Ferrotungsten export volume in China to increase by 10% in Q4, 2014
2014-12-03 18:24:08 【Print】
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With the global high-speed steel industry developing fast, consumption of ferrotungsten has shown signs of rebounding. China occupies a decisive position in the ferrotungsten market as a major producer and consumer of the material. Impacted by export quotas and high export taxes, however, export offers for ferrotungsten have lost their competitiveness and bit by bit China’s share of the international market has been reduced. Overseas clients have switched to making purchases from outside China. Moreover, in 2013, as the Chinese government had bought up tungsten for storage, Chinese tungsten prices increased significantly despite soft demand from downstream industries. Ferrotungsten offers remained at high levels, which resulted in actual export volumes deceasing by 87% compared with last year. In early August, the WTO announced that China had lost the lawsuit over minor metals fielded by Europe, the USA and Japan. As a result, Chinese export policy will face big changes including the cancellation of export quotas and export taxes on ferrotungsten, and the Chinese ferrotungsten export market will see a new pattern emerge. As tungsten prices have been deceasing in 2014, those for ferrotungsten have also shown a downward tendency. The ferrotungsten export volume in China has begun to rise and it is predicted that the total export volume in Q4, 2014 will increase by 10%.
