Tungsten's Supply Crisis Is Flashing a War Warning
Tungsten is flashing a supply alarm that commodity traders have not seen outside of wartime, and Bloomberg Opinion columnist David Fickling laid out the case in late June: the Dolphin Mine on King Island, Australia, is reopening. That mine has opened and closed in near-perfect lockstep with every major armed conflict since 1917. The Bloomberg Odd Lots podcast amplified the signal on August 3, calling the tungsten market a century-old prediction market for war. The data backing that assessment is not subtle.
Key Takeaways APT (ammonium paratungstate), the benchmark tungsten intermediate, has surged from roughly $315/MTU in April 2025 to $3,185/MTU by April 2026, a gain of approximately 900% in…
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