Tungsten Prices Hit Record Highs on Supply Constraints
Tungsten prices rose over 200 percent this year as China cut exports. Rising military demand and tight supplies pushed prices above 3,000 dollars per metric ton.
Tungsten prices rose 200% this year to record highs above $3,000 per metric ton as China tightened export controls. Prices for ammonium paratungstate (APT) in Rotterdam surged after Beijing limited 2026-2027 export licenses to just 15 firms. Rising military demand and supply scarcity make tungsten a critical bottleneck for aerospace and defense equipment manufacturers.
China dominates global supply and recently cut 2025 mining quotas while restricting dual-use exports to 20 entities in Japan. These restrictions follow a February decision targeting firms that supply the Japanese military.
