Tungsten is described as a cornerstone of heavy industry, though it often receives little public attention. According to a February 23 report from Mining.com, tungsten carbide, prized for its extreme hardness and density, is essential in machine parts, drill bits, and hard-facing materials, and in many applications, it is close to irreplaceable, making the metal a key enabler of manufacturing, mining, and defense.
The February 23 report also states that tungsten prices have surged fivefold over the past year as prolonged underinvestment and tightening Chinese supply push the market toward what analysts warn could become a severe global shortage. In a note published that Monday, BMO Global Commodities Research analysts George Heppel and Helen Amos said the world has "sleepwalked" into a tungsten crunch, driven by persistent ore grade decline, environmental restrictions, and a lack of new mining investment. The report notes that global inventories are critically low and that another deficit is forecast for 2026, with tightness expected to persist.
China accounts for roughly 75% of global supply, according to the February 23 report. Production has stagnated in recent years as ore grades decline, environmental controls tighten, and Beijing has moved to restrict exports of dual-use tungsten. As of early 2026, Chinese exports had plummeted, with some, such as ammonium paratungstate, falling to zero in late 2025. The report cites Fastmarkets data showing ammonium paratungstate prices broke out of their long-term average of about US$300 per ton in 2025 and now trade around US$1,775 per ton.
The Mining report outlines five potential mechanisms identified by BMO that could eventually rebalance the market. A meaningful expansion of Chinese mine supply appears unlikely in the near term due to grade challenges and environmental limits, although projects such as Dahutang could add material volumes over time. Outside China, several projects are advancing, but new mines typically take years to permit, finance, and build. Artisanal mining, which accounts for about 6% of global supply, may respond to higher prices, though BMO expects only short-term growth that would not materially replenish depleted inventories. Recycling presents another avenue, with limited scope to significantly increase recycling rates in western markets, while China could expand secondary supply over time if it builds out collection and processing infrastructure. Demand destruction is also described as possible, although substitution is challenging because of tungsten's unique properties.
BMO wrote that in the near term, the market will balance through a mix of artisanal supply growth and some demand destruction, but that adjustment will not be enough to restore comfortable inventory levels. The analysts stated, "The cure for high prices is high prices," adding that meaningful investment in mined supply will likely occur only at price levels well above historical norms.
On February 27, Stjepan Kalinic wrote that tungsten prices have quietly risen by around 500% over the past year. The article states that BMO Global Commodities Research warned the market has "sleepwalked" into a supply crunch as declining ore grades, tightening environmental restrictions, and chronic underinvestment in new capacity collided with export constraints from China. It reiterates that global inventories are critically low and that another supply deficit is forecast for 2026, with tightness likely to persist even at sharply higher prices.
The February 27 article further describes tungsten as rarely in the market spotlight despite its importance. It states that tungsten has the highest melting point of any metal and a density similar to gold, and that in carbide form it is exceptionally wear resistant, making it vital for cutting, drilling, and high-performance machining. It also states that tungsten is indispensable in defense applications because few metals combine extreme heat tolerance, hardness, and density.
Overseas and Domestic Price Increases
A February 24 analysis published by SMM reported that offshore tungsten prices surged past China during the Chinese New Year holiday. As of February 20, ammonium paratungstate CIF Rotterdam was priced at US$1,750 to US$1,850 per mtu, averaging US$1,800 per mtu, up 13.56% week over week. Ferrotungsten at the Rotterdam warehouse was reported at US$195 to US$205 per kilogram W, averaging US$200 per kilogram W, up 1.5% week over week. SMM stated that European downstream inventories remained tight, shortages were severe, and transaction prices were observed at US$1,800 to US$1,900 per mtu. With Chinese enterprises largely suspending offers during the holiday, SMM noted that Rotterdam APT prices exceeded Chinese market prices as of February 13, and that each new transaction drove higher offers amid raw material shortages.
The February 24 report also stated that European scrap tungsten prices followed the rise in raw materials. As of February 20, European scrap drill bits were offered at €80 to €100 per kilogram, averaging €90 per kilogram, up 12.5% week over week, while alloy blades were offered at €89 per kilogram. Indian scrap drill bits were offered FOB at US$106 to US$110 per kilogram and alloy blades at US$102 to US$106 per kilogram. According to SMM's latest survey, Indian alloy blade offers have been raised to US$110 to US$115 per kilogram, with tightening raw material supply for Indian carbide plants and emerging restocking demand.
