Almonty Industries: Tungsten Prices Drive Share Revaluation

In mid-January, tungsten prices exceeded USD 1,000 per MTU APT, reaching approximately USD 1,250. This price surge is influenced by decreased tungsten supply and heightened demand, particularly from the defense sector. China, holding 82.7% of global tungsten production, has imposed strict export and production regulations since early 2025, leading to diminished supply. This scarcity fuels higher prices, compounded by environmental and regulatory production cuts.

Geopolitical tensions and tungsten’s unique properties have intensified its demand in defense, where it's used in key military applications. Increased upstream pricing contrasts with margin pressures downstream. Sphene Capital has updated their financial forecast for Almonty Industries, raising the price target from CAD 13.50 to CAD 20.10 based on strong tungsten market conditions and new US projects.