Tungsten prices have soared over the past two years amid supply constraints, spurring miners to tap public markets. Two private tungsten miners flagged IPO plans last week, following the US IPO of Guardian Metal Resources in March.
Tungsten is a hard, heat-resistant metal with end uses in mining and construction, automotive, industrials, chemicals, consumer, defense, energy, and aerospace.
The European price for ammonium paratungstate (APT), the industry benchmark, ranged between $240 and $355 per metric ton unit from 2021 through 2024. Tungsten prices ended 2024 at $343, nearly tripled to $1,005 by the end of 2025, and reached $2,925 at the end of September, an 8.5x increase in less than two years.
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