Iron is a great material, but it's durability is very limited. Similar to how gold is faster than diamond but less durable than wood, Tungsten could be much, much more durable than Iron (almost as durable as Diamond), but be about as slow as a stone or even wooden pickaxe and have a low enchantability.
The sword would do slightly more damage than the Iron version (with a slower attack speed), and the axe would be the same. You should only be able to mine Tungsten with an Iron pickaxe or better.
Tungsten would generate somewhere between the rarities of Iron and Gold, and be most common in the Dripstone Caves.
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