In order to examine the pattern and characteristics of international trade of products in each stage of the industrial chain of advantageous mineral resources, and identify China’s competitive advantages of trade and potential problems in the industrial chain, this study used tungsten as example and selected the international trade data of tungsten ore, tungsten concentrate, tungstate, ferroalloy, and tungsten products in the upstream, midstream, and downstream products of the tungsten industrial chain from 2009 to 2018, to construct the international trade networks to analyze the overall structure of international trade in each stage of the global tungsten industrial chain in terms of trade volume, industrial concentration type, and so on. We selected the countries and regions in the list of stable oligopolistic countries/regions as the typical research objects to analyze the oligopolistic index, the control ability of trade channels, the export structure index, among others, and found that few countries hold a large amount of trade in every stage of the tungsten industrial chain, and China has the highest competitiveness for exporting tungstate, and has competitive advantage in the midstream and downstream products. China’s competitive advantage shows a reversed-U shape. Meanwhile, China has the advantage of the diversity of channels and the disadvantage of the control ability of trade channels. Therefore, if China wants to realize the discourse power matching with its own resource endowment and processing capacity, it still needs to improve its competitiveness in terms of refined product processing and intermediary control ability based on the existing oligopoly competitiveness. Finally, we combined the horizontal and vertical comparison of China’s competitive advantage in international trade in all stages to analyze the problems and potential risks, and relevant recommendations were put forward.