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Tungsten APT price today: live

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Tungsten is priced as ammonium paratungstate (APT, 88.5% WO3) via Fastmarkets and Argus. China imposed export controls in late 2025; APT prices surged from $920/MTU to $3,140/MTU (240%+). Almonty Industries' Sangdong mine (South Korea) started commercial mining December 16, 2025, and is the most significant new Western tungsten supply in decades. Pentagon non-China mandate effective January 2027.

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Chart proxy: Almonty Industries (NASDAQ:ALM) operates the Sangdong tungsten mine — the leading Western tungsten proxy. No public tungsten futures.

Price history

Tungsten price chart

Almonty Industries (ALM)USD
Full chart on TradingView →
Note: Almonty Industries (NASDAQ:ALM) operates the Sangdong tungsten mine — the leading Western tungsten proxy. No public tungsten futures.
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Tungsten mining stocks

Major producers

Source: Yahoo Finance + SEC EDGARFull screener →
#CompanyCommodity revenuePrice24h %YTD1YGeography
01
ALM
Almonty Industries (NASDAQ:ALM)
Sangdong (South Korea) -- commercial mining began Dec 16, 2025. World's largest tungsten project outside China (7.9Mt @ 0.45% WO3). 15-yr offtake with GTP at $235/MTU floor. 60-yr molybdenum offtake with SeAH M&S ($234M/yr). Also Panasqueira (Portugal) operating. Listed NASDAQ:ALM, TSX:AII, ASX:AII.
~95%
————South Korea · Portugal · USA (Montana developing)
02
ALM
American Tungsten Corp (TUNGF)
IMA mine (Idaho) restart project. Listed Canada + USA. Pre-revenue. Targeting US DoD non-China supply chain.
~0%
————USA (Idaho, pre-revenue)
03
AMVMF
Allied Critical Metals (ACMIF)
Borralha (Portugal) tungsten project. Advanced exploration/development stage. Portuguese EU supply chain.
~0%
————Portugal (pre-revenue)
04
BSHVF
Tungsten Mining NL (TGN.AX)
Mt Mulgine (WA, Australia) tungsten project. Pre-revenue; advancing studies amid favorable price environment.
~0%
————Australia (WA, pre-revenue)
05
UAMY
US Antimony Corp (UAMY)
Fostung tungsten project (Ontario) alongside antimony focus. Primary antimony producer; tungsten is secondary. DOE funding for antimony processing.
~15%
————USA · Canada · Mexico
06
LGO
Largo Inc. (LGO)
Northern Dancer W-Mo property (Yukon) in portfolio alongside primary vanadium focus. Tungsten exposure is incidental to vanadium business.
~10%
————Canada
Reddit sentiment

Producer stock buzz

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CriticalCurated top 5

Tungsten producer stocks

All commodity stocks
#CompanyTickerPrice24h %ExchangeNote
01
Almonty Industries
NASDAQ: ALM
ALM----NASDAQSangdong W (largest non-China producer)
02
AMG Advanced Metallurgical
OTC: AMVMF / AMS: AMG
AMVMF----OTCFerrotungsten products — OTC

Ranked by commodity exposure (30%+ rule). Source: CommoditiesTracker hub database, June 2026.

Tungsten ETFs

Top funds by AUM

Source: Yahoo Finance + ETF issuer pagesAll tungsten ETFs →
TickerFundStructureExpense ratioAUMYTD1Y
REMX
VanEck Rare Earth/Strategic Metals
VanEck
Miners0.53%———
XME
SPDR S&P Metals & Mining ETF
State Street
Miners0.35%———

How tungsten prices move

What’s moving this market

Structural fundamentals · Reviewed annually
Supply

China controls ~80% of global supply; export controls hit in late 2025

China produces roughly 80% of global tungsten. China announced tungsten export licensing controls in late 2025 as part of its broader critical minerals retaliation against Western tariffs. This triggered the APT price surge from $920/MTU to $3,140/MTU. Outside China, Almonty's Sangdong (Korea) is the only significant new Western supply -- commercial mining began December 16, 2025.

