Importance of tungsten
As a rare metal resource, tungsten is one of the extremely important core members of modern high-tech new materials. As the Russian-Ukrainian conflict disrupted the supply chain of some key raw materials and showed the fragility of global trade. Countries around the world began to gradually realize that in the face of unknown future threats, there is an urgent need to re-strengthen local supply.
People turned their attention to tungsten, a black metal containing small amounts of carbon and oxygen, which is essential for making battery anodes for electric vehicles, semiconductors and other green technologies. And it will not crack or decompose, making it one of the "most environmentally friendly" raw metals.
Development form of tungsten
Although tungsten ore resources are my country's advantageous minerals, they have been over-exploited for a long time, with sufficient supply and low comprehensive utilization of minerals. The economic benefits of the tungsten industry are low, and the pricing power of the international tungsten market has been lost for a long time. The advantages of tungsten resources as high-quality scarce metals have not been brought into play, and their reasonable value has not been reflected.
However, some developed countries abroad have taken advantage of the low price of tungsten to increase their tungsten ore reserves, making my country's tungsten resource advantages completely invisible. South Korea is the world's largest per capita tungsten consumer, and 95% of its tungsten imports rely on China.
China is rich in minerals
Not only that, China also has a significant share in multiple industries in the global trade pattern, including rare earth elements and resources that are critical to defense and sustainable development initiatives, namely strategic minerals. In light of this, many countries now regard mineral development as a national security issue.
According to a 2019 study by the China Geological Survey, China is the largest supplier of 13 of the 35 minerals listed as critical by the United States. The report said that China is the largest source of 21 major minerals for the European Union, such as antimony used in batteries. Countries around the world are under pressure to ensure the supply of critical minerals, from lithium in electric vehicle batteries to magnesium in laptops to neodymium in wind turbines.
Tungsten has promising development prospects
These minerals are seen as key to the green energy transition. The International Energy Agency said last year that overall demand for such rare minerals is expected to increase fourfold by 2040. Therefore, increasing tungsten resource reserves can play a strategic balancing role in international economic competition, prevent resource shortage storms, increase diplomatic bargaining chips, and increase the right to speak in international activities.
As the research and development of new tungsten materials has become an important goal of national scientific research, the application and development of tungsten will surely have unlimited prospects!
