alt Hacker NewsWith most resources, it’s usually not that they literally can’t be found, but that the cheap sources are gone. If tungsten costs 20x as much to extract, it doesn’t matter that it technically exists, a lot of users are just not going to be able to afford it.
The article says the US currently imports about 10,000 tons of tungsten per year, and has no active production, so that's also its current usage.
Tungsten costs about $200/kg [0]
So the total US tungsten usage is $2 billion/year.
If the price goes up 20x overnight, and nobody changes their purchasing behaviours, that costs US businesses, consumers and government $38 billion.
That's a lot of money for most people, but it's being spread over a wide base.
For a comparison, the US uses about 20 million barrels of oil per day [1] or 7 billion per year. So a 20x shock in tungsten would be roughly equivalent to oil prices going up $5/barrel. In fact oil fluctuates by that much most quarters [2], if not most months. People complain a little when it goes up, but it takes more than that to really have a noticeable effect on the economy.
A 2x or 5x price increase - a huge shock in any context - would be problematic for a few companies, but really business as usual for the US as a whole.
[0] https://www.metal.com/tungsten
[1] https://ycharts.com/indicators/us_oil_consumption
[2] https://www.macrotrends.net/1369/crude-oil-price-history-cha...