Huayuan Securities: Tungsten supply and demand fundamentals are experiencing a strong resonance.

Huayuan Securities believes that the current high-price inventory is being digested and the tungsten price is slightly adjusted. On the supply side, mining safety control and environmental control are becoming stricter, with increased inspections during holidays and in major production areas, leading to a decrease in the operating rate of domestic tungsten mines. On the demand side, the tungsten market saw rapid growth in January and February, with domestic end-users showing high enthusiasm for restocking, driving the gradual accumulation of industry raw material inventories. Recently, the terminal market has mainly been digesting previous inventories, with no large-scale restocking actions. Guojin Securities believes that the recent tungsten prices have experienced a slight decline, mainly due to more traders taking profits rather than a fundamental turning point. Recently, Ganzhou City announced the launch of a special operation to combat illegal mining resources, and in the context of increasing strategic reserves overseas, tungsten's priority may be higher. The tungsten supply and demand fundamentals are experiencing strong resonance.