Technology Metals Report (10.04.2026): A Summit Without a Rare Earth Deal Leaves the West Buying Its Way to Supply
The U.S. and China failed to reach a rare earth supply deal during Xi Jinping's visit, leaving the West to secure supplies. Rare earth exports from China to the U.S. declined, with prices showing mixed trends. Elmet Group and Almonty Industries are expanding tungsten production. Glencore will partner with the U.S. strategic minerals reserve. Eramet plans to expand lithium production in Argentina. Processing capacity is also increasing, with Korea Zinc planning a U.S. smelter.
How this was made
The 30-second read
Why it matters
The article details fresh corporate actions and operational milestones that could reshape the critical‑minerals market.
Market read
New investments and operational milestones signal a shift toward diversified critical‑minerals supply chains, potentially influencing related equities and commodity prices.
What to watch
Regulatory approvals for new mining projects and potential export‑control restrictions could constrain the expected supply boost.
Background
U.S.–China talks on rare‑earth supply ended without a concrete deal, prompting Western firms to secure alternative sources.
Ticker impact
Elmet Group bought a 4.99% stake in Masan High-Tech Materials (Vietnam tungsten producer) for about $124.8 million.
potential upside as investors view the strategic diversification into critical minerals favorably
The deal is a fresh, sizable investment in a rare‑earth‑adjacent metal, creating a clear growth catalyst.
Almonty Industries reported certification of its Sangdong processing plant and the start of Phase II development.
likely modest rally as the market prices in increased tungsten supply capacity
First‑time reporting of plant certification and expansion plans provides new supply‑side upside.
Market effects
Strengthens the non‑Chinese supply narrative for critical minerals, benefiting miners and downstream manufacturers.
Highlights increased U.S. and Asian focus on diversifying away from Chinese rare‑earth sources.
Supports broader commodity‑price outlook for tungsten and related metals amid geopolitical supply concerns.
Counterpoint
The deals may be over‑hyped; actual production ramp‑up could be slower, limiting near‑term price benefits.
Key entities
- CompanyElmet Group
U.S. investment firm expanding into tungsten mining.
- CompanyAlmonty Industries
Mineral producer achieving plant certification in South Korea.
- CompanyGlencore plc
Global commodities trader joining U.S. strategic minerals reserve.
