CME Group plans to introduce tungsten futures in early 2027, offering industrial users a price hedge as U.S. Geological Survey (USGS) estimates show China dominated global mine output in 2025.
USGS estimated that mines worldwide produced about 85,000 metric tons of tungsten content in 2025. China accounted for an estimated 67,000 metric tons, or roughly 79% of the total.
The agency said China introduced export controls on selected tungsten items in February 2025. USGS cited those controls and U.S. tariff increases in late 2024 in its account of rising prices. Rotterdam prices for ammonium paratungstate (APT) climbed from $331 to $675 per metric tonne unit during 2025.
CME said Oct. 19 that it intends to list the contract on COMEX. It would settle in cash against a Fastmarkets assessment for APT, with no physical delivery required under the futures contract. CME described an established spot market that has lacked a futures contract.
The proposed lot size is 88.5 metric tonne units of tungsten trioxide, about one metric ton of APT at the specified grade. A price quote would state the U.S. dollar cost per metric tonne unit of tungsten trioxide. Globex would host trading, while CME ClearPort would accept trades submitted for clearing.
CME identifies producers, processors and manufacturers as potential users of the contract. Tungsten applications include heating elements, specialized alloys, hardmetals and high-speed steels in industries such as electronics, manufacturing and defense. Maarten Gassmann, managing director of Grondmet, said the absence of a forward market had made tungsten costs difficult to plan.
CME Group Managing Director and Global Head of Metals Jin Hennig cited client demand for price hedges and clearer pricing. CME said its metals products averaged 1.2 million contracts a day from January through September 2026, up 41% from the same period a year earlier.
The planned launch remains subject to regulatory review. CME is targeting early in the first quarter of 2027 but has not announced a first trading date.
