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鎢:2030 年展望(第 15 版)

Tungsten - Outlook to 2030, 15th Edition

出版商 Roskill Information Services 商品編碼 1006609
出版日期 內容資訊 英文
商品交期: 最快1-2個工作天內
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鎢:2030 年展望(第 15 版) Tungsten - Outlook to 2030, 15th Edition
出版日期: 2021年04月30日內容資訊: 英文
簡介

2020年中國占礦山產量的80%以上,含金屬量約61kt。中國在仲鎢酸銨(APT)、氧化鎢、金屬鎢粉和碳化鎢等鎢中間體的生產方面也處於世界領先地位。這些產品大部分供應給國內大型硬質合金刀具行業,但也有不少鎢精製品和成品出口到世界各地,而中國的鎢礦和精製品的生產,已成為世界上不可或缺的一部分。

本報告調查了鎢,包括全球生產和消費、貿易、供需、COVID-19 冠狀病毒爆發的影響、價格、可持續性、國家分析和主要公司。提供概況等信息。

目錄

第 1 章執行摘要

  • 供應
  • 需求
  • 市場平衡
  • 貿易
  • 價格
  • 成本
  • 展望
  • COVID-19 冠狀病毒爆發的影響

第 2 章鎢流程圖

第 3 章世界生產

  • 礦山生產
    • 挖礦能力
  • 二次生產
    • 廢料處理器
  • 精良的製作
    • APT
    • 氧化物
    • 金屬
    • 硬質合金
    • 鎢鐵

第 4 章生產成本

  • 生產成本趨勢

第 4 章世界消費

  • 首次使用的消耗量
  • 最終用途消費
  • 各地區消費
    • 中國
    • 歐洲
    • 美國
    • 日本
    • 其他
  • 表觀消耗
  • 替代方案
  • 鎢庫存

第 6 章國際貿易

  • 鎢礦和精礦
  • 氧化鎢和氫氧化物
    • 三氧化鎢
  • 鎢金屬
  • 碳化鎢
  • 鎢屑和廢料
  • 鎢鐵
  • 混合粉
  • 中美貿易衝突

第 7 章價格

  • 仲鎢酸銨 (APT)
  • 鎢精礦
  • 鎢鐵

第 8 章展望

  • COVID-19 的影響
  • 需求展望
    • 各地區的需求展望
  • 供應展望
    • 現有礦山生產商的展望
    • 二次鎢的展望
    • 新採礦項目的前景
    • 供應前景總結
  • 供需平衡預測
  • 價格展望

第 9 章背景

  • 鎢資源及儲量
    • 鎢代
    • 鎢資源
  • 鎢礦開採、加工、產品
    • 鎢礦和精礦
    • 仲鎢酸銨
    • 氧化鎢和三氧化鎢
    • 鎢酸
    • 金屬鎢粉
    • 碳化鎢粉
    • 鎢鐵
    • 鎢溶解基
    • 其他鎢化學品
  • 二次鎢加工方法

第 10 章可持續性

  • 環境、社會、治理 (ESG)
    • 環境
    • 資源消耗
    • 社交
    • 治理
  • 主要原材料
  • 舉措
    • 經濟合作與發展組織 (OECD)
    • 歐盟衝突礦產法規
    • 多德-弗蘭克衝突礦產法案
    • 中國商會,金屬、礦物和化學品進口商
  • 和出口商 (CCCMC)
    • 原材料認證 (CERA)
    • 世界報導倡議
    • 負責任的採礦保證計劃
    • 國際錫供應鏈倡議 (ITSCi)
    • PACT-Mine 到市場計劃 (M2M)
    • RCS Global:更好的採礦計劃
    • 負責任礦產保證程序 (RMAP)
    • 責任指數
    • 負責任採購區塊鍊網絡 (RSBN)

第 11 章國家概況

  • 澳大利亞
    • 鎢項目
  • 奧地利
    • 鎢業務和項目
  • 比利時
  • 玻利維亞
  • 巴西
  • 保加利亞
  • 加拿大
    • 鎢業務和項目
  • 中國
    • 中國鎢產量、貿易量和表觀消費量
    • 政府政策
    • 鎢礦產資源及儲量
    • 鎢業務和項目
  • 捷克共和國
  • 芬蘭
  • 法國
    • 鎢業務和項目
  • 德國
    • 鎢業務和項目
  • 印度
    • 鎢業務和項目
  • 印度尼西亞
  • 以色列
  • 意大利
  • 日本
    • 鎢業務和項目
  • 哈薩克斯坦
  • 朝鮮
  • 韓國
    • 鎢業務和項目
  • 吉爾吉斯斯坦
  • 盧森堡
  • 馬來西亞
  • 墨西哥
  • 蒙古
  • 緬甸
  • 荷蘭
  • 尼日利亞
  • 秘魯
  • 菲律賓
  • 葡萄牙
    • 鎢業務和項目
  • 羅馬尼亞
  • 俄羅斯
    • 俄羅斯鎢產量、貿易和表觀消費量
    • 鎢業務和項目
  • 盧旺達
  • 新加坡
  • 南非
  • 西班牙
    • 鎢業務和項目
  • 瑞典
  • 瑞士
  • 台灣
  • 泰國
  • 烏干達
  • 英國
    • 鎢業務和項目
  • 美國
    • 國防國家儲備
    • 鎢業務和項目
  • 烏茲別克斯坦
  • 越南
    • 鎢業務和項目
  • 津巴布韋

第12章最終用途

  • 鎢在硬質合金中的應用
    • 硬質合金製造
    • 硬質合金製造
    • 硬質合金消耗量
  • 鎢在鋼和合金中的應用
    • 工具鋼和高速鋼中的鎢
    • 鎳基合金鎢
    • 其他合金
    • 鋼和合金中鎢的前景
  • 鎢在軋機產品中的使用
    • 在燈中使用鎢
    • 鎢在其他軋機產品中的使用
    • 軋機產品中的鎢前景
  • 在化學品和其他應用中使用鎢
    • 鎢化學品的種類
    • 催化劑
    • 半導體電路和電路板
    • 釉料、顏料、染料
    • 潤滑劑
    • 實驗室應用
    • 鎢在化學品和其他應用方面的前景

