Ex-China Tungsten Supply Runs 21,000 Tonnes Short as 2027 Ban Nears
Key Highlights
- ➤Ex-China tungsten output 22,000 tonnes in 2026, leaving a 21,000-tonne supply gap
- ➤U.S. defense rules restrict tungsten from China, Russia, Iran and North Korea starting January 1, 2027
- ➤Western Star reported Eagle Point samples up to 0.55% WO3 and a 13.1-foot channel averaging 0.11% WO3
- ➤Almonty produced tungsten at Sangdong for the first time since 1993
- ➤Kennametal fiscal 2026 sales rose 20% to $2.36 billion; fiscal 2027 guidance reaches $3.45 billion
- ➤MSC fiscal Q3 net sales rose 7.8% to $1,047.1 million; diluted EPS increased to $1.44
Expert Statements
Blake Morgan, CEO and President of Western Star Resources Inc.
“These are encouraging first results from Eagle Point. We detected tungsten in every sample we collected, and the strongest results cluster in Trenches 4, 5 and 6 near the granite contact. That gives us clear targets for our 17-hole drill program, which we believe will be the first drilling at Eagle Point in more than 70 years. Tungsten supply has become a national-security priority for the United States and we believe domestic deposits like Eagle Point have an important role to play.”
Lewis Black, President and CEO of Almonty Industries Inc.
“Thirty-three years. That is how long it has been since tungsten was last produced at Sangdong. Sangdong is producing tungsten again.”
Oliver Friesen, CEO of Guardian Metal Resources plc
“The 92.0 meter intersection at 0.34% WO₃ is particularly encouraging and reinforces our confidence in advancing the South Thumb and Schofield areas toward a planned initial Mineral Resource estimate”
Sanjay Chowbey, President and CEO of Kennametal Inc.
“We achieved record adjusted EPS this quarter through decisive pricing actions in an unprecedented tungsten environment, volume growth and cost improvement efforts”
Greg Clark, Vice President and Interim Chief Financial Officer of MSC Industrial Supply Co.
“Average daily sales exceeded the high-end of our outlook with year-over-year improvement of 7.8% driven by benefits from price and volumes returning to growth in the quarter”
Martina McIsaac, President and CEO of MSC Industrial Supply Co.
“tungsten as the biggest single driver of supplier price increases on carbide tooling”
Martina McIsaac, President and CEO of MSC Industrial Supply Co.
“the cost pressure was not yet behind the industry”
VANCOUVER, British Columbia, Oct. 07, 2026 (GLOBE NEWSWIRE) -- Market Updates News Commentary - S&P Global estimates that tungsten mines outside China will deliver about 22,000 tonnes of contained WO3 in 2026, leaving a gap of roughly 21,000 tonnes against demand in those markets. The price signal arrived first: S&P, citing LSEG data, puts the delivered price of ammonium paratungstate (APT) at $83 per kilogram of WO3 in January and $340 in July, more than a fourfold increase in roughly six months. The supply response is slower, because much of what the West can realistically mine again sits in districts that were last worked when Washington was buying tungsten for war. Companies mentioned in today’s commentary include: Western Star Resources Inc. (CSE: WSR) (OTC: WSRIF) (FRA: 4K2), Almonty Industries Inc. (NASDAQ: ALM), Guardian Metal Resources plc (NYSE American: GMTL), Kennametal Inc. (NYSE: KMT), MSC Industrial Supply Co. (NYSE: MSM).
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