China Cuts Back Exports of Special Metals Tin, Tungsten, Antimony, Molybdenum in 2012
International Business Times reported China has announced it will cut down its export quotas of special metals, which could push world prices higher.
International Business Times reported China has announced it will cut down its export quotas of special metals, which could push world prices higher.
Bloomberg reports that the World Trade Organization has determined China's raw material export curbs break international rules.
The reduction of export quotas from China, the world’s leading producer of the metal helped the price nearly triple over the course of the year. Recent reports from China have the quotas increasing nearly 10 percent for the first half of 2011. What will be the major stories for the tungsten market in 2011?
Proactive Investors.com reports that there will be demand for more production of tungsten in 2011, with China placing further restrictions on their exports
Steel Guru.com reports that the Chinese Ministry of Commerce is looking at the possibility of reducing nonferrous metal export quotas, including tungsten, by 2% to 3% each year indefinitely.
A strong growth in Chinese consumption, an unlikely substitute for the metal, and the high cost of getting new mines into operation will likely support tungsten prices over the next five years.
The current global consumption for Tungsten is approximately 80,000 tonnes per annum, with 60,000 coming from mines and the balance from recycled material. China is the largest producer and consumer, and they continue to grip the market, however, mining companies outside China are shifting gears- turning exploration focuses to tungsten.
Get our independent commentary on tungsten trends and companies delivered to your inbox.