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Tungsten Price 5x Surge Sparks Global Pricing War

Tungsten Price 5x Surge Sparks Global Pricing War
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💰Read original on 钛媒体
#tungsten#semiconductors#supply-chain

💡5x tungsten spike hits AI chips—supply chain crunch ahead

⚡ 30-Second TL;DR

What Changed

Tungsten price rises 5-fold within one year

Why It Matters

Escalating costs threaten AI chip manufacturing budgets, forcing infrastructure teams to rethink supply strategies.

What To Do Next

Track tungsten futures on LME and secure long-term contracts for AI hardware builds.

Who should care:Enterprise & Security Teams

Key Points

  • •Tungsten price rises 5-fold within one year
  • •Evolves from industrial input to strategic geopolitical asset
  • •Intensifies global competition over pricing control

🧠 Deep Insight

Background and context from public sources — not the original article. 7 sources cited.

🔑 Enhanced Key Takeaways

  • •China imposed stricter export licensing in February 2025 and published the 2026 Catalogue of Dual-Use Items in January 2026, controlling over 80% of global tungsten output[1][2].
  • •Demand from semiconductor manufacturing for tungsten hexafluoride (WF₆) and electric vehicles has significantly driven the price rally, alongside emerging uses in nuclear fusion[1].
  • •In February 2026, tungsten concentrate prices exceeded RMB 800,000/ton with a 30% monthly increase, while APT reached RMB 1.2 million/ton[3].
  • •Western countries, including the US hosting a Critical Minerals Ministerial in February 2026, are accelerating alternative supply chains due to plummeting Chinese exports[5].
  • •Global tungsten supply-demand gap projected at over 17% of demand from 2026-2028 by CICC, with declining ore grades and mining costs over 100,000 yuan/ton in China[4].

🔮 Future ImplicationsAI analysis grounded in cited sources

Tungsten supply tightness persists through 2026
China's export controls are expected to remain in place, with global inventories critically low and another deficit forecast amid policy shifts and geopolitical tensions[1][6].
Prices maintain high levels with volatility
Market participants anticipate continued bullishness but heightened volatility due to seller-driven dynamics, supply shortages, and persistent demand from EVs and semiconductors[1][3].
Global supply-demand gap exceeds 17% of demand in 2026-2028
CICC forecasts structural shortages driven by China's tightened mining quotas, declining ore grades, and lack of new mining investments worldwide[4].

⏳ Timeline

2025-02
China steps up tungsten export licensing, initiating supply restrictions
2025
Tungsten prices surge over 200% due to export controls, mining quota reductions, and demand growth
2025-12
Chinese tungsten exports plummet to near zero, accelerating global shortages
2026-01
China publishes 2026 Catalogue of Dual-Use Items, further tightening controls
2026-02
Tungsten prices rise 30% in February with APT at $1,775/mtu amid supply crunch
2026-02
US hosts Critical Minerals Ministerial with 54 countries to secure alternative supplies
💰Read original article on 钛媒体
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