RE: Tungsten flying18 Mar 2026 20:02
Bloomberg article
a key component in drilling equipment and armor-piercing weaponry, has more than doubled in value this year, according to the APT European benchmark from Fastmarkets. At $2,250 per metric ton unit, prices have risen 557% since Beijing added certain tungsten products to its export control list in February last year amid a trade dispute with the US.
Gains have accelerated in recent weeks as buyers exhaust stockpiles and conflict in the Middle East sharpens focus on military demand.
“In my 12 years working across the commodity space and dealing with a lot of weird and wonderful metals, I have never seen a market as tight as tungsten is right now — aside from maybe lithium in 2021,” said George Heppel, vice president of commodity research with BMO Capital Markets. “This isn’t like lithium, where there was a huge pipeline of projects that could come online.”