Global tungsten demand supply excluding China, page-5

The tungsten price hasn't risen since the Chinese announcement about hard metals is probably due to

1. Uncertainty whether it includes tungsten.
2. Tungsten is not actively traded like other commodities and so doesn't have other market players (investment traders and hedge funds) apart from users.

It will probably be a gradual increase rather than a rapid one.

Whether it's a Chinese ban now or the US Defence ban from 2026. Downstream users are looking for supply security. That means signing offtake agreements etc with producers or refineries for the product. I think we will see more these in the coming months.