Tungsten Shines in Resource Wars as Western Rearmament Sparks Supply Chain Push

ZeroHedge · 2026-09-20

According to Almonty Industries CEO Lewis Black, the UK recently committed seventy-one million pounds to revive a tungsten mine, securing an option on half of its yield. Similar past efforts by Japan and South Korea in 2008 poured billions into overseas critical mineral projects, yet yielded zero actual production while enriching junior mining executives. Governments often struggle to evaluate mining potential accurately, frequently leading to wasted capital. Lessons from Asia suggest that shifting risk to industrial end-users, who understand how to protect capital, yields better results. Meanwhile, as of September 11, 2026, tungsten prices in the US and Europe remained steady at approximately three thousand US dollars per mtu WO3. In contrast, Chinese domestic prices are trending upward due to severe raw material shortages, as local producers refuse western concentrate prices that sit far below domestic APT values.

AI 시장 분석

Amid the Western rearmament supercycle, the supply shortage of critical mineral tungsten is worsening. The UK government invested 71 million pounds to restart a tungsten mine, but past inefficiencies in fund execution are being pointed out. Currently, tungsten prices in the US and Europe are maintaining 3,000 dollars per mtU, and China's domestic prices are also on an upward trend.

상승 영향

Commodities — Driven by the Western rearmament supercycle and supply shortages, prices of critical minerals like tungsten remain strong, holding above 3,000 dollars per mtU.
Defense — Competition to secure raw materials such as tungsten, which is essential for munitions production, is intensifying, expanding the strategic importance and investment in related defense supply chains.

하락 영향

Manufacturing — The tungsten price gap between China and the West and raw material shortages could cause finished goods production costs to surge, hitting profitability.

DYAX 전담 분석

Demand for critical raw materials such as tungsten is surging due to Western military rearmament and strengthened resource security, but upward pressure on prices continues due to inefficiencies in government-led fund execution and supply shortages. In particular, the rise in China's domestic prices and the price gap with the Western world are expected to exacerbate supply-and-demand imbalances, expanding cost burdens and margin volatility for related raw material companies.

In the bullish scenario, large-scale capital injections by Western governments could lead to actual production increases, benefiting related mining stocks. In the bearish scenario, funds would be wasted as in the past and supply shortages would not be resolved, acting as a cost pressure across manufacturing. Indicators to watch include the trend of tungsten prices (3000 USD/mtu WO3) and actual production data from Western mines.

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