Tungsten prices have surged to their highest level since 2013, driven by China’s tightening grip on critical mineral exports, according to several reports that track its performance. Tungsten concentrates in China, for instance, climbed 26 per cent to about $20,400 per tonne last month from $16,200 per tonne in January, according to the Shanghai Metals Market. ALSO READ: Inside Rwanda’s Tungsten mine which is the leading producer in Africa The latest price spike follows a series of Chinese export curbs and quota reductions on key strategic metals, including tungsten, tellurium, molybdenum, bismuth and indium. The measures, imposed in retaliation to US tariffs earlier this year, have exacerbated global supply concerns. China dominates global tungsten production, accounting for over 80 percent of last year’s total output of 81,000 tonnes, according to the U.S. Geological Survey USGS. In Africa, Rwanda is the highest producer of tungsten, reportedly producing 1,200 metric tonnes, according to the US Geological Survey. An important exporter of the mineral, Rwanda accounted for 31 per cent of global tungsten trade in 2022, data from UNCOMTRADE database. Rwandan tungsten enjoys a strong reputation due to its high grade. In Austria where it is exported for refining. Tungsten, also known as wolfram, is a hard, rare metal naturally found on earth. It's commonly used in filaments for light bulbs, high-speed steel for tools, and various alloys for aerospace, medical, and military applications. ALSO READ: Rwandan company in talks to supply Tungsten to US smelters Straton Habyarimana, a Kigali-based economic analyst, recently told The New Times that the ongoing trade war between the US. And China is a great opportunity for Africa to take advantage of the market. “With the trade war going on, the US wants to diversify its sources of minerals. A good opportunity for Rwanda and Africa to tap into that huge market,” he said, highlighting in 2023, the US imported $276 billion of minerals, mostly from China. Tungsten, whose global market estimated to be worth $100 billion annually, continues to play an essential role in industries from aerospace and semiconductors to defense and drilling. Tungsten carbide, for example, is second only to diamond in hardness and plays a vital role in metalworking tools and industrial drills. Tungsten crucibles enable the melting of other high-temperature materials. Besides China and Russia, other principal producing countries are Austria, Bolivia, Portugal, Spain, and Vietnam whilst mines have closed since the turn of the century in Australia, Brazil, Canada, France, Japan, Peru, South Korea, Sweden, Thailand and the USA. The price slump post-2011 knocked players like Canada, Peru and Australia out of the running. This month, Trinity Metals, one of the leading producers of tungsten in Rwanda, told this publication that it was in talks with smelters in the US, with the intent to supply them tungsten in the future. Peter Geleta, the CEO of the company, said that the US being the world’s largest economy implies that there is a massive incentive for the company and Rwanda to increase production. ALSO READ: Rwanda’s evolving mining sector through investors’ experience “The size of the US economy and the growth trajectory will mean that there will always be a strong demand for critical minerals from the US. Trinity and Rwanda are ideally placed to provide minerals to the US for many years to come,” he said. “The ever-increasing demand has the potential to drive further growth in mining in Rwanda. Aside from the commitment to supply tin to the US, Trinity is also in talks with smelters in the US, with the intent of supplying tungsten to the US in future,” he added. Since the 1920s, according to Rwanda Mines, Petroleum and Gas Board (RMB), geological surveys have indicated that Rwanda possesses huge deposits of tin, tantalum, tungsten (3Ts) across the country. The deposits are associated with steep faulting and folds coincident with “highs” on intrusive granite cupolas.
