According to a statement issued by China’s Ministry of Commerce on Tuesday, a total of 44 companies have been granted permission to export silver, while 15 firms are authorised to export tungsten and 11 companies will be allowed to ship antimony overseas. Compared to 2025, the number of approved silver exporters has increased by two, whereas the quotas for tungsten and antimony remain unchanged.
China has announced the list of domestic companies authorised to export key strategic metals—tungsten, antimony and silver—during the 2026–2027 period, underscoring Beijing’s continued efforts to tightly regulate materials it considers vital for national security and industrial development.
Strategic Controls Citing National Security
The announcement comes against the backdrop of China’s broader strategy to leverage its dominant position in the global mining and processing of critical minerals. Over the past two years, Beijing has progressively tightened export controls on a range of strategic materials, citing national security concerns.
These measures are widely viewed as a response to escalating geopolitical and trade tensions, particularly following U.S. restrictions on advanced semiconductor exports and the imposition of tariffs on Chinese goods. China controls a significant share of global processing capacity for many critical minerals that are essential for high-tech manufacturing, renewable energy, and defence applications.
Recent Export Restrictions on Antimony and Tungsten
China formally placed several antimony-related products under export controls with effect from September 15, 2024, followed by the inclusion of multiple tungsten products on its export control list in February this year. Both metals are crucial inputs for defence equipment, clean energy technologies, electronics, and advanced manufacturing.
The restrictions have had immediate global market implications. Overseas supplies of antimony and tungsten have tightened sharply, leading to a significant surge in prices, as import-dependent countries scramble to secure alternative sources.
Silver Prices Hit Record Highs
While silver has not been subjected to the same export control framework as antimony and tungsten, its strategic importance has also increased sharply. Silver prices have climbed to record highs, driven by a combination of supply constraints, low global inventories, and rising demand from both industrial users and investors.
The metal’s inclusion in the United States’ critical minerals list has further amplified market sensitivity. Silver plays a key role not only in jewellery and bullion markets but also in solar panels, electronics, and other clean energy technologies, sectors that are witnessing rapid global expansion.
Global Implications
China’s decision to tightly manage which companies can export these metals for the next two years sends a clear signal to global markets that supply risks are likely to persist. For industries reliant on these materials—ranging from renewable energy and electric vehicles to defence manufacturing—the announcement reinforces concerns over price volatility and long-term supply security.
As geopolitical tensions continue to shape global trade policies, China’s export governance of critical minerals is expected to remain a major factor influencing international commodity markets through 2026 and beyond.
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