Tungsten Prices Surge 557% as China Export Limits Tighten Global Supply
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Tungsten prices have surged 557% to over $2,250 per metric ton due to China's export limits and geopolitical tensions. The country, which produced 79% of global tungsten last year, has seen a 40% drop in shipments of restricted products. As manufacturers seek alternative supplies, Almonty Industries has started production in South Korea and is developing a potential US mine. Demand for tungsten in military applications is expected to rise by 12% this year, contributing to market volatility in this relatively small commodity sector valued at $16 billion.
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