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US Tungsten Scrap Export Ban Takes Effect As Global Supply Crisis Deepens
The Trump administration's export halt on tungsten scrap and shredded battery material took effect Thursday as the latest effort to retain critical supplies within the US. The measure comes as the US confronts a tungsten-supply crisis marked by limited to nonexistent domestic mine production and years of alarming dependence on China-dominated supply chains, even as Beijing increasingly uses critical-mineral exports as geopolitical leverage and curtails shipments abroad.
The Commerce Department directive prohibits exports of tungsten scrap and so-called black mass, the shredded remains of lithium-ion batteries that can be processed to recover lithium, nickel, cobalt and other valuable materials. The restrictions take effect today and will remain in place for one year.
The action follows President Trump's executive order authorizing federal agencies to restrict overseas shipments of scrap containing recoverable critical minerals. Waivers will be considered only when companies can demonstrate "undue hardship" or "irreparable harm."
As of 2025, the US had no mined tungsten production, while China produced 67,000 tons, nearly 79% of global output. Trade data from 2024 show that the US relied on imports for roughly half of its tungsten consumption.
In February 2025, China imposed export controls on selected tungsten products. Rotterdam prices have subsequently jumped nearly 800% since China limited exports of the industrial metal. This has only driven up tungsten and scrap prices.
Wall Street has generally viewed tungsten's role in the industrial economy primarily through a defense lens, such as armor-piercing ammunition, missile components, penetrators, fragmentation materials, and counterweights. But as Lewis Black, CEO of Almonty Industries, recently pointed out, the critical material has many uses beyond defense, including aerospace, energy, medical, automotive and consumer products. It is also, in fact, a critical building block of the artificial-intelligence boom and its associated data-center buildout.
Black, whose mining company controls the largest high-grade tungsten reserves outside China, wrote in a corporate update: "While everyone watches the defense story, you need to keep an eye on semiconductors too. There's a gas called tungsten hexafluoride: WF₆. It's what lays down the microscopic tungsten wiring inside advanced memory chips, the kind the entire AI boom is built on. No WF₆, no advanced chips."
Related:
Wall Street has largely framed the tungsten shortage as a defense story. But what Black stresses is that this view is far from the complete view. With the entire US economic boom predicated on data center buildouts and chip stacks, the obscure tungsten-based process gas that sits deep inside the manufacturing chain for advanced logic, high-bandwidth memory, DRAM, and 3D NAND chips may become one of the biggest risks capable of derailing the buildout if China continues to throttle exports of the critical material.
Tyler Durden Thu, 08/27/2026 - 09:05Imagine A 'Whites Only' Hike Through The Countryside...
Authored by Steve Watson via Modernity News,
Picture a "whites only" ramble through the Peak District. The press would treat it as a national emergency. Now take look at what is already happening there, with official blessing.
The National Trust has spent years partnering with Muslim Hikers for Ramadan walks and overnight retreats at Ilam Park. The charity's own channel promotes Enjoy the beautiful Peak District on a Ramadan walk with the Muslim Hikers.
The weekend features a guided hike, congregational prayers, iftar, night prayers and suhoor, with YHA Ilam Hall booked exclusively for the group on National Trust land.
The National Trust has an entire program dedicated to muslim-only 'Ramadan walks' in the Peak District. pic.twitter.com/w7uji2g6GD
— Suffragent (@Suffragent_) August 26, 2026That is sold as inclusion. Reverse the identity and it becomes a hate incident.
Muslim Hikers founder Haroon Mota states "It's about showing our communities that these places are for us too."
Other groups drop even that pretence. Peaks of Colour calls itself "a Peak District-based walking club by and for people of colour only." Founder Evie Muir says the point is to "reclaim space in the outdoors."
Allow us to re-introduce ourselves! We're @PeaksOfColour, a Peak District-based walking-for-healing club, by and for POC only! Our monthly hikes and regular walk-shops explore both the outdoors, and alternative routes to healing and justice ? give us a follow! ????
— Peaks of Colour (@PeaksOfColour) June 17, 2022Allies can donate, but they cannot join the walk.
