US Defense Procurement Bans Tungsten Until 2027

Ferro-Alloy Resources reported that ferromolybdenum produced at its Balasausqandiq plant contained 14.6 tonnes of molybdenum in H1 2026, down 47.5% from 27.8 tonnes a year earlier. The figure represents contained molybdenum, not the gross weight of ferromolybdenum; the company did not disclose the alloy grade or total product tonnage. Raw-material throughput fell 35% because suitable, economically processable purchased concentrates were unavailable, while revenue declined 28% to $1.8 million. Feedstock constraints reduced output, although the plant’s absolute tonnage remains small.

Xiamen Tungsten (600549.SH) announced that the company has released the draft of its 2026 restricted stock incentive plan, under which it plans to grant 22.3268 million restricted shares to 1,011 incentive recipients, accounting for 1.4063% of the company's total share capital, at a grant price of 24.99 yuan per share. The incentive recipients include 8 directors and senior executives of the company, as well as 1,003 management and technical backbone staff. This incentive plan does not set aside reserved equity, and the shares will come from A-share common stock to be issued by the company through a private placement. The performance assessment period is 2026-2028, and the assessment indicators include earnings per share, net profit growth rate, and R&D expense growth rate.

On September 28, a tungsten enterprise in Guangdong released its long-term agreement purchasing prices for the second half of September (VAT included): 55% black tungsten concentrate at 375,000 yuan per standard ton (down 38,000 yuan per standard ton from the first half of the month); 55% scheelite concentrate at 374,000 yuan per standard ton (down 38,000 yuan per standard ton month-on-month); Grade 0 national standard APT at 560,000 yuan per ton (down 40,000 yuan per ton month-on-month). Prices were slashed across the board.