The global tungsten market is experiencing unprecedented disruption. With China controlling over 80% of tungsten production and implementing strict export controls, industries dependent on tungsten carbide—from oil & gas to aerospace—are facing critical supply challenges that could reshape the entire tungsten recycling landscape.
In Episode 105 of Cliff’s Notes, Tungco CEO Cliff Nance sits down with William Parry-Jones, founder of Wolfram Advisory, to unpack the complex dynamics driving today’s tungsten market crisis. William brings a unique perspective, combining materials engineering expertise with a decade of physical metals trading in London and six years leading commercial operations at Vietnam’s largest non-Chinese tungsten producer.
ABOUT WILLIAM PARRY-JONES
William Parry-Jones founded Wolfram Advisory in April 2025, establishing himself as an independent consultant specializing in tungsten market analysis, strategic metals procurement, and critical materials supply chain strategy. His background spans both technical engineering and commercial trading:
- Materials Science & Engineering degree from Imperial College London
- Master’s in Aerospace Materials from Imperial College London
- 10 years in physical metals trading in the City of London
- 6.5 years with Masan Resources in Vietnam, working with the Nui Phao mine
- Expert in China market data analysis and tungsten supply chain intelligence
This combination of engineering knowledge and trading experience gives William a rare ability to analyze both the technical fundamentals and commercial realities shaping the tungsten market today.
THE TUNGSTEN MARKET BY THE NUMBERS
Understanding the scale of the tungsten market is essential for grasping why recent disruptions matter so much. As William explains in the episode:
**Global Market Size**: Approximately 150,000 tons of tungsten (WO3) annually—tiny compared to copper (millions of tons) or aluminum (multi-millions of tons)
**China’s Dominance**: 80-83% of global tungsten production originates in China
**Market Concentration**: The tungsten industry represents a highly concentrated, opaque market that’s “not necessarily commercially interesting to the bigger players”
This small, concentrated market structure means that even modest supply disruptions create outsized impacts across tungsten carbide recycling operations, tungsten scrap pricing, and availability of tungsten products for critical industries.
CHINA’S EXPORT CONTROLS AND THE SUPPLY SQUEEZE
In February 2025, China implemented export controls that fundamentally altered global tungsten supply dynamics. The numbers tell a striking story:
**30% Drop in Exports**: Chinese tungsten exports fell 30% following the February export control implementation
**30-40% Increase in Imports**: Simultaneously, China increased tungsten imports by 30-40% compared to the prior year
This paradox—China exporting less while importing significantly more—raises critical questions about where this tungsten is going and what it means for the global supply chain. William notes that “the macroeconomics don’t support an increase in demand to that same extent” within the domestic Chinese market.
THREE THEORIES BEHIND THE SUPPLY REDUCTION
William presents three interconnected theories explaining the dramatic shifts in China’s tungsten trade patterns:
**Theory 1: End-of-Life Mines and Declining Primary Production**
China has been mining tungsten since the early 1900s, with some operational mines dating back over a century. These massive deposits are showing signs of depletion:
- Historical reduction in mined production never seen before
- Multi-decade mine life approaching exhaustion for older operations
- Lower ore grades becoming uneconomic as production costs increase
As William explains, “We’re talking about huge deposits with multi-decade mine life. I don’t think I certainly don’t have access to enough data to talk about whether mines are at end of life or how many mines are at end of life, but I think we can be confident in saying there’s a trend towards a reduction in output from the existing mining base in China.”
**Theory 2: Value-Added Product Exports**
China may be exporting more value-added tungsten products that don’t appear in traditional tungsten export statistics. This shift would represent a strategic move up the value chain, retaining more economic value domestically while still serving global markets through finished goods rather than raw materials.
**Theory 3: Rising Production Costs and Economic Viability**
China’s government focus on improved working standards, health and safety, and environmental credentials has increased the cost base for tungsten mining. As William notes, “As cost of production increases, lower ore grades become less economic to mine. So some of those mines that previously were continuing to churn out, maybe they’d been operating for 50 years or so, they’re unprofitable today.”
THE COST CURVE AND BYPRODUCT PRODUCTION
Understanding tungsten’s cost curve reveals additional supply vulnerabilities. In the first quartile of the cost curve, approximately 20% of tungsten comes from byproduct production in China—meaning it’s extracted alongside other metals like molybdenum and bismuth at essentially no dedicated cost.
This byproduct tungsten provides some protection for Chinese producers, but higher-cost dedicated tungsten mines face increasing pressure. Those operations mining lower-grade ores with 50+ years of operation are potentially being shuttered, further constraining primary tungsten supply.
