. Global tungsten prices are greatly influenced by the Chinese market, and mainly refer to Chinese quotations. China's major tungsten companies have established a tungsten price dialogue and consultation mechanism. The China Tungsten Association negotiates tungsten prices once a month and proposes monthly guidance prices for tungsten products. China Ganzhou Tungsten Association also provides monthly forecast prices for tungsten concentrate, ammonium paratungstate and tungsten powder. Large Chinese tungsten companies issue long-term quotations for the above tungsten products every half a month. Quotation platforms such as London Metal Herald, Asian Metal, and China Business Network collect quotations from global companies, compile and publish statistics, and become the reference price for the global tungsten market. The scale of the tungsten industry chain is relatively small, and there is currently no tungsten futures market.

Second, the tungsten price has experienced three peak periods since 2004, from large fluctuations to stability, and is now in a relatively stable period. Since 2004, the price of tungsten ore has risen from 39200 yuan / ton to 122000 yuan / ton, an increase of more than 3 times. In 2005, the global economy maintained rapid growth, the increasing demand for high-speed steel and cemented carbide led to the growth of tungsten ore demand, tungsten ore prices rose rapidly to 129500 yuan / ton, and then began to fluctuate at a high level. Affected by the global financial crisis, tungsten ore prices fell sharply to 52000 yuan per ton in 2008, down 60 per cent from the peak in 2005. In 2011, with the gradual recovery of the global economy, superimposed by the Chinese government's collection of reserves and production reduction by enterprises, the price of tungsten gradually rose to a maximum of 159000 yuan / ton, and then began to fall sharply due to overcapacity. In 2017, after the tungsten mine price fell below the cost line, the industry began to actively save itself, most tungsten mines reduced or stopped production, the supply and demand situation gradually improved, and the price warmed up to 124000 yuan / ton. In 2019, due to the trade friction between China and the United States, the COVID-19 epidemic, the "Kunming Pan-Asia" case in the Chinese market and other factors, tungsten ore prices fell again to 73500 yuan / ton, a drop of 41%. After 2020, the demand side of photovoltaic, cemented carbide tungsten steady growth, the supply side of the Chinese market Kunming Pan-Asia inventory, tungsten mine prices steadily upward, currently stable at about 125000 yuan / ton.

Tungsten concentrate ( **65%min）中国出厂历史价格（数据