Tungsten Prices Hit Record High Amid China Export Curbs and Rising Military Demand

Global tungsten prices have surged to record levels as supply constraints from China, the world’s largest producer, combine with increasing demand driven by defense and strategic industries.

China’s recent export restrictions on critical minerals, including tungsten, have tightened global supply, creating upward pressure on prices. The move is seen as part of broader efforts to prioritize domestic industries and manage strategic resources, impacting availability in international markets.

At the same time, rising geopolitical tensions have boosted military demand for tungsten, a key metal used in ammunition, aerospace components, and high-strength industrial applications. Defense sector procurement across several countries has intensified, further fueling demand.

Market analysts note that tungsten’s unique properties, such as high melting point and durability, make it difficult to substitute, increasing its strategic importance. This has attracted heightened investor interest, with companies and funds looking to secure long-term supply chains.

The price rally is expected to continue in the near term if supply constraints persist and geopolitical uncertainties remain elevated, potentially reshaping the global critical minerals market.