Tungsten’s unique material properties—exceptional hardness, density, and the highest melting point of any metal—make it indispensable to vital defense, industrial, and technology applications. Reflecting this importance, the U.S. government has designated tungsten a “critical and strategic mineral,” underscoring the need for reliable, responsibly sourced supply.

The current supply landscape presents significant risk. China, Russia, and North Korea control more than 85% of global tungsten production, and in early 2025 China cut off supply of tungsten (and other strategic defense metals) to the United States. Compounding the challenge, there are presently no operating tungsten mines in North America, and the U.S. national strategic supply of tungsten remains understocked.

These pressures have contributed to a dramatic increase in tungsten pricing, signaling both the urgency and the market incentive to secure stable Western sources. In this environment, ACM and ACM (USA) are well-positioned to meet growing demand by bridging near-term U.S. needs with high-quality imported concentrates and by advancing a partnership-driven approach designed to enhance supply assurance for critical manufacturing and defense readiness.

Tungsten is recognized as a critical and strategic mineral because its unique properties—the highest melting point of any metal, very high density, and exceptional hardness—make it difficult to replace in mission-critical uses across defense and industry.

• Defense: Armor-piercing and kinetic penetrators, missile and aircraft components, and radiation shielding.
• Industrial: Cemented carbides for cutting tools and drill bits, aerospace-grade alloys, jet engines, and wear-resistant parts in manufacturing.
• Technology & Energy: Semiconductor processing (e.g., tungsten hexafluoride), electronics, EV components, and power-generation hardware.

Global Supply Concentration Global tungsten supply—and especially downstream processing—is highly concentrated in a small number of countries, with China playing an outsized role and Russia and North Korea also contributing. This concentration creates structural supply-chain risk for Western manufacturers and defense programs.

Recent policy actions have added friction to global flows of strategic minerals. China introduced new export licensing controls on tungsten in 2025, complicating shipments—particularly to the United States. There have also been reports of pressure on regional suppliers regarding exports to U.S. defense end-users. While tungsten is not a rare earth, these developments underscore how strategic materials can become leverage points in geopolitics.

Pricing Dynamics Tungsten pricing—commonly referenced via the APT (ammonium paratungstate) benchmark—is influenced by geopolitics, trade policy, and supply concentration. Periods of tightness and policy shifts have contributed to steady appreciation and heightened volatility, reflecting strong demand against a constrained supply base.