Tungsten Prices Rally as Middle East War Drains Supply
The price of tungsten has risen to its highest level in nearly a century as the United States and Israel draw down their munitions stockpiles in the ongoing conflict with Iran. This heightened use of munitions is putting an immense strain on the supply of the mineral in the wake of China imposing restrictions on the metal’s exports. On Rotterdam’s metal market, ammonium paratungstate, the intermediate compound from which processors extract tungsten, has soared from approximately $400 a ton 12 months ago to now in excess of $2,200, according to Shanghai Metals Market data. Last February, China imposed restrictions on…