第 13 章公司簡介

  • Almonty Industries
  • Asia Tungsten Products Vietnam
  • Buffalo Tungsten
  • China Minmetals
    • China Tungsten and Hightech Materials
    • Jiangxi Tungsten Holding Group (JXTC)
    • Xiamen Tungsten
  • China Molybdenum
  • Chongyi Zhangyuan Tungsten
  • Ganzhou Grand Sea W & Mo Group
  • Guangdong Rising Nonferrous Metals Group
  • Guangdong Xianglu Tungsten
  • Hunan Chenzhou Mining Group
  • International Metalworking Companies (IMC)
  • Jiangxi Yaosheng Tungsten
  • King Island Scheelite
  • Kennametal
  • Kirovgrad Hard Alloys Plant
  • Masan High-Tech Materials
    • Nui Phao Mining Company
    • H.C. Starck Tungsten Powders
  • Mitsubishi Materials Corp.
    • Japan New Metals
  • Moliren
  • Northcliff Resources
  • Novoorlovsky GOK
  • Plansee Group
    • Plansee High Performance Materials
    • Ceratizit
    • Global Tungsten & Powders
  • Primorsky GOK
  • Saloro
  • Sandvik
    • Wolfram BergbauシHuetten
  • EQ Resources
  • Sumitomo Electric Industries
  • Teijing Tungsten
  • Thor Mining
  • Treibacher Industrie
  • Tungsten West
  • W Resources
  • Wolfram Group (Hong Kong)
  • Wolfram JSC
    • Unecha Refractory Metals Plant
    • Hydrometallurg
    • Wolfko
    • Primorwolfram
    • Kavkazwolfram
  • Umicore Specialty Powders France
  • Zijin Mining Group

第 14 章宏觀經濟展望

目錄

China has for several decades been the world's largest mine and refined producer of tungsten, accounting for just over 80% of mine output in 2020, according to Roskill, analysis or some 61kt of contained metal. It is similarly dominant in the production of the tungsten intermediates ammonium paratungstate (APT) and tungsten oxide, and of tungsten metal powder and tungsten carbide. A large proportion of this output feeds the country's substantial cemented carbide tool sector, but there is also sizeable export of tungsten refined and finished products to the rest of the world - making Chinese mine and refined production of tungsten integral to conditions in the global market.

As a result of high Chinese influence, tungsten prices have experienced considerable turbulence over the last several years. Upstream and refined tungsten supplies were substantially interrupted in 2017 and 2018, when the Chinese government launched a widespread programme of environmental reforms, which notably impacted tungsten mine and smelter sites. There was an immediate effect on tungsten availability, with APT prices buoyed to several-year highs, including European APT prices peaking at US$350/mtu in June 2018. As most large-scale tungsten mines and APT smelters returned to the market, in H2 2018, prices began declining steadily. A second factor behind falling prices was falling output from the Chinese automotive sector, emerging in the second half of 2018 and into 2019. Chinese car production is estimated to have fallen 9% y-on-y between 2018 and 2019, with output in 2019 dropping to 19.6M vehicles; the first time in three years the level has dipped under 20M.

The other major Chinese influence on tungsten market fortunes in recent years - large stocks of APT resulting from the defunct Fanya Metals Exchange - saw a partial resolution towards late 2019 as the inventories were auctioned off in September. The stocks, equivalent to 30% of China's APT production in 2018, had contributed to poor market sentiment in the second half of 2019, also weighed down by continued weakness in several tungsten end use markets, but principally automotive and mobile phone sectors. The winning bid by China Molybdenum achieved a unit price in excess of the court guidance and sentiment improved and immediately spurred a jump in the European APT quotation to US$240/mtu in October 2019.

Tungsten's performance across 2020 was largely controlled by the ongoing COVID-19 pandemic. The European APT quotation peaked at US$243/mtu in February, remaining at this level until April. As "lockdown" restrictions were imposed on large parts of the world, tungsten prices began to fall, with the European APT quotation bottoming out US$208/mtu in July. Several key end-use demand sectors have suffered from the impacts of the pandemic, with the automotive and aerospace sectors bearing the brunt of this. The automotive sector contributes to around 30% of total tungsten consumption and global vehicle production is estimated to have fallen 9% y-on-y between 2019 and 2020. Whilst the aerospace sector has fared even worse, with global commercial aircraft deliveries estimated to have fallen 40% y-on-y between 2019 and 2020. Prices have largely recovered from the July 2020 low, closing out 2020 at US$233/mtu. Prices have continued to rise, despite escalating COVID-19 cases, as much of the world is suffering from second or third waves of the pandemic. As a result, restrictions have returned to large parts of the world. Unlike in Q2 2020, tungsten demand remains largely uninterrupted with steady manufacturing levels and the rolling out of several vaccines, however, uncertainty remains across the sector.

Looking ahead, the tungsten market still faces several headwinds. Global vehicle production remains below pre-pandemic levels and far below 2017's peak production levels. With the threat of greater uptake of electric vehicles over internal combustion engines, tungsten consumption in the automotive sector may never recover to 2017 levels. In addition, market sentiment remains subdued by the ongoing trade dispute between the USA and China. The phase one trade deal, signed in January 2020, does not remove the majority of tariffs the US has placed on Chinese goods, affecting a host of tungsten products. Early indications suggest that the Biden administration is unlikely to end US/China trade tensions, however, it looks likely that the new administration will take a lighter, less tariff-heavy, approach.

There remain bright spots for the industry, with long term growth set for most first-use sectors. Strong growth in superalloys and other alloys is set to drive steel and alloys demand, whilst in the chemicals sector, the use of semiconductors and demand for consumer electronics is expected to enter another period of promising demand. In the cemented carbides sector, strong growth in most demand segments will offset lacklustre performance in automotive tooling. In addition, there are opportunities further up the supply chain for new mine projects to come online. Several large mines in China and Russia are reaching their end of life and will need to be replaced for the market to remain adequately supplied.

