China export ban hits tungsten, crucial metal for defence, industry

PARIS, Oct 21: Prices for tungsten, an ultra-hard metal that is key for the defence industry, have soared to record highs since China restricted exports in mid-2025.

The restrictions by the world's top producer of the metal have become a major cause for concern among manufacturers now forced to diversify their supply sources.

The Chicago Mercantile Exchange (CME Group), one of the world’s leading derivatives exchanges, said Monday it will launch a dedicated futures market to meet growing demand for the metal by early next year to increase price transparency.

Tungsten has the highest known melting point of any metal at 3,422 Celsius (6,192 Fahrenheit) and is exceptionally hard, almost as hard as diamond, with a density “equivalent to that of gold,” according to a CyclOpe report on raw materials.�" AFP