Tungsten is a vital material used to manufacture cemented carbides (hardmetals), high-speed steels, heating elements and specialized alloys across many industries, including automotive, aerospace, construction, electronics and defense. Due to its extreme hardness, high melting point and essential role in industrial applications and clean technology, demand for tungsten products is robust.

In Q1 2027,* CME Group will allow you to forward hedge your tungsten price risk using a centrally cleared, financially settled financial instrument. This also means that this product lets you manage your commodity price risk separately from physical supply. Tungsten futures can be a cost-efficient hedging tool to protect profit margins and minimize ris

Tungsten futures are available for the current and the next two (2) calendar years, thereby establishing a forward price curve and enabling long-term hedging strategies.

^{*Pending regulatory review}

  Back to Top

The underlying Fastmarkets assessment, Tungsten APT 88.5% WO3 min cif Rotterdam and Baltimore duty-free, $/mtu WO3, serves as a key industry reference point for pricing ammonium paratungstate (APT) and associated upstream concentrates and downstream products across the supply chain. The price assessment captures the value of technical-grade APT traded in spot markets across the main western trading locations. More information on the assessment methodology is available on the Fastmarkets website.

  Back to Top

The Tungsten contract is made available for trading with a unit of measure of dollars per metric tonne unit (mtu) of WO3. The contract size of 88.5 mtu was chosen as it represents approximately one metric ton of ammonium paratungstate (APT) at standard commercial specifications ($88.5% WO3 minimum purity). Because physical APT trades globally on a per-mtu WO3 basis, pricing the contract directly in dollars per mtu reflects standard physical trading terms, allowing participants to hedge without converting between weight units or purity factors.

  Back to Top

Market participants seeking a central point of price discovery, price transparency and risk management use our products. The contract should be of interest to APT producers, miners, processors, hardmetal/cemented carbide manufacturers, OEMs, as well as merchant traders and consumers across the supply chain. In addition, the contract will allow financial market participants access to the tungsten market without having to manage a physical delivery process.

  Back to Top

Coming Q1 2027, Tungsten futures will be available to trade on-screen via Globex and for submission for clearing through CME ClearPort. View more information about CME ClearPort registration.

  Back to Top

Yes. A number of inter-dealer brokers are able to facilitate block trading in Tungsten futures.

  Back to Top

There are minimum quantity and reporting time requirements for Tungsten futures block trades. The minimum block trade size is 2 contracts, and trades need to be reported by the broker within 15 minutes of execution.

  Back to Top

Find a broker or contact your clearing member to get more information on how to get set up to trade the Tungsten futures on Globex and/or as a block trade on CME ClearPort.

  Back to Top