And to join a Peak District walking club by and for people of colour only (that centres healing, community, joy and nature connectedness over fitness) join Peaks of Colour here: https://t.co/bAYZy2xBhW
— Evie Muir (@xeviemuir) April 25, 2022Another group called Wanderers of Colour ran a Peak District climbing festival this August billed as "Europe's only climbing festival by and for Black and people of colour."
Collaboration, Connection, Conversations!
An amazing day with @wanderersofcolour during their climbing festival last Saturday. Thanks to @Alpkit Hathersage, welcome& refreshments. We finished with @HopeValleyDairy ?@peakdistrict @pdnp_foundation#getoutside @OrdnanceSurvey pic.twitter.com/AlTlssMmrf
A whites-only weekend on the same gritstone would not get a listings write-up. It would get a police inquiry.
Then there is this development:
Halal Fish & Chips in the Peak District?
Almost every national park we have is now catering for Muslims and serving halal food.
Do the locals get a choice in this?
How much more? https://t.co/XCm9ZL7fD1 pic.twitter.com/XoJnEQxJ1j
The Lake District has gone full halal ?? https://t.co/OCodOjblUA pic.twitter.com/0lDvHyS7F3
— Kiera Diss (@KieraDiss) August 26, 2026A 2022 DEFRA report complained that rural facilities served "white English culture," including "traditional pubs, which have limited food options and cater to people who have a drinking culture."
Muslims from Pakistani and Bangladeshi backgrounds, it said, felt unwelcome because of it. The approved solution is not adaptation. It is a rewritten menu.
National Trust director-general Hilary McGrady spelled out the official line on LBC in March. Ethnic minorities, she said, do not feel the countryside is "a place for them."
"They don't necessarily know 'what am I meant to wear, how do I behave? What's a countryside code? I've never heard of it'."
The research, she added, "comes back really clearly to say they don't. So we accept that and we have to respond... because the National Trust is here for everyone."
Britain's national parks are already open to anyone who can stay on the path. The Trust's answer is still to treat the existing rural culture as the problem, while hosting Ramadan residentials at Ilam Hall.
Julian Glover's 2019 Defra review called national parks "an exclusive, mainly white, mainly middle-class club" and a "'white' environment" at risk of becoming "irrelevant to the country that actually exists."
National Landscapes fell in behind it. The Chilterns promised outreach to Muslims from Luton and marketing in "community languages." Malvern Hills said "most white English users value the solitude" while "ethnic minority people" prefer "social company."
Nidderdale pledged a "more diverse cultural interpretation of the countryside." The Telegraph's February headline did not distort the papers. It was a drive to make the countryside "less white."
In 2024 Wildlife and Countryside Link told an all-party parliamentary group: "Cultural barriers reflect that in the UK, it is White British cultural values that have been embedded into the design and management of green spaces."
It added that "racist colonial legacies continue to frame nature in the UK as a 'white space'."
That is the climate in which a people-of-colour-only club is called community and a whites-only ramble would be called extremism.
The Guardian writer John Harris recently praised Peak District paths where a common sight is "women in their 20s wearing hijabs picnicked on giant rocks." Country walking, he wrote, had been "one of the most monoculturally white pursuits there is." The new scene is, according to Harris, "a wonderful rejection of the right's monotone vision of England."
While the reports fuss over clothing, dogs and menus, the British countryside itself is increasingly being used as a dump.
In November a fly-tip on the River Cherwell near Kidlington piled waste an estimated 20 feet deep and 500 feet long.
In January farmer Katie Davies found a river of rubbish down Bwlch Mountain in Treorchy, visible for miles. "I'm extremely frustrated and upset," she told the BBC. "It's just devastating." The mess "keeps me up at night."
Natural Resources Wales called fly-tipping "a serious crime." Over 70 percent of incidents involve household waste moved by unlicensed carriers.
The Kinder Scout trespassers wanted the right to roam. The new version wants branded weekends, race-gated clubs, faith residentials on Trust land, and a countryside redesigned because Defra decided "white English culture" was the defect.
The hills were not meant to be carved up by identity. Octavia Hill, a National Trust founder, wrote that "the need of quiet, the need of air and... the sight of sky and of things growing seem human needs, common to all." Common to all is the opposite of a programme that sorts walkers by race and creed, then calls the native remainder colonial.
