According to data from the United States Geological Survey (USGS), in 2024, the import volume of tungsten ore and concentrate in the United States will be about 1,500 tons, a year-on-year decrease of about 8.54%; the import volume of other tungsten products will be about 8,900 tons, a year-on-year decrease of about 11.00%; the export volume of tungsten ore and concentrate will be about 2,000 tons, a year-on-year increase of about 10.42%; the export volume of other tungsten products will be about 3,300 tons, a year-on-year decrease of about 32.45%; the price of tungsten concentrate denominated in WO3/KT is expected to be US$250, a year-on-year decrease of about 3.10%. Note: Other tungsten products include tungstate, ferrotungsten, tungsten carbide, tungsten powder, unwrought tungsten, wrought tungsten forms and tungsten waste.
According to China Tungsten Online, commercial tungsten mining has not been carried out in the United States since 2015. At present, the tungsten supply chain in the United States mainly relies on 7 local processing companies. These companies can convert raw materials such as tungsten concentrate, ammonium paratungstate, tungsten oxide, and even recycled waste into tungsten metal powder, tungsten carbide powder and tungsten chemicals. These products are an important support for the downstream applications of the US tungsten industry and are widely used in many fields such as aerospace, machinery manufacturing, and electronics.
In addition to relying on local processing companies, the United States' tungsten products also rely on imports. During the period of 2020-2023, the sources of tungsten imports in the United States showed a diversified trend. In terms of ores, concentrates and other forms, China is its largest supplier, accounting for 27%. China has rich reserves of tungsten resources, and its production and export volume occupy a large advantage in the world. With its stable supply capacity, it provides a large number of tungsten products to the United States; Germany ranks second with a share of 14%. It has advantages in tungsten processing technology and other aspects, and the products it supplies may focus on high-value-added categories; Bolivia and Vietnam both account for 8%, and both of them rely on their own tungsten ore resources. They also occupy a certain share in the US market; the remaining 43% of the share comes from many other countries, which together constitute the US tungsten import pattern.
These global tungsten reserve and production data have a significant impact on the US tungsten industry, which is closely related to the US tungsten import and supply chain situation introduced above. By the end of 2024, the global tungsten reserves will be about 4.6×10? tons, up 4.55% year-on-year. Among them, China's tungsten reserves are 2.4×10? tons, up about 4% year-on-year, accounting for 52.17% of the world's total reserves; Vietnam's tungsten reserves are 0.14×10? tons, up about 90% year-on-year, accounting for 3.04% of the world's total reserves.
In 2024, the global tungsten production will be about 81,000 tons, down about 1.89% year-on-year. Among them, China's tungsten production is 67,000 tons, up about 1.52% year-on-year, accounting for 81.48% of the world's total production; Vietnam's tungsten production is 3,400 tons, down about 2.86% year-on-year, accounting for 4.20% of the world's total production; Bolivia's tungsten production is 1,600 tons, up about 6.67% year-on-year, accounting for 1.98% of the world's total production.
In order to reduce dependence on tungsten resources in other countries, US tungsten manufacturer Elmet Technologies signed a five-year tungsten concentrate supply contract worth US$30 million with Australian company EQ Resources, which will help promote the development of the US tungsten industry supply chain in a diversified and autonomous direction.
It is worth mentioning that in order to protect China's strategic tungsten resources, prevent its excessive outflow, and maintain national security, the Ministry of Commerce and the General Administration of Customs decided to implement export controls on tungsten-related items in February 2025. Tungsten-related items include ammonium paratungstate, tungsten oxide, tungsten carbide not falling within the control scope defined by item 1C226 in relevant regulations, solid tungsten with specific physical and chemical characteristics (excluding tungsten particles and powder), tungsten-nickel-iron alloy or tungsten-nickel-copper alloy with specific composition and performance characteristics, and technology and data for the production of 1C004, 1C117.c, and 1C117.d.
