Platts proposes new alternative-supply-chain tungsten price assessments

Platts, part of S&P Global Energy, proposes to launch new tungsten concentrate and ammonium paratungstate (APT) price assessments on a CIF US ports delivery basis, effective Nov. 30, 2026, in response to market feedback for alternative-supply-chain pricing transparency for such materials.

While China holds about half of reported global tungsten ore reserves and accounts for around 80% of mine production and 85% of APT production, according to S&P Global Energy CERA Critical Minerals Consulting's recent Tungsten Market Report, global market participants have increasingly expressed interest in being able to differentiate the cost of tungsten concentrate and APT sourced from other origins. This has become particularly critical as, effective Jan. 1, 2027, US defense procurement rules will prohibit defense contractors from sourcing tungsten metal powder and heavy alloys from China and other designated countries.

Platts proposed new assessments would be on a CIF US ports basis and inclusive of tungsten concentrate and APT material sourced from Australia, Brazil, Bolivia, Europe, South Korea, the UK, and Vietnam. Other delivery locations and FOB indications may be normalized.

Platts would periodically review the list of origins, which could be subject to change based on geopolitical or trade developments. Platts would notify market participants of any changes or updates to the list of countries included.

Specifications for the new assessments would be as follows:

Assessment	Quality	Quantity	Dimensions/Form	Delivery Incoterm/Location	Timing	Payment	UOM
Tungsten concentrate	50 % Tungsten Trioxide ( WO3) min	20 mt min	Powder packed in bags or drums	CIF US ports	Within 30-60 days	Cash against documents	$/mt
Tungsten Ammonium Paratungstate (APT)	88.5% Tungsten Trioxide ( WO3) min	10 mt min	Powder packed in bags or drums	CIF US ports	Within 30-60 days	Cash against documents	$/mt

The new assessments would be published on S&P Global Energy Core, on new fixed pages, in Platts Metals Daily and in the Platts pricing database.

The assessments would be published on the last business day of each month, following the Platts US holiday calendar and reflecting a 12 pm US ET price assessment time stamp.

Platts invites feedback, comments and questions on this proposal to metalsamericas@spglobal.com and pricegroup@spglobal.com by Oct. 23, 2026.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.