Argus Tungsten Annual 2018 argusmedia.com Page 1 of 89. Market Reporting Consulting Events. This copy is licensed to: Argus Media

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1 Argus Tungsten Annual 2018 argusmedia.com Page 1 of 89 Market Reporting Consulting Events This copy is licensed to: Argus Media

2 Argus Tungsten Annual 2018 argusmedia.com Page 2 of 89 Disclaimer The data and other information published herein (the Data ) are provided on an as is basis. This publication does not take into account, and has not been prepared on the basis of, the needs, objectives or interests of any individual customer. Any information, opinion or forecast contained within this publication does not constitute advice (including, but not limited to, financial, tax, legal or investment advice). Actual results may differ from any projected or forecasted results. This publication should not be relied upon as the basis to enter into a transaction, nor as the basis for any investment or financial decision. Argus and its licensors (including exchanges) give no representations or warranties, express or implied, as to the accuracy, adequacy, timeliness, or completeness of the Data or that this publication is fit for any particular purpose. Argus and its licensors (including exchanges) shall not be liable for any loss, claims or damage arising from any party s reliance on the Data or this publication and disclaim any and all liability related to or arising out of use of the Data or this publication to the full extent permissible by law. Weights, currencies and percentages Unless explicitly stated, all weights are given in metric tonnes and all references to dollars are to US dollars. Currency conversions have been made either at current or relevant historical exchange rates, as required by the context. Numbers may have been rounded. This means that table totals may differ from the sum of individual figures, and percentages may sometimes appear not to total exactly 100pc. Registered office Lacon House, 84 Theobald's Road, London, WC1X 8NL Tel: sales@argusmedia.com Copyright notice Copyright 2018 Argus Media group All rights reserved All intellectual property rights in this publication and the information published herein are the exclusive property of Argus and/or its licensors (including exchanges) and may only be used under licence from Argus. Without limiting the foregoing, by accessing this publication you agree that you will not copy or reproduce or use any part of its contents (including, but not limited to, single prices or any other individual items of data) in any form or for any purpose whatsoever except under valid licence from Argus. Trademark notice ARGUS, the ARGUS logo, ARGUS MEDIA, Argus Tungsten Annual 2018, other ARGUS publication titles and ARGUS index names are trademarks of Argus Media Limited. Visit for more information.

3 Argus Tungsten Annual 2018 argusmedia.com Page 3 of 89 Contents Table of Contents Executive summary 8 Chapter 1.1: Supply 8 Chapter 1.2: Demand 9 Chapter 1.3: Prices 10 Introduction 11 Chapter 2.1: Occurrence and reserves 11 Occurrence 11 Reserves 12 Chapter 2.2: Mining, processing and products 16 Tungsten ores and concentrates 17 Ammonium paratungstate (APT) 18 Tungsten oxides and trioxides 19 Tungstic acid 19 Tungsten metal powder 19 Tungsten carbide powder 19 Ferrotungsten 20 Tungsten melting base 20 Other tungsten chemicals 20 Chapter 2.3: Substitution and recycling 21 Substitution 21 Recycling 21 Chapter 2.4: Chinese government policy 26 China tungsten production quota 28 Supply 30 Chapter 3.1: Mine production and capacity 30 Chapter 3.2: Production costs 35 Chapter 3.3: Outlook 37 Demand 42 Chapter 4.1: Overview 42 Chapter 4.2: Demand by region 44 Chapter 4.3: Demand by industry sector 47 Chapter 4.4: Outlook 50 Outlook for demand by country/region 50 Outlook for demand by industry sector 51 Demand forecast scenarios 52 International trade 54 Chapter 5.1: Ores and concentrates 57 Exports 57

4 Argus Tungsten Annual 2018 argusmedia.com Page 4 of 89 Imports 58 Chapter 5.2: Tungstates 61 Exports 61 Imports 62 Chapter 5.3: Ferro-tungsten 65 Exports 65 Imports 66 Chapter 5.1: Oxides 69 Chapter 5.2: Tungsten metal 71 Exports 71 Imports 72 Chapter 5.3: Waste and scrap 75 Exports 75 Imports 76 Market balance 79 Chapter 6.1: Historic supply/demand balance 79 Chapter 6.2: Supply/demand balance outlook 81 Prices 83 Chapter 7.1: Historic prices 83 Chapter 7.2: Price outlook and forecast 86