SUPPLY AND DEMAND ECONOMICS: IMPACT ON TUNGSTEN SCRAP
The implications for tungsten carbide recycling and tungsten scrap pricing follow basic economic principles, as Cliff and William discuss:
When primary production decreases and market demand remains stable or increases, tungsten scrap values must rise. This dynamic creates opportunities for tungsten recycling companies like Tungco while also highlighting the critical importance of efficient tungsten reclamation processes.
William observes that the market has been “booming” since he started Wolfram Advisory, acknowledging that “most of business is luck, and I’ve been lucky in the sense that the market’s been booming since I started this.”
FUTURE MINING PROJECTS AND POTENTIAL SOLUTIONS
Despite current supply constraints, several tungsten mining projects offer hope for diversifying global supply:
**Great Dyke, Zimbabwe**: A major tungsten project owned by a Chinese company currently under development
**Central Asian Polymetallic Assets**: Undeveloped projects in Kazakhstan and surrounding regions where tungsten would be extracted as a byproduct alongside copper, bismuth, and other metals
**Byproduct Opportunities**: The key to many future projects lies in polymetallic deposits where tungsten can be economically extracted alongside other valuable metals, similar to China’s byproduct production model
These projects could help rebalance global tungsten supply over the coming years, though development timelines and capital requirements remain significant hurdles.
TUNGSTEN RECYCLING: A CRITICAL SOLUTION
As primary tungsten production faces challenges, tungsten carbide recycling becomes increasingly vital. Tungco specializes in tungsten scrap reclamation, processing material from:
- Oil & gas drilling operations
- Machining and manufacturing facilities
- Aerospace component production
- Automotive manufacturing
- Medical device manufacturing
- Military and defense applications
- Thermal spray operations
- Scrap metal dealers
Through accurate processing, efficient settlement, and fair pricing, Tungco helps close the loop on tungsten materials, ensuring this critical metal gets a second life rather than ending up in landfills.
INDUSTRY TALENT CHALLENGES AND TEAM BUILDING
Beyond supply chain concerns, Cliff and William discuss the challenge of retaining talented professionals in the tungsten industry. As William notes, “It’s not an industry that’s really full of young people or people coming through. I think it’s an industry you’ve really got to stick with for 10 years to understand.”
The battery industry, electric vehicle manufacturers, and technology companies are pulling experienced metals professionals away with significant salary increases—sometimes 25-50% pay raises to work for companies like Apple or Tesla.
Cliff emphasizes Tungco’s commitment to backing young team members and building a formidable team despite these competitive pressures. This focus on team development ensures the next generation of tungsten industry expertise continues to grow.
WILLIAM’S JOURNEY: FROM ENGINEERING TO ENTREPRENEURSHIP
William’s career path offers insights for anyone considering a career in critical materials or commodities trading. After studying materials science and aerospace engineering at Imperial College London, he quickly realized traditional engineering wasn’t his calling:
“The life of something that you might design, you’re almost dead before you see it actually in use, and I need more instantaneous response and quicker results.”
This led to a pivot into commodities trading, where William spent a decade in physical metals trading in London, focusing predominantly on tungsten. His work included trading intermediate APT oxide and upstream materials before relocating to Vietnam to work with Masan Resources.
Now, as an independent consultant with Wolfram Advisory, William helps clients with:
- Market entry strategy for tungsten and critical materials
- Market segmentation and opportunity analysis
- China market data and intelligence
- Supply chain risk assessment
- Strategic metals procurement advisory
THE DATA CHALLENGE: NAVIGATING AN OPAQUE MARKET
One of William’s key value propositions is helping clients navigate the opaque nature of the tungsten market. As he explains, “The data from China isn’t necessarily reliable. And you’ve got to be creative about how you actually learn about what’s happening in that market.”
Many organizations outside China have been complacent about China’s dominance in tungsten, taking government data at face value without deeper analysis. William’s work involves “building things from the ground up in terms of China data sets, really trying to figure out what they’re up to and seeing how that impacts the rest of the world.”
This data-driven approach helps clients make informed decisions in an industry where information asymmetry can lead to costly mistakes.
PERSONAL INSIGHTS: WORK-LIFE BALANCE
The episode also touches on William’s personal life, offering a glimpse into the human side of industry leadership. William recently married and has a 20-month-old daughter named Florence (nicknamed Flo). He reflects on how quickly time passes: “She’s gone from something you could hold in the palm of your hand six months ago to a young adult already. So time’s truly flying.”
Cliff, with daughters aged 20 and 15, offers sage advice: “Enjoy every minute of it… it goes by like smoke through a keyhole.”
These personal moments remind us that behind every market analysis and supply chain discussion are real people navigating the challenges of building careers while raising families.
