International derivatives marketplace CME Group today announced that it will launch Tungsten futures to meet rising demand for its metals complex, which registered record volume this year. Trading will start by early Q1 2027, pending all relevant regulatory reviews.

With annual production between 85,000 and 95,000 metric tons, the global tungsten market is worth over $20 billion based on current spot prices. It has been identified as a critical mineral by the U.S., the E.U., Japan, India and others. Tungsten has an active spot market but lacks a futures market.

The contract will be financially settled based on the Fastmarkets assessment for tungsten APT (Ammonium Paratungstate) duty unpaid basis CIF Rotterdam and Baltimore.

“Tungsten sits at the intersection of advanced manufacturing, semiconductor technologies and geopolitics, and our clients are increasingly seeking to hedge their exposure and improve price transparency,” said Jin Hennig, Managing Director and Global Head of Metals at CME Group. “CME Group Tungsten futures will join our growing suite of critical minerals and energy transition metal products, providing clients more opportunities to manage risk as global supply chains restructure.”

“Growing volatility and concentrated supply are increasing the need for transparent, trusted price benchmarks in the tungsten market,” said Raju Daswani, CEO of Fastmarkets. “The launch of this contract, based on Fastmarkets’ tungsten APT assessment, is a significant step in the market’s development, connecting physical-market price discovery with new opportunities to manage price risk.”

Trading in CME Group’s metals business set a new record in the first nine months of 2026, with a total of 1.2 million contracts traded daily across precious and industrial metals activity, up 41% year-on-year.

The new contract will be listed by and subject to the rules of COMEX.