Platts to launch new alternative-supply-chain tungsten price assessments

Platts, part of S&P Global Energy, will 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 about 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.

Following market feedback, Platts new assessments will be on a CIF US ports basis and inclusive of tungsten concentrate and APT material sourced from Australia, Brazil, Bolivia, DRC, Europe (including Spain and the UK), Kazakhstan, Malaysia, Nigeria, Rwanda, South Korea and Vietnam. Other delivery locations and FOB indications may be normalized.

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

Specifications for the new assessments will be as follows:

Assessment	Quality	Quantity	Dimensions/ Form	Incoterm/Location	Timing	Payment	UOM
Tungsten concentrate	50-65% Tungsten Trioxide (WO3) min	20 mt min	Powder packed in bags or drums	CIF US ports	Within 30-90 days	Cash against documents (other payment terms may also be considered)	$/mtu
Tungsten Ammonium Paratungstate (APT)	88.5% Tungsten Trioxide (WO3) min	5 mt min	Powder packed in bags or drums	CIF US ports	Within 30-90 days	Cash against documents (other payment terms may also be considered)	$/mtu

Platts first proposed new alternative-supply-chain tungsten price assessments in a note published on Aug. 28. https://www.spglobal.com/energy/en/pricing-benchmarks/our-methodology/subscriber-notes/082826-platts-proposes-new-alternative-supply-chain-tungsten-price-assessments

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

The assessments will 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 timestamp.

Platts invites feedback, comments and questions on this decision to metalsamericas@spglobal.com and pricegroup@spglobal.com.

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.