KEY TAKEAWAYS FOR TUNGSTEN INDUSTRY PROFESSIONALS
Episode 105 delivers several critical insights for anyone involved in tungsten recycling, critical materials procurement, or strategic metals:
- Supply constraints are structural, not temporary: China’s reduced exports stem from multiple interconnected factors including mine depletion, rising costs, and strategic positioning
- Tungsten scrap values will continue appreciating: Basic supply-demand economics dictate that constrained primary production increases the value of secondary materials
- Diversification takes time: While new mining projects offer hope, development timelines mean supply constraints will persist for years
- Data quality matters: Reliable market intelligence requires going beyond official statistics to understand true supply-demand dynamics
- Talent retention is critical: The tungsten industry must invest in developing and retaining the next generation of professionals
- Relationships drive success: Both Cliff and William emphasize that the tungsten business remains fundamentally relationship-driven despite technological advances
TUNGCO’S COMMITMENT TO TUNGSTEN RECYCLING EXCELLENCE
At Tungco, we believe in doing things the right way, not the easy way. Our “Whatever It Takes” philosophy has guided us since Steve Nance founded the company in 1969, and it continues to drive everything we do today under CEO Cliff Nance’s leadership.
As a global leader in tungsten carbide reclamation, Tungco operates facilities in Kentucky, Houston, and Germany (Tungco GmbH), serving industries worldwide through specialized divisions:
- **74 Alloys**: Tungsten alloys division
- **TPP (Tungco Powder Procurement)**: Sludge and powder processing
- **Tungco GmbH**: European operations
- **HSS Recycling**: High-speed steel reclamation
- **Lineage Metallurgical**: Advanced materials processing
- **Cuda Grit**: Abrasive products
We weigh every pound of material with care, settle every quote with integrity, and pick up the phone when others hide behind emails. This commitment to exceptional service and abiding relationships ensures our suppliers receive the highest level of service throughout the procurement process.
GET YOUR TUNGSTEN SCRAP QUOTE TODAY
Whether you generate tungsten waste from drilling operations, machining, thermal spray, or manufacturing processes, Tungco is ready to provide fair pricing and efficient processing for your tungsten carbide scrap, tungsten sludge, tungsten powder, or mixed tungsten materials.
Contact Tungco for a Quote:
Let us prove our “Whatever It Takes” commitment to you. It’s as simple as requesting a price quote.
WATCH MORE CLIFF’S NOTES EPISODES
Cliff’s Notes brings you authentic conversations with industry leaders, innovators, and the people shaping the future of tungsten recycling and critical materials. Subscribe to our YouTube channel for weekly episodes featuring:
- Tungsten market analysis and industry insights
- Employee spotlights and team member stories
- Customer success stories and partnership highlights
- Technical deep-dives into tungsten processing
- Industry trends and future outlook discussions
Episode 105 with William Parry-Jones offers essential market intelligence for anyone navigating today’s challenging tungsten supply environment. From China’s export controls to end-of-life mines, from rising production costs to emerging mining projects, this conversation covers the critical factors reshaping the global tungsten market.
As primary tungsten production faces structural constraints, the role of tungsten carbide recycling becomes ever more crucial. Companies like Tungco that specialize in efficient tungsten reclamation aren’t just processing scrap—they’re helping ensure the global supply of this critical material for aerospace, energy, manufacturing, and defense applications.
The tungsten market may be small and opaque, but its impact on modern industry is enormous. Understanding these dynamics helps suppliers, consumers, and recyclers make better strategic decisions in an increasingly complex global marketplace.
Watch the full episode above, subscribe to Cliff’s Notes for future episodes, and contact Tungco today to discuss your tungsten recycling needs.
ABOUT TUNGCO
Tungco is THE premiere global leader in tungsten carbide reclamation and recycling. Founded in 1969 by Steve Nance and now led by CEO Cliff Nance, Tungco operates globally with facilities in Kentucky, Houston, and Germany. We specialize in tungsten scrap reclamation, supplying truckload quantities of material to tungsten carbide manufacturers and consumers worldwide. Our mission is to provide exceptional service and deliver high-performance tungsten products through abiding relationships, sustainable global sourcing, and robust financial practices. Whatever It Takes.
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**RELATED TOPICS**: critical minerals, rare earth materials, export controls, supply chain disruption, mine production, cost curve analysis, global trade, sustainable sourcing, circular economy, metal reclamation, industrial metals, tungsten carbide suppliers, tungsten consumers, China mining, Vietnam tungsten, Kazakhstan mining, Zimbabwe mining
**INDUSTRIES SERVED**: oil and gas, aerospace, automotive, manufacturing, medical devices, military, defense, drilling, machining, thermal spray, cutting tools, wear parts, hard metals, cemented carbide
