China’s Ministry of Commerce confirmed that tungsten, antimony, and silver exports will again be handled through a state-trading regime in 2026–2027, meaning only firms that meet MOFCOM’s thresholds and make the approved list may ship abroad.
The announcement lays out requirements for producers and traders to qualify as state-trading exporters. For tungsten, new applicants must show an average export supply of at least 2,000 tonnes over the past three years measured as APT equivalent, plus a bank credit line of no less than RMB 200 million and certifications that include ISO9000 and ISO14000.
For antimony, new producer applicants must document a three-year average export supply of at least 7,000 tonnes of refined antimony or 5,000 tonnes of antimony oxide, alongside the same ISO certifications full compliance with social insurance and safety laws.
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For silver, new producer applicants must show 2024 output of at least 80 tonnes. The threshold is 40 tonnes for new applicants in China’s western regions. Existing qualified exporters must show export performance in each year from 2022 to 2024. The same ISO certifications are required, as are proof of social insurance payments and other compliance documents.
Provincial commerce departments must consolidate applications and courier materials to MOFCOM by November 12. The ministry will then conduct a seven-day public notice period for preliminarily approved firms before issuing the final list of qualified state-trading exporters.
While this is not an outright ban, many are concerned that this is fresh restrictions on silver exports. However, silver has been managed this way for the current 2024–2025 cycle under a previous ministry announcement which set nearly identical state-trading rules. The 2025 notice updates and continues that framework into the next cycle.
Local authorities are already implementing the timetable. For example, the Beijing Municipal Commerce Bureau instructed eligible firms to submit materials locally by November 7 ahead of the MOFCOM deadline.
The rationale presented by MOFCOM is consistent with language it has used across strategic minerals oversight this year. The ministry frames these measures as protecting resources and the environment and strengthening export administration. Earlier in 2025, officials also vowed to tighten full-chain enforcement and curb illegal outflows for strategic minerals such as antimony and tungsten.
Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
