Why Tungsten Prices Soared 622% Since 2025
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Why Tungsten Prices Soared 622% Since 2025
Key Takeaways
- Tungsten prices surged 622% between January 2025 and April 2026, more than three times the increase for any other mineral shown.
- Battery materials and magnet rare earths also posted major gains, led by cobalt, neodymium, lithium, and praseodymium.
- Export restrictions and concentrated supply chains contributed to sharp price increases across several critical minerals.
Critical mineral prices climbed rapidly between January 2025 and April 2026 after several years of weaker market conditions.
Rising demand from the energy, defense, and high-tech industries added pressure to markets already affected by supply constraints.
This visualization ranks 27 selected minerals by their price change over the period.
The data for this visualization comes from the International Energy Agency’s Global Critical Minerals Outlook 2026.
Tungsten Leaves the Rest Behind
Tungsten was the clear outlier, with prices rising 622% between January 2025 and April 2026. That increase was more than three times the gain recorded by second-ranked tantalum.
| Critical Mineral | Price Change (2025-2026) | Category |
|---|---|---|
| Tungsten | 622% | Strategic minor minerals |
| Tantalum | 196% | Strategic minor minerals |
| Cobalt | 134% | Battery materials |
| Neodymium | 116% | Magnet rare earths |
| Lithium | 108% | Battery materials |
| Praseodymium | 107% | Magnet rare earths |
| Indium | 102% | Strategic minor minerals |
| Bismuth | 95% | Strategic minor minerals |
| Tin | 65% | Base and alloy metals |
| Chromium | 53% | Base and alloy metals |
| Copper | 44% | Base and alloy metals |
| PPA | 42% | Battery materials |
| Aluminium | 39% | Base and alloy metals |
| Terbium | 37% | Magnet rare earths |
| Molybdenum | 34% | Base and alloy metals |
| Vanadium | 25% | Base and alloy metals |
| Tellurium | 24% | Strategic minor minerals |
| Zinc | 23% | Base and alloy metals |
| Antimony | 19% | Strategic minor minerals |
| Manganese | 16% | Battery materials |
| Nickel | 16% | Battery materials |
| Germanium | 14% | Strategic minor minerals |
| Dysprosium | 10% | Magnet rare earths |
| Titanium | 10% | Strategic minor minerals |
| Graphite | 5% | Battery materials |
| Gallium | 3% | Strategic minor minerals |
| Lead | 1% | Base and alloy metals |
Tungsten is widely used in cutting tools, aerospace components, electronics, and defense applications. Strong demand and China’s export controls placed further pressure on supplies, pushing prices sharply higher.
Battery Materials Rebound
Cobalt and lithium prices increased by 134% and 108%, respectively. Lithium benefited from strong demand for energy storage and constrained supply, while cobalt prices were affected by export restrictions imposed by the Democratic Republic of the Congo.
Purified phosphoric acid, or PPA, rose by 42%, while manganese and nickel each increased by 16%. Graphite posted a comparatively modest gain of 5%.
According to the IEA, global battery demand grew by more than 35% in 2025, surpassing 1.5 terawatt-hours and supporting demand for key battery materials.
Rare Earths and Supply Concentration
Magnet rare earths were also among the biggest gainers. Neodymium and praseodymium prices rose by 116% and 107%, respectively, while terbium increased by 37%.
These elements are essential for manufacturing the high-performance permanent magnets used in electric vehicles, wind turbines, industrial equipment, and consumer electronics. Growing demand for these technologies has increased the strategic importance of rare earth supply chains.
According to the IEA, China accounted for about 70% of refined production across key energy minerals in 2025. That concentration leaves global supply chains more vulnerable to export restrictions and other disruptions, contributing to greater price volatility.
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Ranked: The World’s Largest Gold Producers (2010 vs. 2025)
Largest gold producers ranked from 2010 to 2025, revealing major shifts in global mine output and the growing share of BRICS nations.
Ranked: The World’s Largest Gold Producers (2010 vs. 2025)
Key Takeaways
- China remains the world’s largest gold producer, with output rising from 351 tonnes in 2010 to 384 tonnes in 2025.
- Russia climbed from fifth to second place as gold production increased 70% over the period.
- BRICS and aligned nations increased their share of global gold production from 38% to 50% between 2010 and 2025.
The global gold mining landscape has shifted considerably over the last 15 years, reshuffling several positions below China.
Canada and Ghana have become much larger producers, while former mining heavyweight South Africa has seen its output fall sharply.
This graphic compares gold production by country in 2010 and 2025. The data for this visualization comes from the World Gold Council, as of December 2025.
China Holds On to the Top Spot
China remained the world’s largest gold producer across both years, increasing annual output from 351 tonnes in 2010 to 384 tonnes in 2025.
