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| Tungsten |
Chinese export controls trigger tungsten supply shock
Tungsten 2026 geopolitics have created extreme market volatility. China’s export controls on APT and tungsten products sharply restricted supply. Consequently, global prices surged as buyers scrambled to secure material. Seaborne APT prices rose from $900–940 per mtu WO3 in January to $1,650–1,900 per mtu WO3 by mid-February. Meanwhile, downstream users in aerospace and defence face shortages, highlighting China’s dominant control over more than 75% of global supply.
Strategic stockpiling and policy reshape the market
Meanwhile, US initiatives like Project Vault aim to secure critical minerals, including tungsten. Strategic stockpiling and trade policy heighten near-term price support. Ferrotungsten prices increased to $200–210 per kg W, up from $45–46 per kg W a year ago. Furthermore, importers and processors adjust sourcing strategies, looking upstream to mines or alternative suppliers. As a result, tungsten behaves increasingly as a strategic resource rather than a conventional industrial metal.
Structural tightness and long-term market implications
However, structural supply tightness persists. Limited near-term new mines and slow project timelines constrain relief. Recycling and substitution remain insufficient to meet demand. Consequently, tungsten prices remain highly sensitive to geopolitical decisions, export regimes, and stockpiling behaviour. Industrial buyers continue to seek diversified supply sources, while global markets anticipate continued volatility throughout 2026.
ScrapInsight Commentary
Tungsten 2026 geopolitics underscore the metal’s strategic importance. Prices will stay elevated due to Chinese export restrictions, stockpiling, and long lead times for new supply. Buyers must pursue diversification and upstream engagement to mitigate supply risk.
