With 61% of global reserves and over three quarters of world mine production, China exerts a significant influence over the global tungsten market. However, its capacity to supply the rest of world with tungsten products is reducing, in the face of rising domestic demand, and government constraints on exports and mine production. As a result, in recent years tungsten prices have soared, tungsten consumers outside of China have sought to diversify their raw material supplies, and numerous non-Chinese tungsten mine projects have been in development. However, the global downturn since the second half of 2008 has led to many non-Chinese mine projects stalling, primarily with difficulties securing financing.  This has increased the likelihood of an acute tungsten shortage emerging in the medium term.

Through detailed analysis of the key Chinese market, as well as an assessment of future global consumption and mine production growth, CRU’s report on the outlook for the world’s tungsten market assesses the need for new mine supply outside of China to 2013. Additionally, the implications of the market outlook for different non-Chinese market participants (including mine producers, processors and end-users) are identified.

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