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Tyler Durden Thu, 08/27/2026 - 08:45Jobs 'AI'pocalypse No! Initial Jobless Claims Hover Near Record Lows
The number of Americans filing for unemployment benefits for the first time dropped to 203k last week
The first time initial jobless claims hit this level was in May 2022.
New York and Illinois saw the largest rise in initial claims while California and New Jersey saw the biggest declines...
Continuing jobless claims also dropped, holding below the 1.8 million Americans Maginot Line...
Another week, another confirmation that the 'low hire, no fire' economy remains the driving force and the Jobs AIpocalypse remains absent for now.
Tyler Durden Thu, 08/27/2026 - 08:36The heartbreaking reason why Za’Darius Smith abruptly retired before surprising return
New details reveal how missing NYC grandma Alisa Goods was found dead in Las Vegas ditch
‘Paris is Always a Good Idea’ Ending Explained: Do Chelsea and Knightly End Up Together?
California’s insane $2B ask to keep LA Olympics from becoming traffic hell
Mom, 17, and her baby vanish in Florida — sparking urgent search for ‘missing and endangered’ duo
When Wall Street Says Sell, Check Who's Waiting To Buy
Submitted by QTR's Fringe Finance
Today let me offer up one of my patented periodic reminders to do your own work.
As many have already pointed out, there was something almost too neat about Citadel’s timing before the Situational Awareness blowup. In late June, Citadel Securities published a market-structure review warning that U.S. equities had become unusually concentrated, that investors were increasingly expressing bullishness through leverage, and that leveraged exposure was piling particularly aggressively into technology and semiconductors. They also warned of a rate hike possibility.
Leveraged ETF assets had reached roughly $218 billion; semiconductor exposure in those products was up 175% since the end of March. Financing was getting more expensive too. It was not a prophecy about one hedge fund, but it was a pretty good description of the tinder.
Then July supplied the match. Situational Awareness, the spectacularly successful AI fund run by Leopold Aschenbrenner, got caught in the semiconductor selloff with a leveraged and concentrated book. Its portfolio fell 67% in July. Margin pressure followed, most of the public-equity portfolio had to go, and the fund that had looked like a genius machine suddenly discovered one of finance’s oldest technological breakthroughs: the margin call. Aschenbrenner did what, in my opinion, all market cowards unable to accept responsibility do: blamed short sellers. (Read: Leopold Aschenbrenner’s Short Seller Fairy Tale)
The interesting bit is who showed up with a checkbook after. Citadel, Ken Griffin’s hedge fund, bought most of Situational Awareness’s roughly $16 billion public-equity portfolio. Some positions were acquired at discounts of more than 10%. Within weeks Citadel had already eliminated more than 80% of the aggregate risk it had taken on, including through nearly 100 block trades worth more than $4 billion. Citadel gained roughly 6% in July while quite a few AI tourists were discovering the difference between conviction and collateral.
To be precise, Citadel Securities and Citadel the hedge fund are separate businesses. There is no evidence that Citadel Securities issued its market-structure warnings because Citadel wanted Situational Awareness’s assets on the cheap. That would be a much more exciting story, unfortunately requiring the minor inconvenience of evidence.
But it’s definitely worth…noting. And that’s what this piece is about. You don’t need a conspiracy theory to notice the lesson. Citadel Securities warned that a particular market structure was fragile. That structure cracked. Forced sellers appeared. Citadel then had the balance sheet and trading machinery to buy what those sellers could no longer hold. The warning and the purchase did not appear to be contradictory. They looked to me to be two different moments in the same trade. But there’s no evidence of that.
Still, that makes it worth remembering now that Citadel Securities is warning about the Treasury market. Its latest note attacks Scott Bessent’s expanded buybacks of long-dated Treasury securities, describing them as “financial repression at the margin.” The argument is that Treasury is trying to lean against long-term yields without addressing the reasons those yields are high in the first place: deficits, inflationary pressure and an economy already running hot enough to make additional easing questionable.
