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China's export controls trigger tungsten squeeze
The bull case for tungsten rests on its extreme physical properties and indispensable role in aerospace, defense, and solar, combined with China's tightening export controls.
The argument
The guest argued that China controls roughly 75% of global tungsten supply and has choked off Western buyers with export licensing requirements. This supply squeeze coincides with rising demand from military munitions restocking and solar wire manufacturing.
The thesis, stress-tested
✓ What validates it
- ✓Global military restocking of munitions accelerating further
- ✓Successful completion of the reverse takeover and production start at the Kazakhstan tungsten asset
▸ Risks discussed
- ▸Tungsten prices may not sustain peak levels over the long term
- ▸High concentration of refining capacity remains in Chinese control
Hear it yourself
"And you suddenly understand that if you effectively removed coal metrosurgical coal from the equation, then you don't have steel. Now if you look at what's going on in Queensland, New South Wales, what's going on in Canada, the tax, the the the the the restrictions on mining coal because of the legacy image of what that means is we don't have sufficient coal. Now if you don't have coal, metallurgical coal in a blast furnace, exactly the same situation as with a nuclear power plant if you don't have uranium in it. It shutters, and it costs you a $100,000,000 to restart the plant."
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