Chan Ye Xin Xi Wang·2025-08-01 22:34Industry Overview - The ammonium paratungstate (APT) industry in China has seen significant development driven by national policy support and market demand, with China being the largest producer and seller of tungsten globally [1][7] - As of June 2025, the price of APT in China reached 251,500 yuan per ton, marking a year-on-year increase of 19.19% [1][7] - The Chinese government has implemented strict total control and quota management on tungsten mining to ensure sustainable resource utilization, with the first batch of tungsten mining indicators for 2025 being tightened, reducing the total control indicator by 4,000 tons, a decrease of 6.45% compared to 2024 [1][7] Supply and Demand Dynamics - The supply of tungsten concentrate is limited due to government policies, which in turn affects APT production [1][7] - There is a continuous increase in demand for APT driven by rapid global manufacturing and infrastructure development, particularly in downstream industries such as hard alloys, tungsten material processing, and petrochemicals [1][7] Production and Profitability - As of June 2025, the operating rate of APT in China was 74.95%, an increase of 9.76 percentage points year-on-year, driven by high APT prices that expanded profit margins for producers [9] - The gross profit margin for APT in the last week of June 2025 was 0.08 yuan per ton, a decrease of 52.94% year-on-year, indicating challenges in maintaining profitability due to raw material price fluctuations and increased competition [11] Export Trends - China has historically been a major exporter of APT, with export volumes significantly exceeding imports. However, in 2025, the implementation of export control policies led to a notable decline in export quantities, with a 52.78% year-on-year decrease in the first five months of 2025 [12] Key Players in the Industry - Major companies in the APT market include Xiamen Tungsten Industry Co., Ltd., Zhangyuan Tungsten Industry Co., Ltd., and Jiangxi Tungsten Industry Group, which are leaders in production scale, technology, and market share [14] - Xiamen Tungsten Industry has an annual APT production capacity of 45,000 tons and is recognized for its high-purity APT production technology [16] - Zhangyuan Tungsten Industry has a production capacity of 22,000 tons per year and has achieved significant improvements in production efficiency through advanced technologies [18] Industry Development Trends - The APT industry is expected to focus on technological innovation and green production methods to enhance product quality and production efficiency while minimizing environmental impact [20] - Companies are likely to accelerate the integration and extension of the industrial chain to enhance competitiveness and reduce risks, potentially through mergers and acquisitions [21] - The demand for APT is anticipated to expand further due to the acceleration of global industrialization and the growth of high-end manufacturing sectors such as renewable energy and aerospace [22]