Roskill experts will answer your questions:

  • What are the likely supply developments across existing operations?
  • Which projects are in the pipeline?
  • What is the impact of the COVID-19 pandemic on the tungsten sector?
  • How is demand from the automotive and electric vehicle industry likely to develop and how will this affect the tungsten industry?
  • How is demand across steel and alloys, mill products and chemicals industries likely to develop in the next decade?
  • What is the outlook for the market balance and prices?

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Table of Contents

1. Executive summary

  • 1.1 Supply
  • 1.2 Demand
  • 1.3 Market balance
  • 1.4 Trade
  • 1.5 Prices
  • 1.6 Costs
  • 1.7 Outlook
  • 1.8 Impact of the COVID-19 coronavirus outbreak

2. Tungsten flowchart

3. World production

  • 3.1 Mine production
    • 3.1.1 Mine capacity
  • 3.2 Secondary production
    • 3.2.1 Scrap processors
  • 3.3 Refined production
    • 3.3.1 APT
    • 3.3.2 Oxides
    • 3.3.3 Metal
    • 3.3.4 Carbide
    • 3.3.5 Ferrotungsten

4. Production costs

  • 4.1 Trends in production costs

5. World consumption

  • 5.1 Consumption by first-use
  • 5.2 Consumption by end-use
  • 5.3 Consumption by region
    • 5.3.1 China
    • 5.3.2 Europe
    • 5.3.3 USA
    • 5.3.4 Japan
    • 5.3.5 Others
  • 5.4 Apparent consumption
  • 5.5 Substitution
  • 5.6 Tungsten inventories

6. International trade

  • 6.1 Tungsten ores and concentrates
  • 6.2 Tungstates
  • 6.3 Tungsten oxides and hydroxide
    • 6.3.1 Tungsten trioxide
  • 6.4 Tungsten metal
  • 6.5 Tungsten carbides
  • 6.6 Tungsten waste and scrap
  • 6.7 Ferrotungsten
  • 6.8 Mixed powders
  • 6.9 US/China trade dispute

7. Prices

  • 7.1 Ammonium paratungstate (APT)
  • 7.2 Tungsten concentrates
  • 7.3 Ferrotungsten

8. Outlook

  • 8.1 COVID-19 impact
  • 8.2 Outlook for demand
    • 8.2.1 Outlook for demand by region
  • 8.3 Outlook for supply
    • 8.3.1 Outlook for existing mine producers
    • 8.3.2 Outlook for secondary tungsten
    • 8.3.3 Outlook for new mine projects
    • 8.3.4 Supply outlook summary
  • 8.4 Outlook for the supply and demand balance
  • 8.5 Outlook for prices

9. Background

  • 9.1 Tungsten resources and reserves
    • 9.1.1 Tungsten occurrences
    • 9.1.2 Tungsten resources
  • 9.2 Tungsten mining, processing and products
    • 9.2.1 Tungsten ores and concentrates
    • 9.2.2 Ammonium paratungstate
    • 9.2.3 Tungsten oxides and trioxide
    • 9.2.4 Tungstic acid
    • 9.2.5 Tungsten metal powder
    • 9.2.6 Tungsten carbide powder
    • 9.2.7 Ferrotungsten
    • 9.2.8 Tungsten melting base
    • 9.2.9 Other tungsten chemicals
  • 9.3 Secondary tungsten processing methods

10. Sustainability

  • 10.1 Environmental, Social and Governance (ESG)
    • 10.1.1 Environmental
    • 10.1.2 Resource consumption
      • 10.1.2.1 Emissions
      • 10.1.2.2 Biodiversity and land use
      • 10.1.2.3 Tailings disposal
    • 10.1.3 Social
      • 10.1.3.1 Artisanal and small-scale mining (ASM)
      • 10.1.3.2 Human rights
    • 10.1.4 Governance
      • 10.1.4.1 Corruption
      • 10.1.4.2 Ease of Doing Business (EoDB)
  • 10.2 Critical raw materials
  • 10.3 Initiatives
    • 10.3.1 Organisation for Economic Cooperation and Development (OECD)
    • 10.3.2 European Union Conflict Minerals Regulation
    • 10.3.3 Dodd-Frank Act on Conflict Minerals
    • 10.3.4 China Chamber of Commerce of Metals, Minerals & Chemicals Importers
  • and Exporters (CCCMC)
    • 10.3.5 Certification of Raw Materials (CERA)
    • 10.3.6 Global Reporting Initiative
    • 10.3.7 Initiative for Responsible Mining Assurance
    • 10.3.8 International Tin Supply Chain Initiative (ITSCi)
    • 10.3.9 PACT - Mines to Markets program (M2M)
    • 10.3.10 RCS Global - Better Mining Program
    • 10.3.11 Responsible Minerals Assurance Process (RMAP)
    • 10.3.12 Responsible Mining Index
    • 10.3.13 Responsible Sourcing Blockchain Network (RSBN)

