Commodity
Tungsten
Tungsten has the highest melting point of any metal, which is precisely why it is hard to replace in the applications that use it. Pricing is normally referenced through ammonium paratungstate rather than the metal itself.
Price
Annual reference price
2025, estimatedNot a live price. Annual average, published once a year. Use it for scale and direction, not as today's price.
| Year | Price, USD/mtu | Against the highest year shown |
|---|---|---|
| 2021 | 225.00 | |
| 2022 | 275.00 | |
| 2023 | 258.00 | |
| 2024 | 252.00 | |
| 2025e | 380.00 |
Source: U.S. Geological Survey, Mineral Commodity Summaries 2026, from Argus Tungsten Analytics assessments. Checked 13 September 2026.
What it is used for
- Cemented carbide cutting and mining tools
- Alloys for defence and aerospace
- Heating elements and electrodes
- Radiation shielding
Supply
Supply has long been dominated by China, and Western governments have listed tungsten as a critical mineral in response.
Principal producing countries: China, Vietnam, Russia, Bolivia, Austria.
Producer list from United States Geological Survey, Mineral Commodity Summaries, checked 10 September 2026.