Tungsten Outside China Has Tripled in 2026. The U.S. Still Mines None.

VANCOUVER, British Columbia, Sept. 22, 2026 (GLOBE NEWSWIRE) — Equity Insider News Commentary – Tungsten concentrate traded outside China was assessed by Fastmarkets at $750 to $850 per metric tonne unit at the start of 2026 and has held at $2,500 to $2,800 per unit since May 29. Inside China, concentrate prices have fallen by roughly half from their March peak. That split is the story of the year: the metal did not get scarce everywhere, it got scarce for everyone who cannot buy from China. The Business Research Company projects the global tungsten market to grow from about $6.66 billion in 2026 to about $9.62 billion by 2030, a compound annual growth rate of roughly 9.6%. Active Companies from around the markets with current developments this week include: Western Star Resources Inc. (CSE: WSR) (OTC: WSRIF) (FRA: 4K2), Almonty Industries Inc. (NASDAQ: ALM), Guardian Metal Resources plc (NYSE American: GMTL), Kennametal Inc. (NYSE: KMT), Perpetua Resources Corp. (NASDAQ: PPTA).

The supply picture explains the gap. The U.S. Geological Survey put Chinese mine output at 67,000 of the world’s roughly 85,000 tonnes of tungsten in 2025, and the United States has mined none since 2015. In December 2025, China said only 15 firms would be authorized to export tungsten in 2026 and 2027, formalized through its dual-use items catalogue.

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Washington is responding with procurement rules rather than subsidies alone. A Bureau of Industry and Security temporary final rule, effective August 27, 2026 through August 27, 2027, requires U.S. sellers of tungsten waste and scrap to allocate 100% of monthly sales to domestic buyers. From January 1, 2027, DFARS 252.225-7052 restricts U.S. defense procurement of tungsten from China, Russia, Iran and North Korea, a restriction that reaches back to the mining stage.

The downstream strain is already showing in earnings. One major U.S. tungsten carbide toolmaker described fiscal 2026 as an “unprecedented tungsten environment,” with inventory values and advance payments to secure raw material supply pushing its operating cash flow negative for the year. For a buyer, a domestic, compliant pound of tungsten is now worth more than a cheaper one that may not clear the 2027 rules, which is why dormant U.S. tungsten districts are being drilled again.

Western Star Resources Inc.