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CNBC

Tungsten supply tightens as wars strain inventories and China restricts exports

Simultaneous wars in Ukraine and Iran have tightened tungsten availability for U.S. munitions and industrial uses, with effects expected to persist even if shipping routes normalize. China controls up to 80% of global tungsten supply and tightened exports in February 2025, while projects such as Cove Kaz Capital's Kazakhstan mine and Almonty's Sangdong restart in South Korea are positioned as alternative sources amid rising U.S. demand into the 2030s.
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