Resolves YES if the average price of ammonium paratungstate (APT) tungsten exceeds $10 per metric ton unit (mtu) on April 1, 2026, as reported by authoritative market sources such as Metal Bulletin or industry price indexes. This market captures the impact of China Jinba Bowen's export suspension on global tungsten supply and prices. Given current spot prices around $45-50/kg W (equivalent to $450-500/mtu), this threshold is set well below current levels to isolate the effect of supply disruptions. Only official published prices on the settlement date count; intra-day spikes or unofficial quotes do not resolve the market.

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

Source: Article