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Citadel’s argument is straightforward. If policymakers prevent the adjustment from happening through lower bond prices and higher yields, the pressure does not politely disappear. It goes looking for another door. Citadel thinks that door may be the dollar: constrain the adjustment in Treasuries, weaken the currency instead, loosen financial conditions, import some more inflation, and congratulate yourself on having successfully moved the fire from the kitchen to the living room.
Read literally, this is a warning against long-duration Treasuries. But after Situational Awareness, I feel like there should be another way to read it. Maybe the most useful question is not whether Citadel is right that bonds are vulnerable. Maybe the useful question is what happens if Citadel is right enough to create the kind of price Citadel would eventually want to buy bonds at…
That is the distinction Wall Street macro commentary regularly obscures. “This market is dangerous” is not remotely the same statement as “this asset will be unattractive at every price.” A 30-year Treasury at one yield can be an awful proposition. The same instrument after a violent liquidation and another hundred basis points of yield is literally a different investment.
Suppose Citadel is correct. Treasury intervention fails to resolve the fiscal problem. Long yields rise and bond funds take losses. Leveraged players reduce positions, risk managers demand smaller books, and everyone who was reaching for duration six months earlier suddenly explains that they were always fundamentally a cash investor. At some point the sellers stop being people with opinions and become people with instructions. That is usually when the interesting buyers arrive.
That was the interesting part of Situational Awareness. The warning “leverage and concentration are dangerous” ultimately led not to “never own these assets,” but to a moment when somebody very sophisticated was delighted to own them at somebody else’s distressed price. This is the way investment-bank macro should be read: not backwards in the childish sense that Goldman says buy, therefore sell, but structurally backwards. If this thesis becomes consensus, what positions does it create? What liquidation could it eventually force? And who gets the much better entry after everybody obeys it?
There is a mildly uncomfortable possibility here. A macro analyst can be completely sincere, analytically correct and still produce a conclusion that eventually becomes most valuable in reverse. “Bonds are vulnerable” can eventually mean bonds are becoming cheap. “The dollar is doomed” can eventually produce a very crowded short. “Credit is too tight” can cause spreads to blow out until lending becomes attractive. Markets are annoying that way. They insist on changing the price after everyone agrees on the story.
You cannot prove that an investment bank secretly believes the opposite of what its strategist publishes, and in most cases that is probably the wrong framing anyway. Giant financial firms do not possess one brain and one position. The research desk, market maker, trading desk, clients and asset-management businesses can all have different exposures simultaneously. Asking “what does Goldman really believe?” is often like asking what all of New York City thinks about lunch.
But the broader lesson goes well beyond Citadel, Goldman, JPMorgan or any particular investment bank. And the lesson applies to not just macro, but also sell side equity research: trust no one on Wall Street. Not because everyone is lying. That would actually make things easier. The problem is that everyone is talking from somewhere. Everyone has a book, a mandate, a time horizon, clients, incentives, constraints and a definition of risk that may bear almost no resemblance to yours. The billionaire telling you an asset is dangerous may be able to withstand a 40% drawdown that would liquidate you. The bank telling you something is attractive may be simultaneously financing the people selling it. The hedge-fund manager predicting disaster may simply be describing the event that would give him his dream entry price.
And don’t be hypnotized by the number of zeroes involved. Managing $10 billion does not make somebody ten times more correct than somebody managing $1 billion, and working at an institution overseeing trillions does not confer access to the tablets from Mount Sinai. Large institutions possess extraordinary data, talent and market access. They also produced Long-Term Capital Management, the mortgage crisis, Archegos, countless consensus trades and enough catastrophic “research notes” to fill the East River. Capital is evidence that somebody has successfully accumulated or attracted capital…it is not a certificate of omniscience.
The correct response is not cynicism for its own sake. It is independence. Listen to everyone precisely because you trust no one. Go ahead, read Citadel and Goldman. Read JPMorgan, the Fed, the bears, the bulls and the lunatics on X. Hell, read it all. That’s why you’re reading this after all, right? Then, steal their facts, inspect their arguments, understand their positioning where you can, and then make the irritatingly adult decision yourself.
