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对话专家:钨行业近况及江西钨产业情况
2025-08-28 15:15
Summary of Tungsten Industry and Jiangxi Tungsten Industry Situation Industry Overview - The tungsten industry is strategically significant, with the Ministry of Natural Resources reducing the first batch of tungsten mining quotas by 4,000 metric tons year-on-year, highlighting its value at the national level [1][2] - International market reactions to China's tungsten export controls have led to a significant price difference, with foreign APD prices exceeding domestic prices by 40,000 yuan, driving domestic prices up [1][2] - The average profit margin for Chinese tungsten mines reached approximately 30% last year, with mining companies exhibiting a reluctance to sell, hoping to further increase prices [1][2] - Global military competition is intensifying, with countries like Germany, the UK, and Japan increasing military investments, which is expected to significantly boost tungsten demand [1][2] - Long-term supply constraints due to government control over sources and quotas have contributed to the recent price increases [1][2] Jiangxi Tungsten Group - Jiangxi Tungsten Group, a leading player in the Jiangxi tungsten industry, operates nine core mines and is expected to achieve profits of 800 to 1,000 million yuan from its mining segment this year, with a self-sufficiency rate of about 50% [1][8][10] - The company covers the entire tungsten industry chain, including mining, smelting, and downstream processing, with significant production capacities in both smelting methods [9][10] - Jiangxi Tungsten Group's average production cost is around 130,000 yuan per ton, while current market prices exceed 200,000 yuan per ton, leading to substantial profit margins [8][10] Profit Distribution in the Tungsten Industry - The profit distribution across the tungsten industry chain is uneven, with upstream mining achieving a profit margin of about 30%, while midstream smelting has very low margins of around 2% [13][14] - Downstream processing profits have decreased from double digits in previous years to 8-9% in 2024 [13][14] Future Outlook and Developments - Jiangxi Tungsten Group is planning to expand its production capabilities, including a new APD factory and a tungsten powder project, while also investing in technological upgrades for existing mines [15] - The company has previously considered listing some of its effective assets, with its subsidiary Jiangxi Jiangwu Xigui Equipment Co., Ltd. already listed [16][17] - Despite some older mines experiencing production declines due to increased mining depth and lower ore grades, new resources are expected to be developed in the coming years, potentially restoring total production to around 15,000 tons [18] Key Takeaways - The tungsten market is experiencing upward price pressure due to strategic government policies, international market dynamics, and increasing military demand - Jiangxi Tungsten Group is well-positioned within the industry, with strong profit potential and plans for future growth - The industry faces challenges related to profit distribution and resource depletion, but new developments may provide opportunities for recovery and expansion