Resolves YES if the Asian Physical Tungsten (APT) price reported by industry sources or market data providers exceeds $520 per metric ton unit (mtu) on April 1, 2026. The price should reflect spot or near-spot market levels for raw tungsten concentrate or APT on that date. This threshold is set slightly above the current flat price range of $450-500/mtu observed in January 2026, reflecting expected upward pressure from China Jinba Bowen's export suspension, which impacts about 2.4% of global tungsten supply and tightens the market. Prices below or equal to $520/mtu resolve NO. Data sources include industry price reporting agencies, trade publications, and market exchanges specializing in tungsten pricing.

The suspension of exports by a major producer like China Jinba Bowen is likely to tighten supply and increase prices globally.

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