ITIA · Fastmarkets · Argus
Demand

Cutting tools, munitions, and hard metals drive demand

Cemented carbide (cutting tools, drill bits, wear parts) accounts for roughly 60% of tungsten demand. Special alloys (aerospace, defense -- armor-piercing munitions, kinetic penetrators, radiation shielding) ~10%. Electronics (filaments, contacts, heating elements) ~10%. High-density alloys and other ~20%. The Pentagon non-China mandate (effective January 2027) will require US defense contractors to source tungsten exclusively from non-Chinese suppliers.

ITIA · USGS
Policy and macro

Pentagon mandate + Almonty Sangdong = reshoring moment

The US Pentagon's January 2027 non-China tungsten mandate is the most consequential Western policy action for tungsten supply chains. Almonty's Sangdong mine (7.9Mt @ 0.45% WO3, ~40% of global ex-China supply at nameplate) is perfectly positioned to capture this demand. The 15-year tungsten offtake with Global Tungsten & Powders ($235/MTU floor) provides revenue visibility.

DoD · Almonty IR

Key market data

Tungsten fundamentals

Annual Mine Supply
~85kt WO3

China ~80%, Vietnam ~5%, Russia ~3%, Austria ~2%, Korea (Sangdong growing) ~1%, other ~9%. Total contained tungsten in mined ore approximately 85,000 tonnes WO3 equivalent.

USGS · ITIA
Annual Demand
~85kt WO3

Cemented carbide (cutting tools) ~60%, special alloys ~10%, electronics ~10%, other ~20%. Market is broadly balanced; Chinese domestic demand plus controlled exports set the global price.

ITIA · Argus
China Supply Share
~80%

China dominates tungsten mining and processing. China's export licensing system (since 2015, tightened late 2025) controls global APT availability. CBMM-equivalent monopoly power in tungsten.

USGS · ITIA
Critical Mineral Status
US + EU Listed

Tungsten is on both the US USGS Critical Minerals List and EU Critical Raw Materials list. The Pentagon mandate (January 2027) for non-China sourcing is the most concrete supply-chain policy action for any critical mineral.

USGS · EU CRMA
US Domestic Mining
Near zero

US has essentially no domestic tungsten mining production. Historically relied on imports from China (~75%) and recycled scrap. The Almonty Gentung project (Montana) is in development targeting H2 2026 first production to partially address the DoD mandate.

USGS Mineral Commodity Summaries
APT Volatility (90-day)
~55%

Extremely elevated in 2026 due to China export controls shock. APT went from $920/MTU (end 2024) to $3,140/MTU (Q1 2026) -- a 240%+ move. Largest tungsten price rally in recorded history.

Calculated on Fastmarkets APT
2026 price forecasts

Tungsten price targets from 20 analysts

Aggregated 2026 price forecasts from major banks, research houses, and industry bodies. Range, median, and revision history — every forecast linked to its source.

Consensus range
View forecasts
See all forecasts

How to invest in tungsten

Ways to gain tungsten exposure

Full investing guide
ETFs

Tungsten ETFs

The most accessible vehicle for retail investors. Trade like stocks, low expense ratios.

Equities

Tungsten stocks

Mining and producer stocks offer 1.5-3x leverage to the underlying commodity but carry operational risk.

Futures

Tungsten futures

COMEX / LME / NYMEX futures provide direct price exposure with leverage. Requires a futures-enabled brokerage account.

Frequently asked questions

Common questions, answered

The tungsten price shown on this page is the APT (ammonium paratungstate, 88.5% WO3) spot assessment from Fastmarkets or Argus, updated weekly. APT surged from $920/MTU (end 2024) to $3,140/MTU (Q1 2026) following China export controls.