The Rising Tungsten Market: Implications of China's Export Restrictions in 2026

The Global Tungsten Landscape in 2026

As we dive into 2026, the tungsten market finds itself at a pivotal crossroads, primarily influenced by China's recent export restrictions. The situation has resulted in an astronomical increase in tungsten prices, with ammonium paratungstate, a key tungsten compound, reaching record levels of $1,125 to $1,150 per metric tonne unit in China and around $1,100 in Rotterdam. This surge is not merely an isolated economic event; it is a direct consequence of China's decision to tighten control over its tungsten exports, which account for over 80% of the global supply. The repercussions of these measures are felt across various industries that depend on tungsten, including defense, semiconductor manufacturing, and energy infrastructure.

The U.S. government has recognized this dramatic shift and responded accordingly. Secretary of State Marco Rubio convened the inaugural Critical Minerals Ministerial earlier this month, a significant gathering that involved representatives from over 50 countries. This ministerial was not just a diplomatic formality; it resulted in the signing of eleven bilateral agreements and a commitment of more than $30 billion toward strategic mineral financing. Such active measures underscore the urgency with which Western economies are addressing their dependency on Chinese tungsten and seeking to secure alternative sources and supply chains.

Against this backdrop, companies like GoldHaven Resources are stepping into the spotlight. With ongoing exploration at their Magno Property in British Columbia, they have confirmed substantial tungsten deposits. Recent assays from their 2025 field program revealed enticing results, including assays returning up to 6,550 parts per million tungsten. These findings are not just promising; they fortify GoldHaven's strategy to develop critical mineral assets across North and South America, aligning with a larger trend where mining companies rush to secure viable development-stage assets in response to market demands.

But it’s not just GoldHaven making strides in the tungsten landscape. American Tungsten, NGEx Minerals, Eldorado Gold, and Foran Mining also are advancing their operations to capitalize on the growing demand for tungsten and other critical minerals.

Stockpiling and the Shift in Market Dynamics
Analysts are projecting a refined copper deficit that could reach approximately 330,000 metric tonnes this year, exacerbated by disruptions in mining and increasing electrification demands. Data from J.P. Morgan indicates that around two-thirds of mining executives believe that commodities like copper and gold will be pivotal this year, thanks to supply pressures.

The tale of tungsten is also intertwined with other significant minerals. The Metal possesses exceptional properties, particularly its high melting point, which makes it indispensable for cutting tools and various high-tech applications. With strong geopolitical implications and reliance on its supply, tungsten has officially reached critical mineral status, prompting North American and European nations to adopt active strategies to secure their sources.

In exploration news, GoldHaven is not the only company making progress. American Tungsten reported promising underground drilling results from its IMA Mine in Idaho. Their drilling encountered significant mineralization, including a notable intersection of 31 feet at 0.48% WO3 and 1.84 oz/t silver. These results indicate that modern exploration methods can unlock potential in historically significant yet under-explored mining assets in the U.S.

Meanwhile, NGEx Minerals continues to investigate their Lunahuasi project in Argentina, further delineating valuable copper and gold resources. With drilling results indicating substantial mineralization, they are making headway in expanding their understanding of the resource potential in their licensed regions.

Conclusion

The ongoing developments in the tungsten market reflect a broader narrative about global resource dependence and the urgent need for diversification among Western economies. While the short-term impacts of China's export policies may appear stark, they also pave the way for emerging exploration opportunities across North America and beyond. Companies that can effectively navigate this evolving landscape stand to benefit significantly as demand for critical minerals continues to skyrocket.