Russia recorded a much larger gain, with production rising from 203 tonnes to 345 tonnes and its ranking jumping from fifth to second.
| Rank (2025) | Country | Gold Production | ||
|---|---|---|---|---|
| 2010 (Tonnes) | 2025 (Tonnes) | Change (%) | ||
| 1 | 🇨🇳 China | 351 | 384 | 9% |
| 2 | 🇷🇺 Russia | 203 | 345 | 70% |
| 3 | 🇦🇺 Australia | 257 | 293 | 14% |
| 4 | 🇨🇦 Canada | 102 | 213 | 109% |
| 5 | 🇵🇪 Peru | 185 | 209 | 13% |
| 6 | 🇬🇭 Ghana | 94 | 187 | 99% |
| 7 | 🇺🇸 United States | 231 | 157 | -32% |
| 8 | 🇺🇿 Uzbekistan | 69 | 125 | 81% |
| 9 | 🇲🇽 Mexico | 79 | 114 | 44% |
| 10 | 🇮🇩 Indonesia | 132 | 104 | -21% |
| 11 | 🇿🇦 South Africa | 210 | 99 | -53% |
| 12 | 🇧🇫 Burkina Faso | 45 | 94 | 109% |
| 13 | 🇧🇷 Brazil | 72 | 87 | 21% |
| 14 | 🇲🇱 Mali | 43 | 83 | 93% |
| 15 | 🇰🇿 Kazakhstan | 30 | 82 | 173% |
| -- | 🇵🇬 Papua New Guinea | 70 | 53 | -24% |
| -- | 🇹🇿 Tanzania | 47 | 51 | 9% |
| -- | 🇦🇷 Argentina | 64 | 38 | -41% |
Australia remained near the top, moving from second to third even as production increased to 293 tonnes.
Together, China, Russia, and Australia produced more than 1,000 tonnes of gold in 2025.
Gold Production Shifts Away from Traditional Leaders
Some established gold producers have moved sharply down the rankings.
U.S. production fell from 231 tonnes in 2010 to 157 tonnes in 2025, pushing the country from third to seventh place.
South Africa saw an even steeper decline, with output dropping by more than half from 210 tonnes to 99 tonnes.
In contrast, Canada more than doubled its production, rising from 102 tonnes to 213 tonnes and climbing from eighth to fourth.
Ghana also nearly doubled its output to 187 tonnes, making it the world’s sixth-largest producer in 2025.
BRICS and Aligned Nations Gain Ground
Another major shift is the growing weight of BRICS and aligned nations in global gold supply.
Their combined share of global production increased from 38% in 2010 to 50% in 2025.
China and Russia are the two largest producers in this group, while countries such as Uzbekistan and Kazakhstan have also become increasingly significant suppliers.
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Ranked: Countries That Hold the Most Reserves in Gold
The U.S. and Germany have the highest gold shares among the selected economies, at 82% of central bank reserves.
Ranked: Countries That Hold the Most Reserves in Gold
Key Takeaways
- The U.S. and Germany have the highest gold shares among the selected economies, at 82% of central bank reserves.
- China holds 2,306 tonnes of gold, the fourth-largest amount in this dataset, but gold represents less than 9% of reserves.
- Canada is one of the world’s largest gold producers, yet its central bank holds no gold reserves.
Gold remains a major reserve asset for many of the world’s largest economies, but its weight in national reserves ranges from 0% to over 80%.
This graphic ranks selected economies by the share of their central bank reserves held in gold in 2025. The data for this visualization comes from the World Gold Council, based on December 2025 figures.
Gold Dominates Reserves in the U.S. and Europe
Western economies dominate the top of the ranking.
Four countries have roughly four-fifths of their central bank reserves allocated to gold, while the Netherlands rounds out the top five at 72.9%.
| Economy | Gold Reserves (tonnes) | Share of Reserves (%) |
|---|---|---|
| 🇺🇸 U.S. | 8,133 | 82.4 |
| 🇩🇪 Germany | 3,350 | 82.2 |
| 🇫🇷 France | 2,437 | 79.9 |
| 🇮🇹 Italy | 2,452 | 79.3 |
| 🇳🇱 Netherlands | 612 | 72.9 |
| 🇹🇷 Turkey | 614 | 54.6 |
| 🇪🇸 Spain | 282 | 30.8 |
| 🇬🇧 UK | 310 | 20.3 |
| 🇮🇳 India | 880 | 17.7 |
| 🇦🇺 Australia | 80 | 15.3 |
| 🇨🇭 Switzerland | 1,040 | 13.6 |
| 🇸🇦 Saudi Arabia | 323 | 9.0 |
| 🇯🇵 Japan | 846 | 8.7 |
| 🇨🇳 China | 2,306 | 8.6 |
| 🇮🇩 Indonesia | 86 | 7.7 |
| 🇧🇷 Brazil | 172 | 6.8 |
| 🇲🇽 Mexico | 120 | 6.6 |
| 🇰🇷 South Korea | 104 | 3.4 |
| 🇨🇦 Canada | 0 | 0.0 |
China Has More Gold, But a Much Smaller Share
China shows why the size of a country’s gold stockpile tells only part of the story. Gold’s share of reserves also depends on the scale and composition of its other reserve assets.
China holds 2,306 tonnes of gold, the fourth-largest amount in this dataset, but gold represents just 8.6% of its reserves.
Japan has a similar share at 8.7%, despite holding 846 tonnes. India stands somewhat higher at 17.7%, with 880 tonnes in official holdings.
Canada Stands Out With Zero Gold Reserves
Canada sits at the bottom of the ranking with no official gold holdings, despite being a major global gold producer.
The country sold its last remaining gold reserves in 2016, leaving gold at 0% of its central bank reserves.
Canada’s decision to eliminate its gold holdings was decades in the making. After the collapse of the Bretton Woods system in the early 1970s, gold no longer played the same role in backing currencies.
Canada gradually shifted its reserves toward foreign government bonds and other financial assets, selling more than 90% of its gold holdings between 1970 and 1980. The federal government formally decided in the early 1980s to continue divesting its gold holdings.
According to Canada’s Department of Finance, high-quality fixed-income securities were considered better suited to the country’s reserve-management objectives because they were more liquid, generated interest income, and reduced volatility compared with gold.
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