• Simultaneous wars in Ukraine and Iran have depleted sources of tungsten, a largely obscure metal that is used in war machinery, but also more mundane machinery like drill bits and industrial equipment.
• China is the dominant supplier and has wielded its control as a geopolitical weapon. A tungsten mining project in Kazakhstan is among potential new supply sources, but Trump family investment has attracted scrutiny.
• Almonty Industries, a Canada-based miner that has tungsten mines in South Korea and Portugal, is also interested in the potential to mine within the U.S.

The Iran war has caused well-documented price spikes and shortages on a range of items Americans depend upon. Oil and gas, of course, but also petrochemicals and everything derived from them (e.g. plastics) and helium are among raw materials that have been besieged by the closure of the Strait of Hormuz. Still, there is another element which has seen its price surge amid increasingly short supply because of war, but where the shock will not relent even if the Strait is reopened. The vast amount of U.S. munitions used in battle combined with weapons shipped to Ukraine has left many U.S.-based entities in search of tungsten. 

If you don’t know you need tungsten, that’s understandable. While tungsten’s role in weapons is driving the current crisis, its reach extends to far more mundane corners of American life, from the dentist’s chair to the fishing hole. It flies under the radar for most people, but not those within supply chains where it is critical. 

“The tungsten topic comes up in almost every vendor conversation,” said Mark Vena, CEO and principal analyst at SmartTech Research. “Tungsten is the metal nobody talks about until missiles, factories, and machine shops all need it at the same time,” Vena said, noting that it connects warfighting, manufacturing, electronics, aerospace, EVs, and everyday tools. Vena described the current situation as “one ugly supply chain knot” and said the tungsten crisis is a reminder that for all of AI’s and tech’s advancement, the economy is still dependent on physical materials. 

As with other situations involving rare earth materials in recent years, China looms large in the supply chain bottleneck. China is the dominant supplier, controlling as much as 80% of the world’s tungsten, though its production is on the decline. It clamped down on exports back in February 2025, citing national security concerns, and it continues to subject the metal to tight export controls.

According to the most recent USGS data, global tungsten production reached approximately 81,000 metric tons in 2024, with Vietnam a distant second to China. The U.S. produces virtually none domestically.

Tungsten mining by country

Metric tons produced in 2024

China and Vietnam account for more than 80% of the world's tungsten production.

U.S. President Donald Trump (R) and Kazakh President Kassym-Jomart Tokayev attend the Peace Council meeting held during the 56th World Economic Forum in Davos, Switzerland on Jan. 22, 2026.

Harun Ozalp | Anadolu | Getty Images

The U.S. government has thrown its weight behind the hunt for additional sources of tungsten, committing up to $1.6 billion through the Export-Import Bank and the U.S. International Development Finance Corporation to the Cove Kaz project, including a $900 million commitment last November and a $700 million commitment in February of this year. The FT, which first reported on the Trump family investment related to the mining project, recently reported that Cove Kaz Capital has requested an additional $400 million from the Department of Defense.

The government had been laying the groundwork for tungsten investment before the start of the second Trump administration. Cove Kaz noted in its acquisition announcement that the U.S Departments of Commerce and State have been supporting efforts to access Kazakhastan’s tungsten sources since 2023, spanning the Biden and Trump administration. Cove Kaz also referenced a joint venture struck between President Trump and Kazakhstan’s President Kassym-Jomart Tokayev which included the tungsten mining assets.

Whatever happens in Kazakhstan, the tungsten shortage will continue to be felt until new supplies can be procured, and it will impact Americans in one way or another. 

“For most consumers, tungsten is kind of invisible to them. But it keeps the machines and tools that keep this economy going, so they’re going to feel it that way,” said Evan Mills, a financial analyst at wealth planning firm Scholar Advising who specializes in commodities and metals investments.

“Now these Western countries are at war, they need tungsten more than ever — whether it’s for weapons or just basic industrial tools — and it just so happens that the biggest distributor decided to stop distributing right at that moment. That’s the main concern,” Mills said. “There’s still a fairly good-sized supply of this out there — it’s just getting harder and harder to get it from a country that doesn’t necessarily want to distribute it anymore.” 

Mills said that consumers aren’t buying tungsten directly, so the shortage won’t show up directly on their own balance sheet. “But they’ll certainly pay for it when there are delays in construction, when construction costs more, when the machines behind mining and drilling and manufacturing start getting more expensive to run,” Mills said, citing drill bits, saws, and industrial equipment.

He said few people dwell on these critical materials until they become a serious national security threat, “and that’s what this is,” he added. 

Dr. Elizabeth Sterner, assistant professor of chemistry at Lebanon Valley College with expertise in polymer chemistry, said there are everyday items affected by a tungsten shortage, including dental drills. Those in the dental chair can be especially grateful for tungsten. “Tungsten carbide tips dental drills, making them more efficient and causing patients less discomfort,” Sterner said. 

And while tungsten may not be found directly in your smartphone, computer, or car, it does play a role in making them — tungsten carbide drills are used to fabricate the circuit boards in most electronic devices. 

If you cast your line in your favorite fishing hole and came away with a good haul, thank tungsten. “Tungsten weights are used in fishing because they are less toxic than lead weights,” Sterner said.

“Prices for all of these items may increase if there is a tungsten shortage, both due to the lack of tungsten itself and the lack of tungsten carbide machining tools that make these products,” she added.