China plans to restrict exports of a critical metal. But the market isn’t that worried
The U.S. has not commercially mined tungsten since 2015, according to official records. But this year, one of the world’s largest mines for the metal is moving close to resuming production in South Korea.“In the medium-term, the U.S. will need to rely on friendshoring” for tungsten, said Gracelin Baskaran, director of the critical minerals security program at the Center for Strategic and International Studies. She noted that Almonty has committed 45% of the South Korea Sangdong mine to the U.S. through a long-term supply contract.Several members of the U.S. Geological Survey, a government agency which analyzes the availability of natural resources, visited Sangdong earlier this year to assess its capacity. China was the largest source of U.S. tungsten imports in June at 45%, according to the agency.
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