Quzhou tungsten industry research report, huge processing space
October 16 03:59:55, 2024
The over-exploitation of tungsten concentrates restricts the price of tungsten, and the medium- and long-term tungsten prices will benefit from the resource integration process. Recently, Shenwan Nonferrous conducted research on the Ganzhou Tungsten Industry Association and major tungsten enterprises, and conducted in-depth exchanges on the latest changes in the tungsten industry and the business conditions of the company. At present, there is an over-exploitation phenomenon of tungsten concentrate in China over the years, and the over-exploitation range is about 20%-50%. In 2011, China's tungsten concentrate production was about 135,700 tons, while the mining quota was only 87,000 tons. The large proportion of over-exploitation significantly suppressed the upward price of tungsten. We expect that the medium and long-term tungsten price center will gradually rise. The main reasons are: First, tungsten, as China's advantageous resources and rare earth-like varieties, will continue to benefit from the resource integration process in the future, mainly through the government to improve the industry access threshold (environmental protection, safety standards) Etc.), the introduction of a guiding policy (industry leading integration of related resources), the use of market-oriented mechanisms to form the survival of the fittest, which is the industry integration approach adopted by the current rare earth industry. Although the tungsten industry policy is not as frequent as the rare earth, as the country pays more and more attention to the protection of superior resources, the continuous integration of tungsten resources will be the general trend. Short-term tungsten prices are expected to rise moderately. We believe that at present, the space for tungsten prices to continue to decline is not large. The main reasons are: first, the second quarter orders have improved, tungsten is mainly used in the field of cemented carbide, widely used in machining, metallurgy, oil drilling , mining tools, electronic communications, aerospace, military, construction and other fields. As the global economy bottoms out, tungsten demand tends to continue to improve. Second, high mining costs are expected to provide support for the upward price of tungsten. At present, the cost of tungsten concentrate mining in domestic enterprises is generally above 70,000 yuan / ton, and with the continuous advancement of industry integration, domestic environmental protection and safety standards, labor costs and resource taxes are expected to continue to rise, which in turn provides some support for tungsten prices. The technical barriers and added value of tungsten deep processing products are extremely high, and domestic technological progress is expected to promote import substitution. The selling price of foreign high-end products is usually dozens of times that of China's corresponding products. China's cemented carbide tool market has a huge import substitution space: in 2010, China's tool consumption was about 16 billion yuan, of which 8.8 billion yuan in cemented carbide tools, accounting for 55% of all tool consumption, and the proportion tends to continue to increase (developed countries hard The proportion of alloy tools has reached more than 70%. Because cutting tools have extremely high requirements on hardness and toughness, China is limited by manufacturing level. At present, about 85% still rely on imports. Looking at the world, the global cutting tool market has reached 12 billion US dollars, of which cemented carbide tools account for about 70%, and the market space is huge. With the continuous improvement of the production technology of cemented carbide products in China, it is expected to gradually replace the imported products, and the added value of the products is expected to continue to increase.
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