Nikkei Asia reports that China accounts for about 80% of global tungsten production and has imposed export licensing controls on tungsten and related items since February 2025, with the number of authorized exporters set to shrink to 15 in 2026-2027. China's tungsten exports to Japan fell to zero in February-April 2026, the first time since 2015. Cemented carbide micro drill bits are used for drilling PCBs and AI chip substrates, and advanced AI processes require as many as about 140 tungsten-related etching steps. Mitsubishi Materials' cemented carbide prices have risen more than threefold, Sumitomo Electric has raised cutting tool prices by up to 60%, and APT prices have climbed from about RMB 213,000 per tonne in February 2025 to more than RMB 530,000 per tonne in November 2026. Tungsten is the core raw material for refractory metal powders such as tungsten powder and tungsten carbide powder. Tightening export controls combined with insufficient overseas smelting capacity have pushed prices into an upward trend, with costs continuing to pass through to downstream products such as drill bits, cutting tools and shielding components. With the price center for tungsten powder and tungsten carbide powder shifting higher, buyers should evaluate long-term contract volume locking, alternative grades and inventory strategies to avoid spot price volatility risks.