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Live Market Snapshot
Key tungsten benchmarks — February 2026 — at multi-year highs
Key Events -- 2026
Major developments shaping the tungsten market this year.
EU Critical Raw Materials Act enters full force — mandates 10% domestic tungsten processing by 2030, triggering €2B investment wave in European mining
South Korea's Sangdong mine restarts production after a 30-year hiatus — first major non-Chinese tungsten source to come online in a decade
Pentagon allocates $380M for strategic tungsten reserve under the Defense Production Act — largest US tungsten procurement since the Cold War
China Ministry of Commerce cuts H1 2026 tungsten export quota by 12% — APT prices immediately breach $330/MTU, a 12-year high
Global tungsten market cap surpasses $5.1B — driven by defense rearmament, TSMC 2nm fab launch, and record recycled tungsten supply of 30,000 tonnes
Supply & Demand Drivers
Factors influencing tungsten pricing and availability in 2026.
NATO nations increased tungsten procurement by 22% in 2026. The US DoD allocated $380M for strategic reserves — kinetic penetrators require 99.97% pure tungsten that has no viable substitute.
TSMC, Samsung, and Intel 2nm fabs coming online in 2026-2027 will require an estimated 8,000 additional tonnes of tungsten annually for gate electrodes and interconnects.
H1 2026 quotas are 12% below 2025 levels. China controls 80% of global production and 90% of processing capacity — the most concentrated supply chain of any critical metal.
Tungsten oxide nanostructures show 40% higher energy density than graphite in solid-state EV batteries. Commercial adoption projected 2027-2030, potentially adding 5,000+ tonnes of new demand.
Tungsten at a Glance — 2026
The numbers behind the world's most strategically important metal.
Tungsten (W, Element 74) is classified as a Critical Mineral by the US, EU, Australia, and Japan. Its unique combination of the highest melting point of all metals, near-gold density, and extreme hardness makes it irreplaceable in defense, aerospace, and semiconductor manufacturing.