Tungsten prices have surged 622% in 2026, driven by China’s export restrictions controlling roughly 80% of global supply, rising military demand, and the booming AI chip industry. Two major Japanese producers, Kanto Denka and Central Glass, ceased operations on July 1, 2026, accounting for about 25% of global WF6 capacity, roughly 2,200 tons per year. Global tungsten demand is projected to grow from approximately 143,000 tons in 2025 to 210,000 tons by 2035, with structural deficits anticipated through at least 2028. Almonty Industries’ Sangdong mine in South Korea reached full production in July 2026, but remains insufficient to offset the volumes removed from the market by Chinese restrictions.
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