Tungsten prices have reached record levels, driven by a sharp tightening in global supply and renewed focus on securing critical materials. With ammonium paratungstate (APT) now trading at up to $1,150 per metric ton unit in China and similar prices reported in Europe, the market is responding directly to a new phase of structural constraint and opportunity.
The catalyst has been China’s decision to reduce mining quotas and enforce stricter export controls. These changes, introduced in 2025, now require state-issued licences for APT exports and limit the number of approved exporters. As the world’s largest producer, China’s reduced outbound flow, down around 40% year-on-year, has significantly changed the balance of global availability.
For investors, the impact is twofold. First, the reduction in supply has created immediate pricing strength. Second, it has highlighted the strategic value of non-Chinese production, which remains limited but increasingly important to buyers in sectors such as defence, aerospace and precision tooling. At the same time, demand for tungsten remains firm. The metal’s unique properties, especially its durability, hardness and heat resistance, make it essential in applications ranging from cutting tools to military components and semiconductors.
Great Western Mining Corporation Plc (LON:GWMO) is a mineral exploration and development company, incorporated in Ireland with operations in the USA.
