Project Products and Markets
Tungsten is a scarce strategic resource. The Chinese government controls tungsten and rare earth as strategic materials, and issues quota targets to Chinese manufacturers every year. Tungsten metal has many excellent and unique properties, such as high melting point, high density, high hardness, strong wear resistance, strong corrosion resistance, good thermal conductivity, good electrical conductivity, and stable chemical properties. Due to the scarcity of global tungsten resources, its irreplaceable in industrial applications, and its increasing importance for the national economy, national defense construction and high-tech industries, its strategic position is prominent.
The tungsten industry chain extends from exploration, mining and smelting to the processing and end use of tungsten products. The upstream of the industrial chain includes the exploration and extraction of scheelite and wolframite. The middle reaches of the industrial chain are smelting, which produces ammonium paratungstate (APT), tungsten oxide and other products. The downstream of the industrial chain is tungsten deep processing, which produces tungsten carbide and carbide carbide.
Ammonium paratungstate and tungsten carbide powder play an important role in the value chain of tungsten industry. Ammonium paratungstate is an advanced atom probe technology used in materials research and development, nanomaterials research and metal alloy research. The importance of tungsten carbide powder is mainly reflected in the preparation of superhard materials, electronic industry applications, high temperature materials and so on. With the increase in demand for carbide carbide downstream, it will have a positive impact on the demand for ammonium paratungstate and tungsten carbide powder, providing stable demand for the Company's future performance.
According to Frost & Sullivan, the global reserve volume of tungsten in 2024 was approximately 4.6 million tonnes, with over 50% (approximately 2.4 million tonnes) located in China. China has been the largest tungsten supplier globally but also a top consumer of tungsten products with growing needs.
According to Frost & Sullivan, China’s consumption volume of tungsten is expected to reach 65.5 thousand tonnes in 2029, at a CAGR of 3.4% from 2024 to 2029. The steady growth rate of China’s tungsten consumption is primarily attributable to increasing demand for cemented carbide products as well as China’s growing smelting and processing capacity. As China’s domestic tungsten supply is strictly regulated by the PRC government, the need for imported tungsten in China is also on the rise in recent years, according to Frost & Sullivan. China’s import of tungsten concentrate is expected to increase from 12.4 thousand tonnes in 2024 to 20.3 thousand tonnes in 2029, according to Frost & Sullivan. Furthermore, the global consumption volume of tungsten is expected to reach 158.2 thousand tonnes in 2029, at a CAGR of 4.1% from 2024 to 2029, according to Frost & Sullivan.
The gap between the growth rates of China and global tungsten consumption further contributes to the imbalanced supply and demand and a growing demand for imported tungsten in China in the future. The chart below sets forth the historical and estimated consumption volume of tungsten globally and in China for the periods indicated:
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