Investing

Investing in Tungsten

The investment landscape for Tungsten offers 3 primary vehicles for exposure, ranging from equities of mining and processing companies to ETFs and commodity instruments. With prices currently around 50,000-55,000 $/tonne (APT), the Tungsten market reflects both structural demand growth and ongoing supply chain challenges.

Investment Vehicles

Key investment vehicles providing exposure to Tungsten:

Key Companies

The Tungsten value chain includes these publicly listed and major private companies:

Market Drivers

Tungsten investment performance is driven by demand growth in cemented carbide cutting tools and armor-piercing ammunition, supply concentration in China (82% share), new project development timelines, and government policies including export restrictions and strategic stockpiling programs.

Risk Factors

Investing in Tungsten carries risks including commodity price volatility (see price history below), geopolitical risk in producing regions, regulatory uncertainty, and potential substitution. The high supply risk can create both opportunities from supply-driven price spikes and risks from sudden policy interventions.

Recent Price History

Tungsten prices firmed through 2025, with APT (ammonium paratungstate) European prices reaching approximately $350/mtu. China accounts for over 80% of global tungsten production and has periodically tightened export quotas. Demand remained robust from the cutting tools, mining, and defense sectors - tungsten carbide is irreplaceable in high-performance machining and armor-piercing ammunition. The market saw increased interest in tungsten recycling, which now accounts for roughly 30% of Western supply. New primary supply development outside China has been limited, with notable exceptions including Almonty Industries' Sangdong mine restart in South Korea and exploration projects in Spain and Portugal.