In this episode, Argus explores the forces behind the dramatic surge in global tungsten prices. What began with Chinese export controls has deepened into a structural supply squeeze, leaving both domestic and international consumers struggling with tight availability. Our experts discuss how mining constraints, shifting demand dynamics and limited substitution options are shaping one of the most volatile critical mineral markets of 2026.
Covered in this episode:
- How ageing mines, limited upstream investment and reduced output have created a structural shortage in Chinese tungsten supply
- The impact of China’s export controls on global availability — and why its domestic market is now feeling the squeeze as intensely as overseas buyers
- Whether substitution with molybdenum, niobium, titanium or ceramics can meaningfully reduce demand for tungsten carbide and mill products
- The limits of recycling in Europe and North America — and the scope for China and Japan to expand recycling to ease supply constraints
- When global tungsten prices might peak, how long historically high levels may persist, and how new mine capacity from South Korea, Kazakhstan and Europe could reshape the market from 2027 onward
