Almonty Industries Inc. shares rallied on Tuesday after tungsten prices climbed, driven by tightening supply and robust industrial demand from China and Europe.
The Toronto-listed miner, which operates tungsten projects globally, saw its stock rise more than 5% in midday trading. The gain followed a surge in tungsten prices, which have gained nearly 20% over the past month amid concerns over supply disruptions and strong demand from steelmakers and aerospace manufacturers.
Analysts cited potential supply constraints from key producers, including China, the world’s largest tungsten consumer and producer. Reports of reduced exports from China and logistical bottlenecks in Europe have tightened the market, supporting higher prices. Tungsten, a critical metal used in high-strength alloys and cutting tools, has seen increased demand as industrial activity in China and Europe remains resilient.
Almonty Industries, which owns the Los Santos and Sangdong tungsten projects, has benefited from the price rally. The company’s Sangdong mine in South Korea is one of the world’s largest tungsten operations, and its production has been a key revenue driver. Almonty has also highlighted plans to expand output at Los Santos to meet growing demand.
The stock’s recent performance reflects broader trends in the metals market, where industrial commodities have gained traction amid expectations of sustained demand from manufacturing sectors. While tungsten remains a niche metal compared to copper or iron ore, its strategic importance in high-tech and defense applications has bolstered its price resilience.
Investors closely monitor Almonty Industries as a pure-play tungsten producer, with its fortunes tied to the metal’s price movements. The company’s next earnings report, scheduled for later this month, will provide further insight into its operational and financial performance amid the volatile pricing environment.
