Tungsten prices have surged, climbing 557% in the past year, outpacing gains in gold and copper, according to Bloomberg News. The dramatic increase is driven by growing demand from manufacturers seeking alternative supplies as China, the dominant global producer, has tightened exports.
The U.S. Department of Defense (DoD) awarded Golden Metal Resources $6.2 million in July 2025 to revive domestic tungsten production, a mineral deemed critical for national security. This investment aims to lessen reliance on foreign sources, particularly China, and secure a stable supply chain for combat vehicles, munitions, and aerospace systems. The United States has not mined tungsten domestically for nearly a decade, leaving it vulnerable to supply chain disruptions and potential price manipulation.
This push for domestic tungsten production aligns with Executive Order 14241, signed in March 2025, which prioritizes the revitalization of America’s industrial mineral base for defense applications. The order underscores the strategic vulnerability created by dependence on foreign tungsten, with over 80% of the global supply originating from China.
The surge in tungsten demand is not limited to the U.S. A tungsten miner is currently weighing potential deals as the U.S. Seeks to secure supplies of the “weapons metal,” with interest focused on deposits in states like Idaho and Nevada. This reflects a broader effort to bolster critical mineral supply chains, as evidenced by a recently launched $500 million U.S. Initiative to support facilities that process or recycle critical materials.
The growing focus on national security and critical minerals is reshaping the U.S. Tungsten market, prompting shifts in supply chain dynamics and encouraging fresh domestic projects. Fastmarkets reported that the market is “entering a period of transformation” due to increased defense-related funding and global trade restrictions.
