US and Israeli airstrikes on Iran deplete large amounts of tungsten ammunition, putting the global tungsten supply chain in crisis

(1) War Consumption: The US and Israel used thousands of tungsten-containing munitions in airstrikes against Iran. This ultra-hard metal enables missiles to penetrate bunkers and is consumed in explosions. Building on the Ukraine war, the Iran conflict has further depleted missile stockpiles and their critical materials. (2) Tungsten Price Surge: Global tungsten prices have soared, with the price of ammonium paratungstate rising from under $400 a year ago to over $2,200, outpacing increases in copper, gold, and oil. (3) Western Supply Dilemma: Production has grown in countries such as Kazakhstan, but newly built projects are still years away from actual output. The Pentagon has begun seeking new supplies, but the gap is difficult to fill in the short term. (4) Intensified Civil-Military Competition: As Western nations rebuild ammunition stocks, the share of tungsten demanded by defense sectors will continue to rise, potentially squeezing supply for civilian uses (such as semiconductors and circuit boards). (5) "Missile Math is Mineral Math": Tungsten is just one of several key minerals in munitions. Establishing new supply chains takes time, and the West may no longer have that much time.