Resolves YES if the Asian Powdered Tungsten (APT) price, as reported by industry price indexes or major commodity market sources, is strictly above $460 per metric ton unit (mtu) on May 1, 2026. This price reflects tungsten concentrate pricing in the key Chinese export market. The suspension of exports by China Jinba Bowen, a major producer, combined with China's tightened export controls and limited approved exporters, is expected to tighten global tungsten supply and push prices higher. The threshold of $460/mtu is near the current early 2026 spot price midpoint (~$450-500/mtu), making this a balanced test of market tightness amid new supply disruptions and ramp-up of alternatives like South Korea's Sangdong mine. Price data from authoritative commodity pricing services or official trade publications will be used for resolution. Only the spot or near-spot APT tungsten price counts; downstream product prices or recycled tungsten prices do not count.

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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