Tungsten

An ultra hard, high melting metal for cutting tools, dominated by Chinese supply.

Overview

Tungsten has the highest melting point of any metal, and most of it is used as tungsten carbide in cutting tools, drill bits and wear parts, with the rest in specialty steels, alloys and electronics. China mines the large majority of world supply and has used export quotas and controls, making tungsten a fixture on critical mineral lists. Prices trade as ammonium paratungstate, known as APT, quoted per metric tonne unit by price reporting agencies rather than on an exchange. Mines also operate in Vietnam, Russia, Bolivia, Rwanda and a few Western countries. Tungsten is covered by US conflict mineral rules for Congo and its neighbors, alongside tin, tantalum and gold.