Market and Pricing

China Dominates the Tungsten Market

  • China accounts for >80% of global tungsten mine production
  • Recently confirmed it had become a net importer of tungsten from global markets


European Commission “Study on the review of the list of Critical Raw Materials”

  • Limited Large Scale Supply: Only one mine exists outside of China with production capacity greater than 3,000tpa Tungsten in concentrate.

Roskill “Tungsten: Global Industry, Markets and Outlook to 2026”, 12th Edition 2017


Tungsten Market and Pricing

  • Tungsten concentrate (containing WO3) is refined by processors into Ammonium Para Tungstate (APT)
  • APT prices quoted in metric tonne units or mtu (1 mtu = 10kg)
  • APT price at 31 January 2019 US$262/mtu
  • Total market estimated at 80,000t primary tungsten metal (W), equivalent to ~100,000t tungsten trioxide ( WO3)