On November 10, tight tungsten supply in Western markets continued to push prices higher, with tungsten prices rising tenfold within a year to more than USD 3,000 per metric ton unit. EQ Resources, an ASX-listed tungsten company, saw its market capitalization climb from AUD 110 million to AUD 1.33 billion, and an investment vehicle owned by Forrest acquired a 16.8% stake in the company. Tungsten Mining and others are advancing mine development in Queensland and Western Australia. China accounts for about 85% of global tungsten supply and continues to tighten exports, making cost pressure on tungsten powder and hardmetals difficult to resolve in the short term. Buyer value: the tenfold rise in tungsten prices directly increases procurement costs for tungsten powder and hardmetals, and downstream cutting tool and wear-part companies need to assess price pass-through and domestic supply security arrangements.