Recycling

Commented by Nico Popp on November 12th, 2026 | 05:32 CET

Tungsten rally: Who really profits – Kennametal, Sandvik, Rheinmetall or Almonty?

• Tungsten
• Export controls
• China
• USA
• Processors
• Recycling

Tungsten is more expensive than almost ever before – but who actually profits from it? The price of the intermediate product ammonium paratungstate (APT) has multiplied since September 2023 and at times exceeded USD 3,200 per MTU in Rotterdam in the summer of 2026. S&P Global puts the gap between demand outside China and mine supply there for 2026 at around 21,000 tonnes WO₃. The result is paradoxical: Western tool manufacturers are reporting record profits, while the few producers outside China are being punished on the stock market. We take a look along the supply chain – from the mine to armour-piercing ammunition.