Report on tungsten market operation: 51.28% of the industry's loss in the first quarter
1、 Price of tungsten concentrate drops to cost line operation
From January to may, the price of domestic tungsten concentrate operated in the range of 7400-93000 yuan / ton. After the global spread of the new crown epidemic in mid March, due to market panic, the demand decreased sharply, the price of tungsten concentrate fell rapidly from 93000 yuan / ton, fell to 74000 yuan / ton in mid April, and consolidated at a low level. From April to may, the price continued to operate below 80000 yuan. The industry operation situation was severe, and the enterprise losses expanded. After April, the resumption of production in various industries in China increased, and the demand gradually picked up. The price of tungsten concentrate slowly recovered to 80000 yuan / ton, but it is still operating under the industry average cost line.
The monthly average price of tungsten concentrate in May was 78500 yuan / ton, down 15.86% year on year, up 4.25% month on month; the cumulative average price from January to May was 83800 yuan / ton, down 12.03% year on year.
The monthly average price of apt in May was 121500 yuan / ton, down 15.27% year on year, up 3.58% month on month; the cumulative average price from January to May was 130400 yuan / ton, down 12.41% year on year.
The monthly average price of apt in Europe in May was 219.00 USD / ton (metal guide quotation, the same below), down 19.78% year on year, down 7.55% month on month; the cumulative average price from January to May was 236.18 USD / ton, down 6.94% year on year.
2、 The output of main products decreased to varying degrees, the loss area of the industry expanded, and the enterprise benefit continued to decline
In the first quarter, China's tungsten industry overall showed a downward trend. The output of tungsten concentrate, smelting and processing products all decreased to varying degrees; the economic benefits of the enterprise decreased significantly, and the differentiation of profitability intensified.
According to the statistics of China Tungsten Association, in the first quarter, the output of tungsten concentrate of major enterprises decreased by 0.15% year on year, the output of apt decreased by 16.23%, the output of tungsten carbide decreased by 13.56%, the output of cemented carbide decreased by 4.60%, the output of other tungsten materials decreased by nearly 20% year on year, and the output of ferrotungsten increased by 12.27% year on year.
According to the statistics of China Tungsten Association, in the first quarter, the operating revenue of major enterprises decreased by 23.17% year on year, an increase of 11.22 percentage points over the previous year; the main business revenue decreased by 22.71% year on year, an increase of 10.70 percentage points over the previous year; the profit and tax decreased by 40.83% year on year, an increase of 21.72 percentage points over the previous year; the total profit decreased by 22.61% year on year, a decrease of 3.05 percentage points over the previous year Point. Among them, the profit of tungsten mining enterprises decreased by 18.62% year-on-year, with a decrease rate of 8.07 percentage points higher than that of the previous year; the profit of smelting enterprises decreased by 42.46% year-on-year, with a decrease rate of 1.09 percentage points lower than that of the previous year; the profit of cemented carbide enterprises increased by 19.71% year-on-year, with a growth rate from negative to positive compared with that of the previous year; the profit of tungsten enterprises turned to loss.
In the first quarter, the whole industry lost 51.28% of the total, with a year-on-year increase of 18.67 percentage points, 25.26 percentage
higher than the previous year. Among them, the loss area of mining enterprises is 56.67%, increased by 17.28% year on year, increased by 34.09% year on year; the loss area of smelting enterprises is 71.43%, increased by 29.12% year on year, increased by 25% year on year; the loss area of cemented carbide enterprises is 31.25%, increased by 4.17% year on year, increased by 12.02% year on year; the loss area of tungsten enterprises is 80%, increased year on year 43.64 percentage points higher, 50 percentage points higher than the previous year.
3、 The export volume of tungsten products gradually picked up, with no obvious effect. Carbide export in good condition
From January to April, China's exports of 6350 tons of tungsten products (excluding cemented carbide) decreased by 19.47% year on year, 1.86 percentage points lower than that from January to March. The export level of 2000 tons per month is quite different. Among them, 4044.76 tons of primary tungsten products (the original quota tungsten products) were exported, a year-on-year decrease of 1903.74 tons or 32.00%.
