China's Control Across the Tungsten Value Chain
Share of global production/capacity by stage — severity ratings from ForcedAlpha supply chain graph
Sev 4 — dominant, limited alternatives
Sev 3 — significant, alternatives exist
Sev 2 — buffer (non-Chinese recycling)
Exception — WF6 production: ~35% China share. Japan (Stella Chemifa, Daikin) and Korea (SK Specialty) dominate WF6 production, making this the one stage where China is NOT the primary supplier — yet WF6 producers depend on Chinese APT as their input, creating indirect exposure.