11. Country profiles

  • 11.1 Australia
    • 11.1.1 Tungsten projects
  • 11.2 Austria
    • 11.2.1 Tungsten operations and projects
  • 11.3 Belgium
  • 11.4 Bolivia
  • 11.5 Brazil
  • 11.6 Bulgaria
  • 11.7 Canada
    • 11.7.1 Tungsten operations and projects
  • 11.8 China
    • 11.8.1 Chinese tungsten production, trade and apparent consumption
    • 11.8.2 Government policies
      • 11.8.2.1 Trade policies
      • 11.8.2.2 Environmental policies
      • 11.8.2.3 Tungsten mine production quotas
      • 11.8.2.4 Fanya stockpiles
    • 11.8.3 Tungsten mineral resources and reserves
    • 11.8.4 Tungsten operations and projects
      • 11.8.4.1 Tungsten concentrates
      • 11.8.4.2 Ammonium paratungstate
      • 11.8.4.3 Tungsten oxides
      • 11.8.4.4 Tungsten metal
      • 11.8.4.5 Tungsten carbide
      • 11.8.4.6 Ferrotungsten
      • 11.8.4.7 Other tungsten chemicals
      • 11.8.4.8 Scrap recyclers
      • 11.8.4.9 Manufacturers of finished tungsten products
  • 11.9 Czech Republic
  • 11.10 Finland
  • 11.11 France
    • 11.11.1 Tungsten operations and projects
  • 11.12 Germany
    • 11.12.1 Tungsten operations and projects
  • 11.13 India
    • 11.13.1 Tungsten operations and projects
  • 11.14 Indonesia
  • 11.15 Israel
  • 11.16 Italy
  • 11.17 Japan
    • 11.17.1 Tungsten operations and projects
  • 11.18 Kazakhstan
  • 11.19 North Korea
  • 11.20 South Korea
    • 11.20.1 Tungsten operations and projects
  • 11.21 Kyrgyzstan
  • 11.22 Luxembourg
  • 11.23 Malaysia
  • 11.24 Mexico
  • 11.25 Mongolia
  • 11.26 Myanmar
  • 11.27 Netherlands
  • 11.28 Nigeria
  • 11.29 Peru
  • 11.30 Philippines
  • 11.31 Portugal
    • 11.31.1 Tungsten operations and projects
  • 11.32 Romania
  • 11.33 Russia
    • 11.33.1 Russian tungsten production, trade and apparent consumption
    • 11.33.2 Tungsten operations and projects
  • 11.34 Rwanda
  • 11.35 Singapore
  • 11.36 South Africa
  • 11.37 Spain
    • 11.37.1 Tungsten operations and projects
  • 11.38 Sweden
  • 11.39 Switzerland
  • 11.40 Taiwan
  • 11.41 Thailand
  • 11.42 Uganda
  • 11.43 UK
    • 11.43.1 Tungsten operations and projects
  • 11.44 USA
    • 11.44.1 Defense National Stockpile
    • 11.44.2 Tungsten operations and projects
  • 11.45 Uzbekistan
  • 11.46 Vietnam
    • 11.46.1 Tungsten operations and projects
  • 11.47 Zimbabwe

12. End-uses

  • 12.1 Use of tungsten in cemented carbides
    • 12.1.1 Manufacture of cemented carbides
      • 12.1.1.1 Powder metallurgy processes
      • 12.1.1.2 Additive manufacturing
      • 12.1.1.3 Cemented carbide materials
      • 12.1.1.4 Trends in cemented carbides
    • 12.1.2 Production of cemented carbides
      • 12.1.2.1 Chinese cemented carbide trends
      • 12.1.2.2 European cemented carbide trends
      • 12.1.2.3 US cemented carbide trends
      • 12.1.2.4 Japanese cemented carbide trends
    • 12.1.3 Consumption of cemented carbides
      • 12.1.3.1 Consumption of tungsten in cemented carbides
      • 12.1.3.2 Other uses of cemented carbides
      • 12.1.3.3 Outlook for cemented carbides
  • 12.2 Use of tungsten in steels and alloys
    • 12.2.1 Tungsten in tool steels and high-speed steels
      • 12.2.1.1 High-speed steels
      • 12.2.1.2 Hot-work tool steels
      • 12.2.1.3 Cold-work tool steels
      • 12.2.1.4 Plastic mould tool steels
      • 12.2.1.5 Forecast production of tool steels
    • 12.2.2 Tungsten in nickel-base alloys
      • 12.2.2.1 HPA and superalloys
      • 12.2.2.2 Production of HPA
      • 12.2.2.3 Production of superalloys
      • 12.2.2.4 Consumption and outlook of HPA and superalloys
    • 12.2.3 Other alloys
      • 12.2.3.1 Tungsten heavy alloys
      • 12.2.3.2 Welding and hard-facing alloys
      • 12.2.3.3 Refractory alloys
      • 12.2.3.4 Diamond tools
      • 12.2.3.5 Other metallurgical uses for tungsten
      • 12.2.3.6 Outlook for other alloys
    • 12.2.4 Outlook for tungsten in steels and alloys
  • 12.3 Use of tungsten in mill products
    • 12.3.1 Use of tungsten in lamps
      • 12.3.1.1 Incandescent lamps
      • 12.3.1.2 Electrical discharge lamps
      • 12.3.1.3 Production of lamps
      • 12.3.1.4 Consumption of lamps
      • 12.3.1.5 Outlook for tungsten in lamps
    • 12.3.2 Use of tungsten in other mill products
      • 12.3.2.1 Circuitry
      • 12.3.2.2 Tungsten wires, filaments and electron emitters
      • 12.3.2.3 Welding
      • 12.3.2.4 Sputtering targets
      • 12.3.2.5 LED manufacturing equipment
      • 12.3.2.6 Outlook for tungsten in other mill products
    • 12.3.3 Outlook for tungsten in mill products
  • 12.4 Use of tungsten in chemicals and other applications
    • 12.4.1 Types of tungsten chemicals
    • 12.4.2 Catalysts
    • 12.4.3 Semiconductor circuits and circuit boards
    • 12.4.4 Glazes, pigments and dyes
    • 12.4.5 Lubricants
    • 12.4.6 Laboratory applications
    • 12.4.7 Outlook for tungsten in chemicals and other applications