Because the most important question in markets is rarely “Who is right?” It is: right about what, at what price, over what time horizon, with how much leverage, and with whose money? Two investors can hold opposite positions and both make money because their constraints are different. Two investors can believe exactly the same thesis and one can go bankrupt because he borrowed too much to express it.
I read Citadel’s Treasury warning carefully. They may be exactly right about the underlying problem. Long-term yields may need to rise. Treasury buybacks may merely relocate the pressure. The dollar may ultimately have to absorb some of the adjustment. But then read the warning again and ask the question Situational Awareness makes impossible to ignore: if this goes badly enough, who is waiting to buy?
Trust no one. Do your own work. And whenever Wall Street tells you what you should desperately want to sell, at least ask what price would make Wall Street delighted to buy it from you.
Now read:
- 8 Sharp Bear Cases You Must Read Today
- Analyzing President Trump’s Recent Stock Trades
- A Troubled Stock Story Somehow Gets Worse
- The Real AI Crash Will Start This Year
QTR’s Disclaimer: Please read my full legal disclaimer on my About page here. This post represents my opinions only. In addition, please understand I am an idiot and often get things wrong and lose money. I may own or transact in any names mentioned in this piece at any time without warning. Contributor posts and aggregated posts have been hand selected by me, have not been fact checked and are the opinions of their authors. They are either submitted to QTR by their author, reprinted under a Creative Commons license with my best effort to uphold what the license asks, or with the permission of the author. I cannot guarantee the accuracy of all facts and figures included in this article though I made my best effort to get them right. I have been wrong before and will be wrong again, and encourage you to always double check, do your own research and speak to a licensed financial professional.
This is not a recommendation to buy or sell any stocks or securities, just my opinions. I often lose money on positions I trade/invest in. I may add any name mentioned in this article and sell any name mentioned in this piece at any time, without further warning. None of this is a solicitation to buy or sell securities. I may or may not own names I write about and are watching. Sometimes I’m bullish without owning things, sometimes I’m bearish and do own things. Just assume my positions could be exactly the opposite of what you think they are just in case. If I’m long I could quickly be short and vice versa. I won’t update my positions.
As of May 20, 2026 I am attempting to no longer actively trade as much as I once did (read my story here). My eventual goal is for investing/saving to be mostly done by recurring contributions mostly to sector ETFs and a few select equities, trusted third parties who oversee my accounts, and advisors. Such advisors or funds, through individual equities, options, index funds, mutual funds, ETFs, or other securities, may have positions in, exposure to, or holdings of names mentioned herein that I know nothing about. Basically, via index funds, ETFs and individual equities it is possible I could own, have exposure to, or not own anything at any point. As of the same date, May 20, 2026, in an attempt to lead a healthier lifestyle, I’ve also excluded myself from fantasy sports, sports betting, online and in-person casinos and prediction markets.
And all positions can change immediately as soon as I publish this, with or without notice and at any point I can be long, short or neutral on any position. You are on your own. Do not make decisions based on my blog. I exist on the fringe. If you see numbers and calculations of any sort, assume they are wrong and double check them. I failed Algebra in 8th grade and topped off my high school math accolades by getting a D- in remedial Calculus my senior year, before becoming an English major in college so I could bullshit my way through things easier.
The publisher does not guarantee the accuracy or completeness of the information provided in this page. These are not the opinions of any of my employers, partners, or associates. I did my best to be honest about my disclosures but can’t guarantee I am right; I write these posts after a couple beers sometimes. I edit after my posts are published because I’m impatient and lazy, so if you see a typo, check back in a half hour. Also, I just straight up get shit wrong a lot. I mention it twice because it’s that important.
Tyler Durden Thu, 08/27/2026 - 08:20Pete Crow-Armstrong loses his mind after umps blow obvious call: ‘New ways to screw something up’
Harry Styles surprises fans with Dolly Parton tribute as he kicks off MSG residency
Harry Styles surprises fans with Dolly Parton tribute as he kicks off MSG residency
The Greatest Cover-Up In Economic History: How Washington Hid Its Role In The 2008 Crash
Authored by Kevin Villani via Mises Institute,
The commentary in a recent Wall Street Journal by Senator Phil Gramm and Representative Jeb Hensarling did the nation an immense service by dismantling the persistent myth that private market greed and financial deregulation caused the 2008 financial crisis. As they rightly pointed out, inflation-adjusted mortgage rates during the bubble era were historically high, and financial institutions were suffocating under increasingly strict federal mandates, not running wild in a deregulated vacuum.
