I. Tungsten Price Trend: All-Round Rise Breaks Through Historical Highs

As the global energy structure shifts toward low-carbon solutions, the photovoltaic (PV) industry, a cornerstone of clean energy, faces intense market competition and technological upgrade pressures. Recent fluctuations in silicon wafer prices, industry production cuts, and policy guidance have introduced new challenges and opportunities for the PV supply chain. Among these, tungsten wire, a key consumable in diamond wire cutting, has garnered significant attention due to its advantages in enabling thinner wires for silicon wafer cutting.

According to data from the China Passenger Car Association (CPCA), in June 2025, production and retail sales of new energy vehicles (NEVs) surpassed the milestones of 1.20 million and 1.111 million units respectively, with impressive year-on-year growth rates of 28.3% and 29.7%. Performance for the entire first half of the year was even more robust, with cumulative production and sales reaching 6.457 million and 5.468 million units, up nearly 40% year-on-year. The NEV industry is reshaping the global automotive landscape with unstoppable momentum.

According to the Ministry of Natural Resources, in the first half of 2025, my country made major breakthroughs in prospecting for important minerals, and 38 new mineral deposits were discovered; non-oil and gas mineral exploration investment continued to grow, among which the investment in exploration of tungsten and other minerals increased by more than 50% year-on-year.