China's export controls have sent tungsten prices surging over 550% in 14 months. Track the metal that powers defense, aerospace, and semiconductors.
Beijing's Ministry of Commerce has designated just 15 firms authorized to export tungsten through 2027, creating a state-controlled bottleneck that continues to squeeze global supply.
Military procurement has become the dominant price driver, with defense contractors scrambling for supply of the metal used in armor-piercing ammunition, missile components, and aircraft counterweights.
The reopened Sangdong tungsten mine represents the West's best near-term hope for alternative supply, but production timelines remain uncertain.
Chinese APT exports fell from 782 tonnes in 2024 to just 243 tonnes through November 2025, with downstream effects rippling through carbide and powder markets.
The U.S. military is soliciting proposals to expand domestic production of 13 critical minerals, with tungsten among the highest priorities for defense supply chain security.
Chinese export controls, military demand, and supply concentration have driven the most dramatic price move in tungsten's modern history.
No other commodity has this level of single-country dominance. China controls mining, refining, and processing for the global tungsten supply chain.
Beijing's 2026-2027 whitelist restricts tungsten exports to just 15 designated companies, creating an unprecedented supply bottleneck.
