Tungsten Challenges China's Supply Grip as Overseas Producers Expand

Highlights

• China holds roughly 79% of global tungsten mine production and ~85% of APT refining capacity, creating a critical supply concentration risk.
• Almonty Industries, EQ Resources, Tungsten West, and Guardian Metal Resources are among the key ex-China producers advancing mining and refining projects.
• REEx warns that capital flowing into one supply-chain stage can simply shift the bottleneck elsewhere, with feedstock gaps projected to persist through 2030.
• Long-term offtake contracts improve procurement security but may limit producers' upside if spot prices rise during the Transition Vulnerability Window.
• Investors must distinguish between announced capacity and delivered, profitable supply—permitting, financing, and construction remain material risks across most projects.