Global Tungsten Outlook 2026–2030

China’s export controls have pushed tungsten back into the spotlight, but the real story runs much deeper than today’s price action.

The global tungsten market is undergoing a structural shift. Supply chains are being redrawn, governments are prioritising security of supply, and investors are beginning to distinguish between assets that are simply “outside China” and those that can realistically deliver reliable, long-term production.

In my latest report, Global Tungsten Outlook 2026–2030: Strategic Supply, Market Structure and Investment Implications, I examine:

• The current global supply and demand balance
• China’s evolving role and the impact of export controls
• The outlook for prices over the next five years
• The emerging pipeline of non-Chinese producers
• Defence, semiconductor and industrial demand trends
• Investment implications and the projects most likely to reshape the market

Whether you’re a mining company, investor, manufacturer or industrial buyer, understanding how the tungsten market is evolving has become increasingly important.

Lara Smith

Lara is the CEO and founder of Core Consultants. She has been an analyst for over thirteen years and has focused on commodity markets for just over a decade. She began her career as a buy-side analyst at Foord Asset Management in Cape Town, before taking a Head of Research role at a mining corporate finance and investment firm.

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