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On August 24, ZeroHedge reported insights from Almonty Industries CEO Lewis Black, indicating that the global tungsten supply is facing a severe shortage. The demand for tungsten from the AI, semiconductor, and defense industries continues to grow, while China's dominant position in tungsten raw material supply further amplifies global supply chain risks. This year, the U.S. Strategic Reserve inquired about purchasing tungsten from the market, but due to tight spot supply, rising prices, and concerns that large government purchases could disrupt the market, the initiative ultimately did not advance. Industry insiders note that the availability of non-Chinese tungsten resources for the West is currently limited, with a significant portion of supply already locked in. The supply risks in the semiconductor industry are also pronounced. Tungsten hexafluoride (WF₆) is a crucial material used in the manufacturing process of advanced memory chips to form micro tungsten interconnections. Japanese companies Kanto Denka and Central Glass previously supplied about a quarter of the global WF₆, but both have halted production since July 1 due to an inability to obtain the high-purity tungsten powder necessary for production. The related raw materials primarily come from China, which is tightening tungsten-related exports starting in 2025. Currently, Samsung and SK Hynix are accelerating efforts to find and certify new WF₆ suppliers, with the market expecting WF₆ prices to potentially rise by 70% to 90% in the second half of the year. Meanwhile, a Chinese company has announced plans to add 1,000 tons of WF₆ production capacity annually. The tungsten supply tightness is also spreading to the hard alloy and tooling industries in Japan and Europe and the U.S. The price of APT (ammonium paratungstate) in Western markets remains above $3,000 per metric ton (mtu WO₃), and some companies are experiencing raw material shortages. Industry experts believe that the price elasticity of tungsten demand in the short to medium term is low; even with rising prices, downstream manufacturing sectors such as automotive and aerospace will find it difficult to reduce procurement. The report highlights that tungsten is not only used in defense and semiconductors; approximately 60% of U.S. tungsten demand and about two-thirds of global tungsten demand are for hard alloys, including industrial products like cutting tools and drill bits. As AI, defense, and advanced manufacturing industries expand, the importance of the global tungsten supply chain is further increasing.

On August 24, ZeroHedge reported insights from Almonty Industries CEO Lewis Black, stating that the global tungsten supply is facing a severe shortage. The demand for tungsten from the AI, semiconductor, and defense industries continues to grow, while China's dominant position in tungsten raw material supply further amplifies global supply chain risks. The U.S. strategic reserve had inquired about tungsten procurement this year, but due to tight spot supply, rising prices, and concerns that large-scale government purchases could disrupt the market, the initiative ultimately did not progress. Industry insiders indicate that the non-Chinese tungsten resources currently available to the West are limited, with a significant amount of supply already locked in. The supply risks in the semiconductor industry are also prominent. Tungsten hexafluoride (WF₆) is a crucial material used in the manufacturing process of advanced memory chips to form micro tungsten interconnects. Japanese companies Kanto Denka and Central Glass previously supplied about a quarter of the world's WF₆, but have ceased production since July 1 due to an inability to obtain the high-purity tungsten powder needed for production. The relevant raw materials mainly come from China, which is tightening tungsten-related exports starting in 2025. Currently, Samsung and SK Hynix are accelerating their search for and certification of new WF₆ suppliers, with the market expecting WF₆ prices to potentially rise by 70% to 90% in the second half of the year. Meanwhile, a Chinese company has announced plans to add 1,000 tons of WF₆ production capacity annually. The tungsten supply tightness is also spreading to the hard alloy and tool industries in Japan and Europe and the U.S. The price of APT (ammonium paratungstate) in the Western market remains above $3,000/ton (mtu WO₃), and some companies are experiencing raw material shortages. Industry experts believe that tungsten demand has low price elasticity in the short to medium term; even if prices rise, downstream manufacturing sectors such as automotive and aerospace will still find it difficult to reduce procurement. The report highlights that tungsten is not only used in defense and semiconductors; approximately 60% of U.S. tungsten demand and about two-thirds of global tungsten demand are for hard alloys, including industrial products like cutting tools and drill bits. As AI, defense, and advanced manufacturing industries expand, the importance of the global tungsten supply chain is further increasing.