13. Company profile

  • 13.1 Almonty Industries
  • 13.2 Asia Tungsten Products Vietnam
  • 13.3 Buffalo Tungsten
  • 13.4 China Minmetals
    • 13.4.1 China Tungsten and Hightech Materials
      • 13.4.1.1 Nanchang Cemented Carbide
      • 13.4.1.2 Zhuzhou Cemented Carbide
      • 13.4.1.3 Zigong Cemented Carbide
    • 13.4.2 Jiangxi Tungsten Holding Group (JXTC)
      • 13.4.2.1 Jiangxi Rare Metals Tungsten Industry Holding Group
      • 13.4.2.2 Jiangxi Tungsten Industry Group
    • 13.4.3 Xiamen Tungsten
      • 13.4.3.1 Xiamen Golden Egret Special Alloy
      • 13.4.3.2 Jiujiang Golden Egret Hard Material
      • 13.4.3.3 Luoyang Golden Egret Hard Material
      • 13.4.3.4 Fujian Jinxin Tungsten
  • 13.5 China Molybdenum
  • 13.6 Chongyi Zhangyuan Tungsten
  • 13.7 Ganzhou Grand Sea W & Mo Group
  • 13.8 Guangdong Rising Nonferrous Metals Group
  • 13.9 Guangdong Xianglu Tungsten
  • 13.10 Hunan Chenzhou Mining Group
  • 13.11 International Metalworking Companies (IMC)
  • 13.12 Jiangxi Yaosheng Tungsten
  • 13.13 King Island Scheelite
  • 13.14 Kennametal
  • 13.15 Kirovgrad Hard Alloys Plant
  • 13.16 Masan High-Tech Materials
    • 13.16.1 Nui Phao Mining Company
    • 13.16.2 H.C. Starck Tungsten Powders
  • 13.17 Mitsubishi Materials Corp.
    • 13.17.1 Japan New Metals
  • 13.18 Moliren
  • 13.19 Northcliff Resources
  • 13.20 Novoorlovsky GOK
  • 13.21 Plansee Group
    • 13.21.1 Plansee High Performance Materials
    • 13.21.2 Ceratizit
    • 13.21.3 Global Tungsten & Powders
  • 13.22 Primorsky GOK
  • 13.23 Saloro
  • 13.24 Sandvik
    • 13.24.1 Wolfram Bergbau und Huetten
  • 13.25 EQ Resources
  • 13.26 Sumitomo Electric Industries
  • 13.27 Teijing Tungsten
  • 13.28 Thor Mining
  • 13.29 Treibacher Industrie
  • 13.30 Tungsten West
  • 13.31 W Resources
  • 13.32 Wolfram Group (Hong Kong)
  • 13.33 Wolfram JSC
    • 13.33.1 Unecha Refractory Metals Plant
    • 13.33.2 Hydrometallurg
    • 13.33.3 Wolfko
    • 13.33.4 Primorwolfram
    • 13.33.5 Kavkazwolfram
  • 13.34 Umicore Specialty Powders France
  • 13.35 Zijin Mining Group

