CNBC
03 Jun 2026, 11:30 UTC · 3h ago
China, tungsten and a supply shock in metal critical for war that will last far beyond Iran conflict
CNBC
03 Jun 2026, 11:30 UTC · 3h ago
Story key points
4 claims · impact-rated
U.S. Department of Defense sourcing rules effective January 1, 2027, will restrict the use of tungsten mined, refined, and produced in China. — This creates a hard deadline for a critical supply chain pivot, risking immediate shortages and cost spikes for defense contractors dependent on Chinese tungsten.
-0.80China controls up to 80% of the world's tungsten supply and has tightened export controls as of February 2025. — Extreme supplier concentration combined with active export restrictions increases geopolitical risk and price volatility for all sectors using tungsten.
-0.70Ongoing wars in Ukraine and Iran are depleting global tungsten reserves due to high demand for munitions and armor-piercing ammunition. — Increased consumption of raw materials for warfare drives up spot prices and tightens availability for civilian industrial applications.
-0.50Continue reading
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New mining projects in Kazakhstan (Cove Kaz Capital) and South Korea (Almonty Industries) are attempting to diversify supply away from China. — The emergence of non-Chinese production sources provides a long-term hedge against supply shocks and supports the viability of Western defense production.
+0.40Ticker attribution
Model heads
The company is aggressively expanding production and commissioning mines to capitalize on global tungsten shortages.
No ticker relationship head found.
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