Tungsten prices have soared more than sevenfold in two years, with tungsten miners collectively pushing for Nasdaq IPOs.

According to Zhitong Finance APP, over the past two years, tungsten prices have undergone an epic rally due to a combination of supply constraints and unleashed demand, prompting global tungsten mining companies to rapidly seize the open market. Following Guardian Metal Resources' listing on the US stock market this March, two more private tungsten miners disclosed IPO plans last week. Tungsten, known as a hard and heat-resistant strategic metal and often referred to as the "teeth of industry," is used in sectors such as military, aerospace, and high-end manufacturing. As the industry benchmark, the price of European Ammonium Paratungstate (APT) ranged from $240 to $355 per metric ton between 2021 and 2024, closed at $343 by the end of 2024, reached $1,005 by the end of 2025, and surged to $2,925 by the end of September—representing a 7.5-fold increase in less than two years.