Column: Every missile fired over Iran is burning through US tungsten stocks

From Pear Tree

The US and Israel have used thousands of munitions in their air campaign against Iran. Most, if not all of them, contain tungsten – a super-hard metal that allows missiles to penetrate armour or underground bunkers.

Unlike a tungsten ​carbide drill bit, which can be recycled, tungsten used in munitions is consumed on detonation. It is gone for good.

The Iran war, coming on top ‌of Ukraine – now in its fifth year – is draining stocks not just of missiles but of the metals that make them so lethally efficient.

Replacing what has been used will be challenging. The tungsten market was already struggling before China tightened its export controls in February 2025 in response to US tariffs. Now it is in crisis.