3TG refers to four critical minerals: Tantalum, Tin, Tungsten and Gold, which are named after the initials of their names. These minerals are in the spotlight due to their importance in global supply chains and their potential "conflict mineral" attributes, particularly in industries such as electronics, aerospace, automotive, and jewelry.

Analysis of latest tungsten market from Chinatungsten Online

Tungsten prices rose on Monday, with obvious supply-side push and lagging demand-side response. The tungsten market is characterized by an interplay of supply and demand dynamics alongside policy interventions, resulting in a situation where prices are high but trading volume is low.  Industry participants generally awaiting the release of long-term procurement prices from major tungsten enterprises for the latter half of the month.

1. Introduction: The Strategic Position of Critical Minerals in the Global Economy and Security

China's tungsten industry holds a dominant position globally, with a tungsten output of approximately 65,000 tons in 2024, accounting for 85% of the global total (China Tungsten Industry Association, 2024). However, the industry faces shortcomings in high-end products and technology (high-end cutting tools account for only 20% of the market, China Machine Tool & Tool Builders' Association, 2024) and a low recycling rate (about 10%). Although there has been no explicit significant tariff increase on China’s critical minerals yet, starting in 2025, many Chinese industries will face challenges from the U.S. escalating tariff war (with U.S. tariffs on China reaching up to 245%), prompting a need to reassess strategic positioning.