Tungsten prices have escalated sharply over the past twelve months, with ammonium paratungstate reaching approximately $1,775 per metric tonne unit. The rally reflects years of insufficient capital investment combined with Chinese export restrictions, creating acute supply constraints for a material critical to aerospace, defense, and electronics manufacturing.
Parallel tightening across the broader critical minerals complex underscores broader supply chain vulnerabilities. Copper prices recently surpassed $11,000 per tonne for the first time, while StoneX Group projects the copper market deficit will nearly double to 333,000 tonnes by 2026. The projected supply gap reflects growing demand from renewable energy infrastructure, electric vehicle production, and grid modernization initiatives competing for limited supplies.
In response to these market fundamentals, major mining companies are accelerating development of critical mineral projects in geologically stable and politically secure jurisdictions. This strategic repositioning reflects industry efforts to diversify sourcing away from concentrated supply regions and establish supply chains aligned with regulatory requirements in developed economies. These capacity additions are expected to take several years to reach production, leaving near-term supply dynamics vulnerable to additional disruptions.