尽管高昂的钨价刺激了哈萨克斯坦、加拿大、韩国及澳大利亚等地的钨矿项目推进，但受制于基建、技术及环保审批，产能释放节奏极为缓慢。五矿证券预计，2026年海外（非中资控制）新增钨矿产能或不足5000吨（WO₃65%），难以撼动全球供需缺口的紧张局面。
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