From CNBC: 2024-07-02 21:15:03

China continues to dominate the supply chain for critical minerals, including tungsten – a metal used in various industries. Despite US tariffs on the mineral, China did not include tungsten in new regulations for rare earth production. Demand for non-Chinese tungsten is on the rise, leading to increasing prices.

Prices for tungsten have soared due to high demand and limited supply, pushing the US towards becoming a net buyer. China remains a key player in the tungsten supply chain, but other countries like South Korea are emerging as potential players in the market. The US is looking at ways to access the physical commodity as it seeks to secure a stable supply.

Companies outside China are eyeing South Korea for investments in tungsten production. China’s dominance in the global supply chain is being challenged by rising costs and aging mines. Efforts to develop tungsten mines outside of China have faced challenges, but companies like Almonty are looking to diversify supply sources. Tungsten remains a critical material in various industries, sparking interest in enhancing production capabilities outside China.

Read more: U.S. needs more tungsten. China is a major supplier of the critical metal