Lianyou Metals rides tungsten, cobalt squeeze to record quarter

Lianyou Metals’ record quarter reflects intensifying strategic competition over critical minerals. Soaring tungsten and cobalt prices—driven by semiconductor etching demands, defense applications, and EV batteries—are accelerating material substitution: chipmakers are testing molybdenum alloys to replace tungsten, while solid-state battery developers aim to eliminate cobalt. Regulatory pressure from the EU’s Critical Raw Materials Act and U.S. Defense Production Act Title III is inflating compliance costs and forcing supply chain traceability overhauls. Rivals like CMOC and Glencore will likely respond by vertically integrating African cobalt assets or locking in long-term offtake agreements. Over the next 18 months, 'material resilience' will become a decisive competitive metric—firms lacking closed-loop recycling or geographically diversified sourcing will fall behind in the race for advanced nodes.