On January 8, Zhangyuan Tungsten Industry issued a notice to adjust the price of its products. The notice said that the cost of the company has increased significantly due to the recent rising prices of tungsten and cobalt, the raw materials of cemented carbide. The company has decided that from January 18, 2022, cemented carbide products will be implemented at the new price (for specific business, please contact the corresponding sales staff of the company). From the date of price adjustment, all products will be implemented at the new price.
Tungsten prices have continued to rise since December. On January 11, the spot price of SMM wolframite concentrate ≥ 65% averaged 112500 yuan per standard ton, up 7.7% since the beginning of December. Another raw material, cobalt, opened the rally early. Today, the average spot price of SMM electrolytic cobalt (≥ 99.8% / gold, Zan) was 496500 yuan / ton, up 27% so far in October.
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In recent years, in the field of tungsten deep processing, with the adjustment of domestic industrial structure, the transformation and upgrading of manufacturing industry, the product replacement and new demand brought about by the development of new technologies and new industries such as intelligent manufacturing and new energy, and the improvement of the degree of numerical control of machine tools, the total global demand for cutting tools is expected to continue to grow.
Affected by the recovery of downstream demand, tungsten supply has increased this year. According to data released by the Ministry of Natural Resources and the Ministry of Industry and Information Technology, the total mining target of tungsten concentrate (65% tungsten trioxide) in 2021 is 108000 tons, an increase of 3000 tons compared with the same period last year.
