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Tungsten price rise again-Xiamen Bango Alloy

The current situation is that, the price of
tungsten
experienced after 5-6 months of adjustment, to regain an upward trend since July. Tungsten price at the beginning of August to return to 157,000 yuan / ton year high, prices rose 40.9% over year; 2011 January-July average price of 136,000 yuan tungsten / ton, compared with 2010 average price rose 56.8%. Tungsten supply and demand in the third quarter outlook is still difficult to ease the tension, supporting tungsten price increases changed drivers to drive the industry chain products were simultaneous price increase, and we observed further downstream product gross margin expansion.

Supply side:

Policy tightening is still harping on the old tune

In a rare earth as the representative of "China advantage" rare
metals
field, resource advantage into the evolution of pricing advantages already appear benign, tungsten as "China advantage" Metal is one of our previous report "W: China's advantage to be underestimated." the same is expected in the domestic tungsten mining will become more moderate and orderly.

Since the beginning of March, China accounted for about 70% of the tungsten mineral in Hunan, Jiangxi provinces, especially in regions Ganzhou environmental remediation action to force some of mine shutdowns. May, according to the provincial government issued "in-depth development of rectifying and standardizing the order of mineral resources program," decided to May 2011 to May 2012, carry out special rectification activities in the province, to crack down on undocumented tungsten ore mining , Luancailanwa, ultra-deep cross-border crimes, mining and supply will be sustained.

By mining quotas and policy implications of various types of illegal
mining
, the first half of 2010, domestic production of tungsten concentrate is 52,000 tons, an increase of just 3.9%.

Demand side:

Terminal consumption to maintain rapid growth

Nonferrous Metals Industry Association statistics show that a quarter of the country carbide production 5400 tons, an increase of 22%; which carbide exported 1006 tons, up 10%; carbide production of 1084 tons of deep-processed products, an increase of 46%.
Carbide
industry key enterprises the main business income of 4.2 billion Yuan, an increase of 41%; profit of 253 million yuan, an increase of 101%. 2 quarters, carbide production continues to grow. Preliminary statistics about the first half of carbide production to achieve 20% year on year growth.

Current domestic tungsten industry to invest more focused on end-processing area. First half of the industry's two major projects: The first annual CMN Xiamen Tungsten and Carbide 4000 tons cooperation projects, two in Germany HC Starck and Jiangxi Tungsten Group's annual production capacity of 30,000 tons of tungsten products processing cooperative projects, such projects come on stream, will significantly boost demand for tungsten ore.

The cost side:

Tungsten costs soared

Tungsten concentrate production costs including labor costs, processing costs, tax costs (17% VAT, 2% of the compensation fee, resource tax, land reclamation, etc.) and environmental security costs. With labor, environmental and other costs continue to rise, some tungsten mining costs have increased to 90,000 yuan / ton. According to statistics, Ganzhou region APT production costs (from the tungsten to APT) is raised to 14,500 yuan or so, the particles of tungsten powder (from APT to tungsten powder) the cost of production is raised to 2.5 yuan / ton, coarse or fine powder of 30,000 yuan / ton.

Uplift costs soared as the price of tungsten is another important factor.

In this context our investment strategy: It is recommended with the tungsten price gains in the current trend of investment in both ends of the tungsten industry chain to build competitive advantage in business, Xiamen Tungsten is still our first choice.

We determine the tungsten industry chain will continue to focus on distributed profits at both ends: the scarcity of mineral resources of tungsten carbide tools and high-end manufacturing client side, Xiamen Tungsten has been established in both ends of the resources and technological advantages, and with five mine in Jiangxi Jiujiang cooperation on the project, to enhance its share in the reserves and mineral resources of tungsten, carbide and significantly expand its production capacity, and progress to consolidate its leading position, its strategic development plan and the distribution of profits to the industry consistent with our tungsten industry investment choice. Zhangyuan Tungsten and Chenzhou Mining by virtue of its possession of and mineral resources of tungsten, tungsten will significantly benefit from the continued rise in prices.