Yet, for nearly two decades, the public has been fed a completely fabricated baseline narrative. Having served as the Chief Economist at the Department of Housing and Urban Development (HUD) and later as the Chief Economist at Freddie Mac during critical regulatory shifts, and as an expert in securitization-having structured the first CMO with Larry Fink at First Boston, the first CBO with Mike Milken at Drexel, the first unique MBB with Lou Ranieri at Salomon, and later the first CLO-I watched the true mechanics of this disaster play out from the inside. The reality is uncomfortable for the political class: the real crime of 2008 was not a failure of capitalism, but a catastrophic failure of central planning.
The subprime crisis was deliberately engineered in Washington. Through affordable housing quotas managed by HUD, progressive policymakers systematically weaponized government-sponsored enterprises (GSEs) like Fannie Mae and Freddie Mac. To meet arbitrary, politically-motivated homeownership targets, these institutions were forced to aggressively buy up low-quality, high-risk mortgages.
The mechanics of this distortion were devastatingly simple. To satisfy Washington's mandates, the GSEs had to continuously lower their credit scoring thresholds, accept zero-down-payment structures, and purchase loans with unverified incomes. This top-down command economy completely erased private market discipline. Private lenders-knowing they could instantly dump these toxic, subprime originations onto the balance sheets of government-backed entities-stopped underwriting for risk and began underwriting for political compliance. By forcing the financial system to accept trillions of dollars in low-quality debt, Washington single-handedly fueled the historic housing bubble.
When the house of cards inevitably collapsed, the economic devastation was staggering. The direct government fiscal costs alone reached an estimated $2 trillion domestically and topped $12 trillion globally in banking interventions and stabilization efforts. But the indirect, structural costs were far worse: a permanent loss of up to $14 trillion in US economic output and the immediate vaporization of over $19 trillion in household wealth.
Faced with a disaster of their own making, policymakers pulled off a multi-trillion-dollar ideological cover-up that may ultimately prove to be far more damaging than the original crime.
To shift the blame entirely onto private capital, Washington weaponized the Financial Crisis Inquiry Commission (FCIC). The commission's partisan majority report was custom-built to exonerate the state's progressive interventions. To achieve this, the political class relied heavily on a curated roster of nationally-recognized academic contributors. These individuals perfectly embodied what Nobel laureate economist Friedrich Hayek famously labeled "armchair intellectuals"-theorists with zero actual industry experience whose abstract models merely confused the public and distracted attention from the fundamental, government-driven causes of the collapse.
This academic misdirection, operating in tandem with Marxist-driven street movements like Occupy Wall Street, successfully captured the public imagination. By framing a state-engineered credit crisis as an inherent flaw of the free market, Washington channeled public rage away from regulators and straight onto Wall Street. This manufactured consensus provided the perfect pretext to pass the Dodd-Frank Act-a massive expansion of state regulatory power that heavily penalized the private sector while leaving the government's destructive, highly leveraged dominance over housing finance completely untouched.
The long-term consequences of this deception are playing out in real time today. We see the latest fruit of the 2008 cover-up in the radical economic platforms of the Democratic Socialists of America (DSA). Because the true history of the crash was erased, a new generation of progressives now uses the false narrative of "market failure" to demand national rent controls, a federal tenant bill of rights, and the aggressive expansion of state-owned "social housing." They are deploying the exact same rhetoric used by the FCIC majority and the Zuccotti Park occupiers to advocate for the complete central planning of American real estate.
By shielding Washington from accountability, the 2008 cover-up institutionalized systemic moral hazard and permanently crippled market discipline. When central planning fails, the state's universal response is to demand even more centralized control. Unless we aggressively correct the historical record and expose the armchair intellectuals who enabled this deception, the ongoing ideological cover-up will succeed in setting the stage for a new generation of even more devastating, state-engineered economic collapses.
Tyler Durden Thu, 08/27/2026 - 08:05