14. Macro economic outlook

List of Tables

  • Table 1: World: Supply of tungsten, 2014-2020
  • Table 2: Consumption of tungsten by first-uses, 2014-2020
  • Table 3: World: Producer shipments of tungsten products, 2014-2020
  • Table 4: Roskill outlook for APT prices to 2030, low, base and high-case scenarios
  • Table 5: World: Production of tungsten concentrates by country, 2014-2020
  • Table 6: Top ten mine producers of tungsten, 2020
  • Table 7: Tungsten concentrate production capacity by operation, 2020
  • Table 8: World: Supply of secondary tungsten, 2014-2020
  • Table 9: World: Tungsten scrap processing capacity by operation, 2021
  • Table 10: World: APT production capacity by operation, 2021
  • Table 11: World: Tungsten oxides production capacity by operation, 2021
  • Table 12: World: Tungsten metal production capacity by operation, 2021
  • Table 13: World: Tungsten carbide production capacity by operation, 2021
  • Table 14: World: Ferrotungsten production capacity by operation, 2020
  • Table 15: World: Consumption of tungsten by region and first-uses, 2020
  • Table 16: Consumption of tungsten by first-uses, 2014-2020
  • Table 17: China: Consumption of tungsten by market, 2014-2020
  • Table 18: Europe: Consumption of tungsten by market, 2014-2020
  • Table 19: USA: Consumption of tungsten by market, 2014-2020
  • Table 20: Japan: Consumption of tungsten by market, 2011-2019
  • Table 21: Rest of world: Consumption of tungsten by market, 2011-2019
  • Table 22: World: Producer shipments of tungsten products, 2014-2020
  • Table 23: World: Exports of tungsten concentrate, 2014-2020
  • Table 24: World: Imports of tungsten concentrates, 2014-2020
  • Table 25: World: Exports of tungstates, 2014-2020
  • Table 26: Imports of tungstates, 2014-2020
  • Table 27: Exports of tungsten oxide and hydroxide, 2014-2020
  • Table 28: Imports of tungsten oxide and hydroxide, 2014-2020
  • Table 29: Exports of tungsten trioxide, 2014-2020
  • Table 30: Imports of tungsten trioxide, 2014-2020
  • Table 31: Exports of tungsten metal, 2014-2020
  • Table 32: Imports of tungsten metal, 2014-2020
  • Table 33: Exports of tungsten carbide, 2014-2020
  • Table 34: Imports of tungsten carbide, 2014-2020
  • Table 35: Exports of tungsten waste and scrap, 2014-2020
  • Table 36: Imports of tungsten waste and scrap, 2014-2020
  • Table 37: Exports of ferrotungsten, 2014-2020
  • Table 38: Imports of ferrotungsten, 2014-2020
  • Table 39: Exports of mixed powders, 2014-2020
  • Table 40: Imports of mixed powders, 2014-2020
  • Table 41: European APT prices, monthly average, 2014-2020
  • Table 42: Chinese tungsten concentrate prices, monthly average, 2014-2020
  • Table 43: Ferrotungsten prices, monthly average, 2014-2020
  • Table 44: World: Outlook for tungsten demand by market, 2020-2030
  • Table 45: Outlook for tungsten demand by main consumers, 2020-2030
  • Table 46: World: Forecast mine production and nameplate capacity from existing producers, 2020, 2025 and 2030
  • Table 47: Outlook for secondary tungsten supply, 2020-2030
  • Table 48: Outlook for advanced tungsten mine projects, 2021-2030
  • Table 49: Roskill's tungsten supply forecast to 2030, by feedstock source
  • Table 50: Tungsten supply and demand balance, 2020, 2025 and 2030
  • Table 51: Roskill outlook for APT prices to 2030, low, base and high-case scenarios
  • Table 52: European APT price outlook, nominal and real basis, 2021-2030
  • Table 53: Physical properties of tungsten
  • Table 54: Commercially exploited tungsten minerals
  • Table 55: World: Tungsten resources by main sources, 2020
  • Table 56: Tungsten mine production vs Human Freedom Index
  • Table 57: Tungsten mine production vs Transparency International's Corruption Perceptions Index
  • Table 58: Tungsten mine production vs World Bank's Ease of Doing Business Index
  • Table 59: Critical raw materials identified by key government bodies
  • Table 60: Responsible sourcing initiatives and policies, 2021
  • Table 61: OECD Due Diligence Guidance for minerals - 5-Step Framework for Upstream and Downstream Supply Chains
  • Table 62: Australia: Summary statistics, 2014-2020
  • Table 63: Australia: Summary of tungsten operations, 2020
  • Table 64: Australia: Tungsten mine projects under development, 2021
  • Table 65: Australia: Measured and indicated resources of tungsten projects, 2020
  • Table 66: Austria: Summary statistics, 2014-2020
  • Table 67: Austria: Summary of tungsten operations, 2020
  • Table 68: Belgium: Summary statistics, 2014-2020
  • Table 69: Bolivia: Summary statistics, 2014-2020
  • Table 70: Brazil: Summary statistics, 2014-2020
  • Table 71: Brazil: Summary of tungsten operations, 2020
  • Table 72: Canada: Summary statistics, 2014-2020
  • Table 73: Canada: Summary of tungsten operations, 2020
  • Table 74: Canada: Tungsten mine projects under development, 2020
  • Table 75: Canada: Measured and indicated resources of tungsten projects, 2020
  • Table 76: China: Summary statistics, 2014-2020
  • Table 77: China: Companies approved for tungsten product exports, 2019
  • Table 78: China: Tungsten production quota by province, 2020
  • Table 79: China: Main tungsten producers by province, 2020
  • Table 80: China: Producers of tungsten concentrates, 2021
  • Table 81: China: Producers of ammonium paratungstate (APT), 2021
  • Table 82: China: Producers of tungsten oxides, 2021
  • Table 83: China: Producers of tungsten metal, 2021
  • Table 84: China: Producers of tungsten carbide, 2021
  • Table 85: China: Producers of ferrotungsten, 2020
  • Table 86: Producers of tungsten chemicals by type, 2020
  • Table 87: Recyclers of tungsten scrap, 2020
  • Table 88: Czech Republic: Summary statistics, 2014-2020
  • Table 89: Czech Republic: Summary of tungsten operations, 2021
  • Table 90: Finland: Summary statistics, 2014-2020
  • Table 91: Finland: Summary of tungsten operations, 2021
  • Table 92: France: Summary statistics, 2014-2020
  • Table 93: France: Summary of tungsten operations, 2021
  • Table 94: Germany: Summary statistics, 2014-2020
  • Table 95: Germany: Sales of indexable inserts for tools, 2014-2019
  • Table 96: Summary of tungsten operations, 2021
  • Table 97: India: Summary statistics, 2014-2020
  • Table 98: India: Summary of tungsten operations, 2019
  • Table 99: Italy: Summary statistics, 2014-2020
  • Table 100: Italy: Sales of indexable inserts for tools, 2014-2019
  • Table 101: Italy: Summary of tungsten operations, 2020
  • Table 102: Japan: Summary statistics, 2014-2020
  • Table 103: Japan: Trade in tungsten-based tools, 2014-2020
  • Table 104: Japan: Summary of tungsten operations, 2020
  • Table 105: Kazakhstan: Tungsten projects under development, 2021
