China's Tungsten Export Controls Drive Record Prices as CME Plans 2027 Futures Launch

Highlights

• China controls approximately 79% of mined tungsten and 86% of processing, giving it dominant leverage over global supply chains.
• REEx projects a 16,000-tonne WO₃ shortfall in ex-China mine capacity against primary demand by 2030, signaling a critical supply gap.
• European APT prices reached near $3,000/mtu versus roughly $1,000/mtu in China, reflecting a substantial supply-security premium.
• CME Group plans to launch cash-settled tungsten futures in early 2027, improving price discovery but not solving physical supply constraints.
• H.C. Starck's €50 million German recycling expansion and new projects in Spain, Portugal, and Australia represent emerging Western supply pathways.