SMM further reported that on the first trading day after the holiday, China's spot tungsten market rose overall. Spot APT prices were concentrated around 1.05 million yuan per metric ton, up 25,000 yuan per metric ton from pre-holiday levels and up 380,000 yuan per metric ton year to date. The SMM price for 65% wolframite concentrate closed at 701,500 yuan per metric ton, up 5,000 yuan per metric ton from pre-holiday levels and up 248,000 yuan per metric ton year to date, with some transactions reported around 705,000 yuan per metric ton.
The report also noted that a tungsten enterprise raised long term contract prices for the second half of February, offering 55% wolframite concentrate at 730,000 yuan per metric ton, 55% scheelite concentrate at 729,000 yuan per metric ton, and zero grade national standard APT at 1.07 million yuan per metric ton, reflecting month over month increases of 60,000 yuan per metric ton for concentrates and 100,000 yuan per metric ton for APT. SMM stated that tight supply conditions continued after the holiday, providing support for prices.
As supply tightness and price volatility reshape critical and industrial metal markets, attention is also turning to exploration companies like Adamera advancing projects in established mining jurisdictions.
Adamera Minerals Corp.
Adamera Minerals Corp. (ADZ:TSX.V) is exploring gold, copper, silver and tungsten projects in the United States and Canada. The company has also reported on its Talisman Copper-Silver-Tungsten Property near Laurier, Washington, which includes the historic Talisman tungsten mine.
According to the company, the Talisman Mine was a key tungsten producer during World War II, supplying strategic metal for U.S. military applications. Scheelite mineralization occurs in garnet-epidote skarn along the contact between limestone and intrusive rocks, with selected samples from the workings reported to contain between 0.35% and 1.0% WO₃, with some local samples reported to assay higher.
Adamera stated that its exploration work on the property has primarily focused on the presence of high-grade copper and silver mineralization, while historically mined tungsten-bearing skarn zones received limited attention. Smelter records from the Talisman Mine reported copper and silver grades averaging 5% copper and 103 g/t silver, with specific zones also containing lead up to 20% and zinc up to 11%.
Surface sampling, mapping, and geophysical interpretation conducted by the company have outlined a 1.5-kilometer mineralized corridor containing copper, silver, lead, zinc and tungsten occurrences. Rock samples collected on the property returned copper values ranging from 0.54% to 4.6%, silver values between 1.0 g/t and 1000 g/t, zinc values from 0.50% to 6.90%, and lead values from 0.44% to 12.80%.
In November, Adamera reported a new occurrence of tungsten mineralization on the property, with rock samples collected up to 720 meters south of the historic Talisman Tungsten Mine returning values ranging from 100 ppm to 2,600 ppm tungsten. Background tungsten levels in the area were described as typically below 5 ppm.
Mark Kolebaba, President and CEO of Adamera Minerals Corp., stated in the company’s November news release, “Previously, Adamera’s exploration efforts at Talisman focused on high-grade copper and silver. The renewed emphasis on tungsten, a US federally designated critical mineral, adds a valuable dimension to the project. The discovery of potential continuity of the known tungsten deposit well to the southwest is significant as it substantially increases the potential scale of mineralization.”
1According to a February 11 analysis by John Newell of John Newell & Associates, Adamera Minerals Corp. was described as "a Speculative Buy around CA$0.10." Newell wrote that "precious metals markets are back in motion, and when gold is working, investors inevitably start looking for leverage in smaller capitalization companies," adding that "that's usually when past producing districts, underexplored ground, and companies with real drill-ready targets begin to matter again." He stated that the company had spent more than a decade assembling strategic land positions and advancing exploration targets, writing that "this is not greenfield exploration."
Streetwise Ownership Overview*Newell also outlined the company's operational focus, stating that "the company's strategy is straightforward: focus on high grade, underground style systems with small footprints, leverage existing infrastructure, and drill targets that can move the valuation quickly if successful." Regarding project positioning, he wrote that "the Republic Gold District is one of the highest grade gold camps in North America," and stated that Adamera's Flag Hill project "hosts an epithermal style vein system." He further noted infrastructure advantages, writing that "a permitted 2,000 tonne per day mill owned by Kinross sits within the district on care and maintenance, alongside existing haul roads and power transmission lines."
2About 3.29% of Adamera Minerals is owned by the institution, U.S. Global Investors Inc., 4.61% is held by management and insiders. The remainder is retail.
The 52-week trading range of Adamera was approximately CA$0.05 to CA$0.15. The company had roughly 32.12 million shares outstanding and a market capitalization of about CA$5 million.
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- Adamera is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
- As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Adamera.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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1. Disclosure for the quote from the John Newell article published on February 11, 2026
- For the quoted article (published on February 11, 2026), the Company has paid Street Smart, an affiliate of Streetwise Reports, US$3,500.
- Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.
John Newell Disclaimer
As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it's advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.
2. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