  • Table 106: North Korea: Summary statistics, 2014-2020
  • Table 107: South Korea: Summary statistics, 2014-2020
  • Table 108: South Korea: Summary of tungsten operations, 2021
  • Table 109: South Korea: Tungsten mine projects under development, 2021
  • Table 110: Kyrgyzstan: Summary statistics, 2014-2020
  • Table 111: Mexico: Summary statistics, 2014-2020
  • Table 112: Mexico: Tungsten mine projects under development, 2020
  • Table 113: Mongolia: Summary statistics, 2014-2020
  • Table 114: Mongolia: Summary of tungsten operations, 2021
  • Table 115: Mongolia: Tungsten mine projects under development, 2021
  • Table 116: Myanmar: Summary statistics, 2014-2020
  • Table 117: Nigeria: Summary statistics, 2014-2020
  • Table 118: Peru: Summary statistics, 2014-2020
  • Table 119: Philippines: Summary statistics, 2014-2020
  • Table 120: Portugal: Summary statistics, 2014-2020
  • Table 121: Tungsten mine projects under development, 2021
  • Table 122: Portugal: Measured and indicated resources of tungsten projects, 2020
  • Table 123: Russia: Summary statistics, 2014-2020
  • Table 124: Russia: Summary of tungsten operations, 2021
  • Table 125: Russia: Tungsten mine projects under development, 2021
  • Table 126: Rwanda: Summary statistics, 2014-2020
  • Table 127: Rwanda: Producers of tungsten concentrates, 2021
  • Table 128: Spain: Summary statistics, 2014-2020
  • Table 129: Spain: Producers of tungsten concentrates, 2021
  • Table 130: Spain: Tungsten mine projects under development, 2021
  • Table 131: Spain: Measured and indicated resources of tungsten projects, 2021
  • Table 132: Sweden: Summary statistics, 2014-2020
  • Table 133: Taiwan: Summary statistics, 2014-2020
  • Table 134: Thailand: Summary statistics, 2014-2020
  • Table 135: Uganda: Summary statistics, 2014-2020
  • Table 136: UK: Summary statistics, 2014-2020
  • Table 137: UK: Summary of tungsten operations, 2021
  • Table 138: USA: Summary statistics, 2014-2020
  • Table 139: USA: National Defense Stockpile: Stocks and sales of tungsten materials, 2014-2020
  • Table 140: USA: Summary of tungsten operations, 2021
  • Table 141: USA: Tungsten mine projects under development, 2021
  • Table 142: Uzbekistan: Summary statistics, 2014-2020
  • Table 143: Uzbekistan: Tungsten mine projects under development, 2020
  • Table 144: Vietnam: Summary statistics, 2014-2020
  • Table 145: Vietnam: Summary of tungsten operations, 2021
  • Table 146: Zimbabwe: Summary statistics, 2014-2020
  • Table 147: Additive manufacturing technology comparisons for tungsten materials
  • Table 148: Basic data for different WC-Co and WC-(W, Ti, Ta, Nb) C-Co hardmetal grades
  • Table 149: Grades of hardmetal by ISO, US and BHMA classification
  • Table 150: World: Output of cemented carbides by main producers, 2014-2020
  • Table 151: World: Consumption of tungsten in cemented carbides, 2014-2020
  • Table 152: Japan: Production of ultra-hard metals by end-use, 2014-2020
  • Table 153: World: Use of tungsten in cemented carbides by main source, 2014-2020
  • Table 154: Forecast use of tungsten in cemented carbides by main source, 2021-2030
  • Table 155: Composition of high-speed steels containing tungsten
  • Table 156: World: Major producers of tool steels and high-speed steel, 2020
  • Table 157: Composition of hot-work tool steels
  • Table 158: Composition of cold-work tool steels
  • Table 159: Outlook for tool steel production and tungsten use, 2021-2030
  • Table 160: Elements and their function in HPA
  • Table 161: World leading producers of superalloys
  • Table 162: Outlook for tungsten demand in nickel-base alloys, 2019-2029
  • Table 163: Comparison of properties of unworked W-Ni-Fe and W-Ni-Co alloys
  • Table 164: Typical classifications of hard-facing materials
  • Table 165: Tungsten-containing niobium and tantalum alloys
  • Table 166: World: Outlook for tungsten demand in steel and alloys, 2021-2030
  • Table 167: Outlook for tungsten in steel and alloys, by region/country, 2020-2029
  • Table 168: USA: Installed stock and market penetration rate of LEDs in lighting applications
  • Table 169: World: Forecast demand for tungsten in lamps, 2021-2030
  • Table 170: Electrodes of tungsten used in TIG welding
  • Table 171: Applications that utilise tungsten sputtering targets in their production
  • Table 172: Uses of tungsten in the LED market
  • Table 173: Forecast demand for tungsten in mill products, 2021-2030
  • Table 174: Producers of tungsten hexafluoride
  • Table 175: Outlook for tungsten demand in chemicals and other applications, 2020-2029
  • Table 176: Almonty Industries: Tungsten mine operations and projects, 2021
  • Table 177: Almonty Industries: Production of tungsten concentrates by operation, 2014-2020
  • Table 178: Xiamen Tungsten: Tungsten output by product, 2015-2020
  • Table 179: China Molybdenum: Production of tungsten concentrates, 2014-2020
  • Table 180: Guangdong Rising Nonferrous: Production of tungsten concentrates, 2014-2020
  • Table 181: King Island Scheelite: Dolphin JORC resources, 2019
  • Table 182: Kennametal: Production of tungsten concentrates in Bolivia, 2012-2019
  • Table 183: Kennametal: Summary of tungsten operations, 2021
  • Table 184: Nui Phao Mining Company: Tungsten output by product, 2013-2019
  • Table 185: H.C. Starck: Summary of tungsten operations, 2020
  • Table 186: Northcliff Resources: Sisson NI 43-101 mineral reserves
  • Table 187: Novoorlovsky GOK: Production of tungsten concentrates, 2011-2019
  • Table 188: JSC Primorsky GOK: Production of tungsten concentrates, 2014-2020
  • Table 189: Saloro: Barruecopardo measured, indicated and inferred mineral resources
  • Table 190: WBH: Production of tungsten concentrates, 2011-2019
  • Table 191: EQ Resources: Mt Carbine JORC resources
  • Table 192: Sumitomo Electric Industries: Summary of tungsten operations, 2020
  • Table 193: Thor Mining: Molyhil JORC resources, 2019
  • Table 194: Thor Mining: Bonya JORC resources, 2020
  • Table 195: Thor Mining: Pilot Mountain JORC resources, 2018
  • Table 196: Hemerdon Mine: Production of tungsten concentrates, 2014-2020
  • Table 197: W Resources: La Parrilla JORC reserves
  • Table 198: W Resources: Régua JORC resources
  • Table 199: Wolfram JSC: Summary of tungsten operations, 2021
  • Table 200: Base Case Forecast GDP for top-30 economies and regions, 2020-2031
  • Table 201: Base Case Forecast GDP growth rates for top-30 economies and regions, 2020-2031
  • Table 202: Base Case Forecast GDP per capita for top-30 economies and regions, 2020-2031
  • Table 203: Forecast population for top-30 economies and regions, 2020-2031
  • Table 204: Forecast inflation for top-30 economies and regions, 2020-2031
  • Table 205: Forecast exchange rates and energy prices, 2020-2031

