Tungsten prices have experienced a dramatic surge from $300 per metric tonne unit to over $3,000 over the past year, according to Brodie Sutherland, CEO of Patriot Critical Minerals Corp. As reported by CNBC TV18, this represents a tenfold increase driven by growing competition for limited global supplies. Sutherland noted that the current rally differs from previous commodity cycles because prices have remained elevated instead of retreating after sharp spikes, indicating sustained market tightness. Recent market data from China Tungsten Industry News Center shows scrap tungsten carbide rod prices at RMB 725/kg, reflecting the continued strength in tungsten markets despite some consolidation from peak levels. Industry commentary in early 2026 noted that tungsten prices had roughly tripled since late 2024, while tin had risen more than 70%, transforming project economics across the sector.
China currently dominates the global tungsten market with around 80% of global production, creating a significant supply imbalance. According to Sutherland's analysis reported by CNBC TV18, the next-largest producer, Vietnam, produces only a fraction of China's output, making it difficult for alternative suppliers to fill the gap. This concentration of production in a single country has created vulnerabilities in global supply chains that buyers are now actively seeking to address through diversification strategies. Recent market data shows 65% wolframite concentrate priced at RMB 405,000/ton, though this represents a 61.4% decline from its peak, indicating some normalization from the previous year's surge. Britain imports all the tungsten it consumes, underpinning the strategic pitch for domestic sources as tungsten is classified as a critical raw material by the UK, EU and US.
New mining projects typically take two to three years to reach production capacity, as noted by Sutherland in his interview with CNBC TV18. Patriot Critical Minerals is targeting production from its Nevada tungsten project within three years to strengthen domestic US supply and reduce reliance on imports. The company is developing what it describes as the largest compliant tungsten resource in the United States, which could meet 20-25% of US demand after more than 15 years without US tungsten production. Recent market developments show APT prices at RMB 600,000/ton, with European APT trading at $3,000-3,265/mtu, though buyer acceptance of high costs remains limited.
The tungsten market remains in a stalemate with sellers reluctant to sell and buyers adopting a wait-and-see approach, according to China Tungsten Industry News Center. While a Yunnan mine sold 68 tonnes of 50% grade scheelite concentrate at a winning bid exceeding RMB 400,000/ton, this transaction failed to break the overall market deadlock. Tungsten powder prices remain at RMB 970/kg, down 59.6% from its peak, with manufacturers of cemented carbide maintaining cautious attitudes due to raw material price sensitivity. Ferrotungsten prices fluctuate within a narrow range at RMB 660,000/ton, reflecting sluggish trading activity across the sector. In the tungsten waste and scrap market, trading activity involving tungsten concentrate and APT has sparked bullish sentiment, driving a rapid rise in scrap tungsten carbide rod prices, though actual trading volume remains limited.
Beyond mining operations, Patriot Critical Minerals is actively engaging with potential end users across defence, aerospace and semiconductor industries, as reported by CNBC TV18. Sutherland emphasized the company's strategy to retain control over future production while evaluating long-term supply agreements. The company's Nevada project represents a significant step toward reducing US dependence on Chinese tungsten supplies, which are critical for defence, semiconductor, and industrial applications. Recent market data shows scrap tungsten carbide rod prices at RMB 725/kg, indicating continued strength in secondary tungsten markets despite overall market consolidation.
