China's tungsten production accounts for more than 80% of the world's total output. It has significantly reduced tungsten exports and is now a net importer of such precious metals. China's control of tungsten exports did not show any signs of loosening and was used in domestic manufacturing. Therefore, the rest of the world will find new sources of supply. Russia has a certain amount of reserves, but 70% is reserved for domestic use. Tungsten is also recycled from existing equipment and components, but even such sources are currently being applied to the limits, and there are not enough new resources. Right now, with the exception of China and Russia, there are only five tungsten mines as major suppliers to the global market. A recent geological survey in the UK published a list of “endangered†metals with economic value, with tungsten topping the list. In the international market, the latest European strategic small metal offer announced yesterday shows that the European tungsten price still lacks upward momentum and runs steadily. In the domestic market, the tungsten concentrate market has not changed due to long-term downturn. Tungsten traders have chosen to leave the market and wait and see, indicating that low prices are not shipped, and market turnover is decreasing. However, tungsten prices have shown signs of stabilization. Fubao expects tungsten in the short term. The city's weakness is still difficult to change quickly, and operations still need to be cautious.
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