2020 is an extraordinary year. Due to the slowdown of global economic growth and the occurrence of the global coronavirus crisis, domestic and foreign orders for cemented carbide and special steel industries have declined, and China's tungsten industry is facing downward pressure. At present, the growth of the world economy continues to slow, and it is still in a period of deep adjustment after the international financial crisis, with a marked increase in the sources of global instability and risk points, intensified international unilateralism and trade protectionism, and increased geopolitical uncertainties. The slowdown in world economic and trade growth is obvious, and the growth rate of major economies has generally slowed down.
From a domestic point of view, China is in a critical period of changing the mode of development, optimizing the economic structure, and changing the driving force of growth. Structural, institutional, and cyclical problems are intertwined, and the influence of the "three-phase superposition" continues to deepen. Especially under the impact of the new crown pneumonia epidemic since the Spring Festival in 2020, the downward pressure on the economy has increased. However, the new crown epidemic is a one-time shock phenomenon, which will not have a long-term impact, and will not change the basic trend of China's economic stability and long-term improvement.
However, in view of the mining, automotive, 3C and other tungsten products downstream industry market demand is still low, superimposed the impact of the new crown pneumonia epidemic, the long-term trend of tungsten price is still not optimistic. In the field of cemented carbide, foreign strong enterprises are still speeding up the global production layout by virtue of their technological advantages and constantly seizing the market. Domestic counterparts have to absorb the production capacity released by previous investment and the adverse effects of the Sino-US trade war and the new crown pneumonia epidemic. Market competition will be more intense.
What is the future of tungsten market in 2020? Shanghai Nonferrous Network makes every effort to create China Tungsten Industry Market and Application Summit Forum, and sincerely invites you to discuss the great plans of the industry!
The time of the summit: July 15
Venue: Marriott Hotel, Zhuzhou, China
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