Import and Export Volume of Tungsten Products Increased Steadily in June Supported by China and Overseas Demand

SHANGHAI, Jul 26 (SMM) - According to the General Administration of Customs: The imports of tungsten products totalled 3,797 mt in January-June 2022, a year-on-year increase of 4%. In June 2022, the total import volume of tungsten products was about 571 mt, an increase of 35% month-on-month and a year-on-year increase of 21%. Among them, the imports of tungsten concentrate in June stood at around 324 mt, equivalent to 166.8 mt in metal content, an increase of 4% month-on-month and a year-on-year decrease of 3%. The import volume of sodium tungstate was 132 mt, a month-on-month increase of 65% and a year-on-year growth of 100%.

The supplying countries of tungsten concentrate include Myanmar (153.5 mt), the United Kingdom (68.4 mt), Bolivia (62 mt), Spain (40 mt). The imports under general trade were172 mt, accounting for 53% of the total imports. 

On the fundamentals, the mining activities in China proceeded in an orderly manner in June, and the operating rates of midstream smelters remained above 80%, alluding stable overall market demand. Therefore, the total amount of tungsten concentrate imported in June was relatively flat over that in May.   

The export volume of tungsten products totalled 16,283 mt in January-June 2022, a year-on-year increase of 21%. China exported 2,990 mt of tungsten products in June, an increase of 13% MoM and 11% YoY.

Among them: China exported 624 mt of tungsten trioxide, equivalent to 493 mt in metal content, an increase of 1% month-on-month, down 6% year-on-year; APT 281 mt, equivalent to 196 mt in metal content, an increase of 81% month-on-month, down 37% year-on-year; tungsten powder 179 mt, equivalent to 179 mt in metal content, a month-on-month decrease of 24%, an increase of 71% year-on-year; tungsten carbide 602 mt, equivalent to 566 mt in metal content, an increase of 23% month-on-month and a year-on-year increase of 13%; ferrotungsten 81 mt, equivalent to 61 mt in metal content, a decrease of 62% month-on-month and 66% year-on-year.

From the perspective of exporting countries, in June 2022, China's tungsten products exports are still sent to Europe, the United States, Japan and South Korea. Among them, the exports to EU and UK rose 31% year-on-year and 18% month-on-month; United States added  84% year-on-year and dropped 22% month-on-month; Japan fell 13% year-on-year and 2% month-on-month; South Korean climbed 8% year-on-year and 12% month-on-month.

From January to June 2022, China's tungsten products exported to the EU market increased by 57% year-on-year; exports to the US increased by 66%; exports to Japan increased by 3% year-on-year; exports to South Korea decreased by 14%.

SMM comment: The overseas market still has a strong dependence on China's tungsten products. In June, as the European market was in the summer break, local manufacturers will build some raw material stocks in advance to maintain the production. Therefore, the exports of tungsten carbide and other tungsten products increased steadily.

From the historical data, it can be seen that the export volume of tungsten products usually maintains a month-on-month growth in March, April and June of each year. And there will be a steady decline in the third and fourth quarters, while the export will rise approaching the year-end amid restocking demand. Overall, China's export volume of tungsten products has maintained a slight increase in recent years, evidenced by the steady growth in the first half of 2022.