Makenita Resources Doubles Sisson West Tungsten Project Land in Canada

[SMM Tungsten Express] Japan's response to China's tungsten export controls demonstrates that supply chain restructuring can effectively hedge geopolitical risks. After China imposed tungsten export controls in February 2025, Japan quickly pivoted to tungsten scrap from the US, Singapore and Europe, with US scrap exports to Japan surging 24-fold in Q1 2026. Major producers have initiated expansion plans: Mitsubishi Materials invested ~$64 million to expand recycling capacity in Japan and Europe, while Sumitomo Electric invested $100 million in a new plant expected to boost tungsten supply capacity by ~50% by 2028. The Japanese government is advancing public-private supply chain reform through its Economic Security Promotion Act and JOGMEC. This case underscores that critical minerals dependence is not merely a commercial issue but a strategic risk, accelerating efforts to build resilient supply chains.

[Tungsten Express] SMM July 30: In H1 2026, the import value of cemented carbide inserts (2.351 billion yuan) was 1.43 times that of the export value (1.64 billion yuan). The export value of coated cemented carbide inserts was up 23.88% YoY, while the import value was up 31.94% YoY; exports of coated cemented carbide inserts stood at 670 mt, down 15% YoY, with the unit price up 46.09% YoY. The export value of non-coated cemented carbide inserts was up 36.03% YoY, and the import value was up 31.37% YoY; exports of non-coated cemented carbide inserts were 814 mt, down 15% YoY, with the unit price up 59.55% YoY.

[Mo Express] SMM July 29: A steel mill in Shanxi had a FeMo tender price of 331,000 yuan/mt (acceptance) on July 28. A steel mill in Jiangsu set a FeMo tender price of 334,500 yuan/mt, acceptance, on July 29.