Munitions Metal Tungsten Eclipses Gold, Copper in 557% Rally

Manufacturers are facing a squeeze on supplies of a key metal used in weapons and semiconductors, as Chinese export curbs and rising military demand send prices to record highs.

Tungsten, a super-dense material that’s a key component in drilling equipment and armor-piercing weaponry, has more than doubled in value this year, according to the APT European benchmark from Fastmarkets. At $2,250 per metric ton unit, prices have risen 557% since Beijing added certain tungsten products to its export control list in February last year amid a trade dispute with the US.