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Consumption Structure Upgrade China Cemented Carbide Has Larger Growth Space

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In recent years, China's tungsten demand is generally weak, but the cemented carbide market space is large. Affected by the weakening of the macro-economy and the consumption of LED instead of tungsten wire, the demand for tungsten in China has been generally weak in recent years. However, taking into account the upgrading of consumption structure, the increase of cemented carbide permeability, the import substitution of high-end products and other factors, China's cemented carbide has more room for growth.

Cemented carbide is mainly used in cutting tools, mining tools, molds and high-pressure and high-temperature cavity, among which cutting tools and mining tools account for 33% and 25% of cemented carbide applications, respectively. At present, China's cutting tool manufacturing industry opportunities and challenges coexist, but overall, the favorable factors for the development of the industry occupy a dominant position.

The development of domestic mining tools occupies a very important position and role in China's economic construction, scientific and technological progress and social development, and belongs to the pillar industry of the national economy. The mining tool manufacturing industry is the foundation for the country to establish an independent industrial system, and it is also an important symbol to measure a country's industrial strength. In recent years, China's mining industry has developed rapidly. From the perspective of lasting growth, China's geological and mining tools industry still has considerable room for growth. Large-scale railways, highways, minerals, and urban reforms will last at least 10 years. During this time, the demand for high-end mining tools will continue to increase. The increase in the demand for geological and mining tools will largely drive the demand for cemented carbide, and the demand for cemented carbide for geological and mining tools in China has a bright future.