The upper reaches of the tungsten industry mainly focus on the exploration, mining and beneficiation of black-and-white tungsten ore, the middle reaches mainly focus on the smelting of "tungsten concentrate ammonium paratungstate (APT) - tungsten powder", and the lower reaches include the processing of tungsten materials, tungsten wires, cemented carbide and other materials.
From the perspective of value chain, China's tungsten industry presents the characteristics of "high at both ends and low in the middle": the profit level of upstream tungsten mining and beneficiation and downstream high-end cemented carbide, especially high-precision and high-performance cutting tools, is high, while the profit margin of smelting, pulverizing, medium and low-grade cemented carbide, tungsten steel and tungsten materials is low.
From the perspective of consumption structure, the downstream consumption of tungsten includes tungsten steel (high-speed tool steel), tungsten materials (tungsten wire and tungsten electrode, etc.), tungsten chemical industry (catalyst and pigment) and cemented carbide (cutting tool), among which cemented carbide is the most important field of tungsten consumption in China, accounting for nearly 50%. In contrast, cemented carbide accounts for 72% of the tungsten consumption structure in Europe, and tungsten steel accounts for only 9%. With the development of China's high-end equipment manufacturing industry, the gap between the quality of high-end cemented carbide products and foreign countries has narrowed, and tungsten products are developing in the direction of high performance, high precision and high added value, which is expected to drive the steady growth of tungsten consumption.
In the consumption structure of tungsten resources in 2021, more than 50% is used for the production of cemented carbide, followed by the production of special steel, tungsten materials and chemical industry.
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