5 Argus Tungsten Annual 2018 argusmedia.com Page 5 of 89 List of Figures Figure 1: Tungsten market balance and price forecast, Figure 2: Tungsten reserves and reserve base, Figure 3: Global tungsten reserves by country, Figure 4: Global map of tungsten deposits 14 Figure 5: Chinese reserves of tungsten by province, Figure 6: Simplified flow diagram for tungsten processing and markets 16 Figure 7: Typical wolframite upgrading process 17 Figure 8: Most common production processes for APT 18 Figure 9: Tungsten production and recycling flow chart, Figure 10: Tungsten recycling and potential maximum rates by region 23 Figure 11: Global tungsten recycling by region, Figure 12: Tungsten recycling and potential maximum rates by use 24 Figure 13: Global tungsten recycling by end-use, Figure 14: Global tungsten recycling by application, Figure 15: Chinese tungsten quota by province, Figure 16: Global production of tungsten by country, Figure 17: Chinese tungsten production and quota, Figure 18: Chinese production of tungsten by province, Figure 19: Chinese production of tungsten by company, Figure 20: Global tungsten production cost curve, Figure 21: Potential additional tungsten production capacity Figure 22: Tungsten project comparison, Figure 23: Future production scenarios for tungsten, Figure 24: Global and Chinese tungsten demand and GDP growth, Figure 25: Global tungsten demand vs GDP growth, Figure 26: Global tungsten demand by country/region, 2009 and Figure 27: Global tungsten demand by country/region, Figure 28: Global demand by end-use application, Figure 29: Global demand by industry sector, Figure 30: Forecast demand for tungsten by country/region, Figure 31: Forecast demand for tungsten by industry sector, Figure 32: Forecast demand scenarios for primary tungsten, Figure 33: Chinese tungsten exports, Figure 34: US tungsten imports, Figure 35: Japanese tungsten imports, Figure 36: European tungsten imports,

6 Argus Tungsten Annual 2018 argusmedia.com Page 6 of 89 Figure 37: Global exports of tungsten ores and concentrates, (volume) 57 Figure 38: Global exports of tungsten ores and concentrates, (value) 58 Figure 39: Global exports of tungsten ores and concentrates, (unit value) 58 Figure 40: Global imports of tungsten ores and concentrates, (volume) 59 Figure 41: Global imports of tungsten ores and concentrates, (value) 59 Figure 42: Global imports of tungsten ores and concentrates, (unit value) 60 Figure 43: Global exports of tungstates, (volume) 61 Figure 44: Global exports of tungstates, (value) 62 Figure 45: Global exports of tungstates, (unit value) 62 Figure 46: Global imports of tungstates, (volume) 63 Figure 47: Global imports of tungstates, (value) 63 Figure 48: Global imports of tungstates, (unit value) 64 Figure 49: Global exports of ferro-tungsten, (volume) 65 Figure 50: Global exports of ferro-tungsten, (value) 66 Figure 51: Global exports of ferro-tungsten, (unit value) 66 Figure 52: Global imports of ferro-tungsten, (volume) 67 Figure 53: Global imports of ferro-tungsten, (value) 67 Figure 54: Global imports of ferro-tungsten, (unit value) 68 Figure 55: Chinese exports of tungsten oxides, hydroxides and trioxides, (volume) 69 Figure 56: Chinese exports of tungsten oxides, hydroxides and trioxides, (value) 70 Figure 57: Chinese exports of tungsten oxides, hydroxides and trioxides, (unit value) 70 Figure 58: Global exports of tungsten metal, (volume) 71 Figure 59: Global exports of tungsten metal, (value) 72 Figure 60: Global exports of tungsten metal, (unit value) 72 Figure 61: Global imports of tungsten metal, (volume) 73 Figure 62: Global imports of tungsten metal, (value) 73 Figure 63: Global imports of tungsten metal, (unit value) 74 Figure 64: Global exports of tungsten waste and scrap, (volume) 75 Figure 65: Global exports of tungsten waste and scrap, (value) 76 Figure 66: Global exports of tungsten waste and scrap, (unit value) 76 Figure 67: Global imports of tungsten waste and scrap, (volume) 77 Figure 68: Global imports of tungsten waste and scrap, (value) 77

7 Argus Tungsten Annual 2018 argusmedia.com Page 7 of 89 Figure 69: Global imports of tungsten waste and scrap, (unit value) 78 Figure 70: Global tungsten supply demand balance, Figure 71: Global tungsten market balance vs APT prices, Figure 72: Forecast tungsten market balance scenarios to 2025 (v1) 81 Figure 73: Forecast tungsten market balance scenarios to 2025 (v2) 82 Figure 74: Chinese tungsten prices, Figure 75: Chinese vs European tungsten prices, Figure 76: Comparison of Chinese and European tungsten concentrate prices, Figure 77: Global tungsten market balance vs concentrate price forecast, List of Tables Table 1: Commercially exploited tungsten minerals 11 Table 2: Project tracker 38 Table 3: Forecast GDP growth rates, % 50 Table 4: Tungsten APT price forecast, ($/mtu) 88

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