Highlights

• China designated only 15 companies for tungsten exports, 11 for antimony, and 44 for silver through 2026-2027, establishing state-controlled whitelists that determine who can legally export these defense-critical metals.
• Unlike rare earths which use case-by-case licensing, tungsten, antimony, and silver now operate under a fixed exporter system where China selects approved firms first, then manages export volumes and timing.
• The real threat has shifted from outright export denial to bureaucratic delay, as license review processes can stretch beyond 45 days, disrupting global supply chains and forcing diversification strategies.

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As 2026 approaches, China has released its official whitelist of companies authorized to export tungsten, antimony, and silver for 2026–2027 via Ministry of Commerce’s (opens in a new tab) December 26, 2025 notification, confirmed by Reuters (opens in a new tab) reporting on December 30. A move confirmed by the Ministry of Commerce on December 30 and reported by Reuters. This is China’s highest tier of export control: companies are designated first, products second. Only firms on the list may legally export these metals.

This is not symbolism. It is a supply-chain architecture.

The Chosen Few: Who Can Export What

For the next two years, 15 companies are authorized to export tungsten, 11 antimony, and 44 silver. Notably, the silver list expanded by two firms versus 2025, while tungsten and antimony remained unchanged.

Among tungsten exporters, the list includes China Tungsten & Hightech Materials Co (opens in a new tab). (a core unit of China Minmetals) and Xiamen Tungsten Co (opens in a new tab)., two vertically integrated heavyweights with upstream mining and downstream processing control.

The antimony whitelist features Yunnan United Antimony Co (opens in a new tab). and the trading arm of Hunan’s Twinkling Star (opens in a new tab), one of the world’s most strategically important antimony producers.

For silver, China approved a broad but curated slate of 44 exporters, including Yunnan Tin Co., (opens in a new tab) Zijin Mining’s (opens in a new tab) copper subsidiary, multiple Jiangxi Copper affiliates, and major Henan-based silver-lead refiners. Beijing has clearly prioritized firms with scale, compliance history, and state visibility.

Two Systems, One Strategy

A critical distinction is often missed outside China:

• Tungsten, antimony, and silver now fall under a state trading system—a fixed exporter whitelist with no external application path.
• Rare earths, gallium, germanium, and graphite remain under case-by-case export licensing, with no annual public whitelist but increasingly stringent review.

For the former, China decides who can export, then manages how much.

For the latter, everyone may apply—but each shipment runs a bureaucratic gauntlet.

Silver’s inclusion is especially telling. China has replaced its old quota system with licensing tied to production scale and export track record, echoing post-WTO rare earth controls.

From Policy Risk to Execution Risk

The real threat is no longer outright denial—it is delay.

Exporters still must obtain licenses for each shipment, and recent precedent (notably gallium and germanium in 2023) shows that the nominal 45-day review window can stretch far longer, disrupting delivery schedules, payments, and downstream manufacturing.

Since antimony (September 2024) and tungsten (February 2025) were added to China’s export control list, global prices have surged, and availability has tightened. With silver now under similar scrutiny—after hitting multi-year price highs in 2025—buyers face a new question: not can China supply, but when.

Why This Matters Beyond These Metals

This is not an isolated action. It fits a clear pattern: China is tightening operational control over critical minerals while remaining formally WTO-compliant.

Tungsten and antimony are defense-critical. Silver is indispensable for electronics and solar. The logic mirrors rare earths: control flow, shape leverage, and respond asymmetrically to geopolitical pressure.

There is one upside—clarity by publishing a whitelist, China signals which firms matter. But for global supply chains, 2026 will test resilience.

Diversification is no longer optional. Delay is the new denial.