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In 2025, the average price of tungsten was *** U.S. dollars per metric ton unit of tungsten trioxide, a significant increase compared to the previous year. Tungsten is a rare metal that has the highest melting and boiling point of all known elements. 

Global tungsten market

In the past, tungsten was mainly used for making the filaments of old-style incandescent light bulbs. Today, tungsten and its alloys such as tungsten carbide, also known as wolfram carbide, are used in many high-temperature applications such as arc welding electrodes and heating elements. As of 2023, the global market value of tungsten amounted to over *** billion U.S. dollars. 

Leading tungsten producers

Global tungsten production amounted to around * metric tons in 2024. China is by far the leading producer of tungsten, with a production volume of some * metric tons in 2024, accounting for more than ** percent of the global tungsten production that year. Vietnam ranked in a distant second place, having produced metric tons of tungsten. Meanwhile, countries classified as politically unstable accounted for around * metric tons of the tungsten produced worldwide in 2022.