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Commodities market Score 85 Negative (for supply chains)

Tungsten Prices Surge 557% Amid China Export Controls, Sparking Global Supply Concerns

Mar 15, 2026 20:00 UTC
CL=F, TLT, ^VIX
Short term

Tungsten has outperformed gold and copper with a 557% rally, driven by China's tightening export controls and mining quotas. The surge underscores growing supply constraints in a critical metal for defense and industrial applications.

  • Tungsten prices have risen 557%
  • China implemented export controls on tungsten
  • China tightened mining quotas for tungsten
  • Supply constraints are affecting global markets
  • Tungsten is critical for defense and industrial applications
  • Market impact is being felt across defense and industrial sectors

Tungsten prices have surged 557% in a sharp reversal of recent trends, outpacing both gold and copper amid escalating supply constraints. The rally is fueled by China's newly implemented export controls and stricter mining quotas, which have significantly reduced global availability of the strategic metal. Industry experts cited in Shanghai Securities News confirm the tightening measures are reshaping market dynamics. As a key component in high-strength alloys and defense-grade materials, tungsten’s scarcity is raising concerns across defense and industrial sectors. The geopolitical shift in supply chains is amplifying risks for manufacturers dependent on this critical metal. The rally highlights the vulnerability of global commodity markets to policy-driven disruptions, particularly in metals with concentrated production and limited substitutes.

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