SHANGHAI, Feb. 27 (SMM) – China Molybdenum Co.’s net profit rose 11.80% in 2013 from a year ago on more sales of tungsten, prices of which were bolstered by the country’s stockpiling program.

The company made a net profit of 1.17 billion yuan ($191 million) last year,  it told Shanghai Stock Exchange today. It sold 7,139 tons of tungsten metal in 2013, 10.63% more from a year ago, and 27,125 tons of ferro-molybdenum, an increase of only 0.64% year-on-year, it said.

``Bolstered by reserve buying, tungsten market posted gains, defying gloomy macro-economic indicators in 2013,’’ China Molybdenum said in the statement. With more reserve purchases planned for this year, the company expects tungsten prices to remain stable in 2014 despite an on-going surplus in the market, it added.

As for molybdenum, it expects limited room for downside risks as China’s steel industry is seen in a transformation with more special steel manufacturers appearing, who are set to pull up demand for molybdenum, it said.

China Molybdenum, the world’s fourth-largest producer of molybdenum and the second-largest producer of tungsten concentrate, set this year’s production guidance earlier.