China limits tungsten exports mid 2025, CME plans futures 2027
China is putting new limits on tungsten exports starting in mid-2025, and that's already pushing prices up.
Since tungsten is a must-have for things like aerospace, cars, and defense tech, this move could shake up a lot of industries.
To help manage the price swings, the Chicago Mercantile Exchange plans to launch a tungsten futures market by early 2027, basically giving buyers and sellers a better way to handle costs.
China produces 79% of global tungsten
China currently produces most of the world's tungsten (about 79%) and handles even more of its refining (86%), so other countries are scrambling to find new sources.
Projects in Spain and Portugal are in the works to cut back on reliance on China.
The US says China holds over half of global reserves (53%), which makes finding alternatives even more urgent as demand from construction and mining keeps rising.