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Research on China Tungsten Market and Xiamen Tungsten Co., Ltd.
China Market Report, Oct 2008, Pages: 35
China contains the richest resource of tungsten globally. According to U.S. Geological Bureau data in 2005, China's proven reserves of tungsten were 1.8 million tons, accounting for 62% of the world's total reserves. The current proven basic reserve is 4.2 million tons, accounting for 67% of the world's total amount of tungsten resources. China's tungsten reserves, production, consumption and the volume of trade all ranked first in the world.
China is also the world's largest supplier of tungsten. In 2007 China supplied 85% of the world tungsten supply, followed by Russia’s 6%. Clearly the supply flow of China's tungsten has a direct impact on that of the entire world’s supply.
The world's major consumers of tungsten are Western Europe, the United States, Japan and China. In 2007 the world tungsten consumption was 62,879 tons, a 4.52 percent growth rate. From 1998 to 2007 the average annual growth of the global consumption of tungsten was 5.37 percent, Chinese tungsten consumption has increased annually, accounting for 31.55 percent of the total global consumption in 2007.
In recent times the rising of tungsten products prices was relatively small in comparison to other products of non-ferrous metals, and volatility was also very small. The price of Tungsten concentrate was between 80,000-120,000 yuan in recent years.
The main business assets of Xiamen Tungsten Co,.Ltd include two tungsten mines, two tungsten smelting plants, one hard alloy company, four tungsten molybdenum filament material companies, one rare-earth company, an international trading company and one real estate development company. The company has a complete industry chain from tungsten mine: from smelting to deep processing. It is first in the world for tungsten smelting production capacity, and it is also the largest producer and exporter of tungsten powder and tungsten carbide powder. Its sales and production of tungsten molybdenum filament material account for 60% of the total domestic amount.
In the first half of 2008, the company achieved an operating income of 2.11 billion yuan and the net profit of its listed company was 75.16 million yuan: a decrease of 1.95 percent and 2.69 percent respectively.
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