List of Figures

  • Figure 1: Mine production of tungsten by main country, 2014-2020
  • Figure 2: Consumption of tungsten by first-uses, 2014-2020
  • Figure 3: Consumption of tungsten by end-use, 2020
  • Figure 4: Tungsten supply and demand balance, 2014-2020
  • Figure 5: Nominal and real European APT prices, 2014-2020
  • Figure 6: Cost curve for tungsten producers by major cost area, 2020
  • Figure 7: Price trends for the main tungsten by-product metals, 2016-2020, Jan 2016=100
  • Figure 8: Outlook for tungsten demand by market, 2020-2030
  • Figure 9: Roskill's tungsten supply and demand forecast to 2030
  • Figure 10: Outlook for tungsten mine projects (adjusted for viability/delays), 2020-2030
  • Figure 11: European APT price outlook, 2021-2030
  • Figure 12: Tungsten flowchart, 2020
  • Figure 13: Production of tungsten concentrates by main countries, 2014-2020
  • Figure 14: Ex-China tungsten mine production, 2014-2020
  • Figure 15: Consumption of secondary tungsten, 2020
  • Figure 16: Cost curve for tungsten producers by major cost area, 2020e
  • Figure 17: Cost curve for tungsten producers by region, 2020e
  • Figure 18: Price trends for the main tungsten by-product metals, 2016-2020, Jan 2016=100
  • Figure 19: Exchange rates of major tungsten producing countries, 2016-2020, Jan 2016 =100
  • Figure 20: Comparison of labour and electricity cost within key tungsten producing provinces within China in 2020, Chinese average=100
  • Figure 21: Consumption of tungsten by region and first-uses, 2020
  • Figure 22: Consumption of tungsten by first-use, 2020
  • Figure 23: Consumption of tungsten by end-use, 2020
  • Figure 24: China: Consumption of tungsten by market, 2014-2020
  • Figure 25: Europe: Consumption of tungsten by market, 2020
  • Figure 26: USA: Consumption of tungsten by market, 2014-2020
  • Figure 27: Japan: Consumption of tungsten by market, 2020
  • Figure 28: Estimated vs apparent consumption of tungsten, 2014 to 2020
  • Figure 29: Tungsten cumulative stock levels, 2014-2030
  • Figure 30: Tungsten concentrates trade flow, 2020
  • Figure 31: World: Tungstates trade flow, 2020
  • Figure 32: World: Tungsten oxides and hydroxide trade flow, 2020
  • Figure 33: World: Tungsten metal trade flow, 2020
  • Figure 34: World: Tungsten carbide trade flow, 2020
  • Figure 35: World: Tungsten waste and scrap trade flow, 2020
  • Figure 36: World: Ferrotungsten trade flow, 2020
  • Figure 37: Nominal and real European APT prices, 2014-2021
  • Figure 38: Premium/discount for European APT vs. Chinese APT prices, 2014-2021
  • Figure 39: APT seasonality effects, 2019
  • Figure 40: Nominal and Real Chinese tungsten concentrate prices, 2014-2021
  • Figure 41: Chinese concentrates price vs. Chinese APT price, 2014-2021
  • Figure 42: Nominal and Real Ferrotungsten prices, 2014-2021
  • Figure 43: Outlook for tungsten demand by market, 2020-2030
  • Figure 44: Outlook for primary and secondary tungsten supply, 2014-2030
  • Figure 45: Outlook for tungsten mine projects (no adjustment for viability/delays), 2020-2030
  • Figure 46: Outlook for tungsten mine projects (adjusted for viability/delays), 2020-2030
  • Figure 47: Roskill's tungsten supply and demand forecast to 2030
  • Figure 48: Tungsten supply and demand balance to 2030
  • Figure 49: European APT price outlook, 2021-2030
  • Figure 50: World: Tungsten resources by country, 2020
  • Figure 51: Simplified flow diagram for tungsten processing and markets
  • Figure 52: Typical wolframite upgrading process
  • Figure 53: Most common production processes for APT
  • Figure 54: Conversion from sodium to ammonium system
  • Figure 55: Production of tungsten carbide powder from APT
  • Figure 56: Simplified recycling flowchart for classical chemical method
  • Figure 57: Simplified recycling flowchart for zinc method
  • Figure 58: UN Sustainable Development Goals
  • Figure 59: Roskill's ESG framework
  • Figure 60: Primary energy demand and global warming potential for 1kg W powder (in China)
  • Figure 61: Criticality matrix
  • Figure 62: European CRM list 2020
  • Figure 63: Chinese tungsten reserves, 2009-2019
  • Figure 64: Russia: Tungsten reserves by region, 2019
  • Figure 65: Cutting tool materials
  • Figure 66: World: Output of cemented carbides by main producers, 2014-2020
  • Figure 67: China: Cemented carbide output vs. motor vehicle production, 2014-2020
  • Figure 68: China: Consumption of tool materials by type, 2010 vs. 2020
  • Figure 69: China: Main end-use applications for cutting tools, 2020
  • Figure 70: Europe: Cemented carbide end markets, 2020
  • Figure 71: USA: Cemented carbide end markets, 2020
  • Figure 72: USA: Oil and gas rig count, 2014-2021
  • Figure 73: Production of ultra-hard metals by end use, 2020
  • Figure 74: Japan: Hard tools production by type, 2020
  • Figure 75: Applications for cemented carbides, 2020
  • Figure 76: End-use markets for cemented carbides, 2020
  • Figure 77: Tungsten use in cemented carbides by source, 2014-2020
  • Figure 78: Outlook for sales of hybrid and electric vehicles, 2014-2030
  • Figure 79: Forecast demand for cemented carbides by end use
  • Figure 80: Elemental effects of metals in HPA
  • Figure 81: Production of superalloy by type, 2020
  • Figure 82: Historical and projected jet airplane deliveries, 2000-2030
  • Figure 83: World gas turbine orders, 2000-2020
  • Figure 84: Historical and projected airplane and helicopter deliveries, 2014-2030
  • Figure 85: Forecast demand for other tungsten alloys by application, 2021-2030
  • Figure 86: World: Installed lamp base by type, 2020
  • Figure 87: General lighting markets, 2020
  • Figure 88: Consumption of tungsten in lamps by region, 2020
  • Figure 89: Worldwide use of semiconductors by percentage end use, 2019
  • Figure 90: Generation of electricity by global region, 2014-2020
  • Figure 91: Historical and forecast production of vehicles by main countries and regions, 2014-2030
  • Figure 92: World: Consumption of tungsten in chemicals and other applications, 2020