China dominates the supply chain for many of the world's critical minerals, but so far it's held off on sweeping restrictions on at least one: tungsten.
Tungsten is nearly as hard as diamond and has a high energy density, making it an important material in weapons, autos, electric car batteries, semiconductors and industrial cutting machines.While the Biden administration raised tariffs on imports of tungsten in May, China this past weekend did not include the metal in new regulations for boosting its oversight of domestic rare earths production.
"But China might not be too concerned, because the Chinese government ignored the new tariffs, unlike in the past when they restricted some exports of rare earths. They completely ignored it because the Chinese don't want tensions to rise." Dornhofer said in an interview in late May that he was also seeing Chinese buyers increasing their tungsten purchases.
Brandon Beylo, head of investment research at Macro Ops, told CNBC in an email there are only six companies in the U.S. with capacity to produce tungsten. He added that the U.S. hasn't produced tungsten domestically since 2015, meaning future U.S. supply must come from overseas.
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