In 2024, the average price of tungsten was around 250 U.S. dollars per metric ton unit of tungsten trioxide, a decrease of some three percent in comparison to the previous year. Tungsten is a rare metal that has the highest melting and boiling point of all known elements. Global tungsten market In the past, tungsten was mainly used for making the filaments of old-style incandescent light bulbs. Today, tungsten and its alloys such as tungsten carbide, also known as wolfram carbide, are used in many high-temperature applications such as arc welding electrodes and heating elements. As of 2023, the global market value of tungsten amounted to over 5.5 billion U.S. dollars. Leading tungsten producers Global tungsten production amounted to around 81,000 metric tons in 2024. China is by far the leading producer of tungsten, with a production volume of some 67,000 metric tons in 2024, accounting for more than 80 percent of the global tungsten production that year. Vietnam ranked in a distant second place, having produced 3,400 metric tons of tungsten. Meanwhile, countries classified as politically unstable accounted for around 81,917 metric tons of the tungsten produced worldwide in 2022.

In March 2023, the tungsten price stood at $40,020 per ton (FOB, China), approximately mirroring the previous month.

In 2024, the Pakistani tungsten market decreased by -89.6% to $51, falling for the second consecutive year after three years of growth. Overall, consumption saw a dramatic curtailment. Tungsten consumption peaked at $3.9K in 2015; however, from 2016 to 2024, consumption remained at a lower figure.

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For the fifth year in a row, the South African tungsten market recorded growth in sales value, which increased by 45% to $148K in 2024. In general, consumption enjoyed a prominent increase. Over the period under review, the market reached the peak level in 2024 and is likely to see steady growth in the immediate term.

In 2023, the amount of tungsten imported into the Philippines declined remarkably to 87 kg, falling by -82.8% against the year before.

After three years of growth, supplies from abroad of tungsten decreased by -57.2% to 26 tons in 2023.

For the fourth consecutive year, India recorded growth in supplies from abroad of tungsten, which increased by 165% to 177 tons in 2023.

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Tungsten imports into South Africa surged to 829 kg in 2023, with an increase of 923% on the year before.

After nine years of growth, the Ethiopian tungsten market decreased by -0.9% to $115 in 2024. Over the period under review, consumption continues to indicate a buoyant increase. Over the period under review, the market hit record highs at $116 in 2023, and then dropped slightly in the following year.

In 2023, overseas shipments of tungsten were finally on the rise to reach 4 kg after two years of decline.

In 2023, the amount of tungsten imported into Malaysia reduced modestly to 947 tons, which is down by -4.2% against the year before.