Mei Ri Jing Ji Xin Wen·2025-05-14 04:51Industry Overview and Outlook - Tungsten, tellurium, bismuth, molybdenum, and indium are classified as strategic minor metals and are widely used in industrial manufacturing, national defense, new materials, and semiconductor industries [2] - China holds over 50% of the global reserves for metals such as tungsten and indium, and its production accounts for more than 50% of tungsten, indium, gallium, rare earths, magnesium, and germanium [2] - According to USGS statistics, global tungsten resources reached 3.8 million tons in 2022, with China being the richest in tungsten reserves and production, holding 47.37% of the world's tungsten reserves and over 80% of its production [2] - Major tungsten resources in China are concentrated in Jiangxi, Hunan, and Inner Mongolia, with Jiangxi being the most significant, often referred to as the "Tungsten Capital of the World" [2] - The number of companies engaged in tungsten mining and processing in China is substantial, with leading firms including Xiamen Tungsten, Jiangxi Tungsten Holding Group, and China Tungsten High-tech [2] Supply and Demand Dynamics - The Ministry of Natural Resources announced a control indicator for tungsten mining in 2025, setting the total mining quota at 58,000 tons, a decrease of 6.45% from 2024 [3] - The main tungsten-producing region, Jiangxi, will see a reduction of 2,370 tons in its mining quota, exceeding a 10% decline [3] - Demand for tungsten remains stable due to the continuous growth of global manufacturing, particularly in high-end sectors such as aerospace, new energy vehicles, and electronic information [3] - Domestic tungsten concentrate prices have risen to 156,000 yuan per ton, nearing the historical high of 157,000 yuan per ton recorded in May of the previous year [3] - The overall supply growth of tungsten is expected to lag behind demand growth due to national mining quota controls, stricter environmental regulations, and natural declines in resource grades [3] Related Companies - China Tungsten High-tech serves as the operational management platform for the tungsten industry under China Minmetals, managing a complete tungsten industry chain from mining to processing and trading [5] - The company plans to complete the acquisition of Shizhu Garden Company by the end of 2024, which will significantly enhance its asset portfolio, as it holds over 30% of the national tungsten resource reserves [5] - Xiamen Tungsten focuses on tungsten, molybdenum, and rare earths, establishing a complete industry chain that includes mining, smelting, production of tungsten and molybdenum powders, and deep processing applications [5]