Raw Material Market On the Rise

Global cobalt market has been on the rise since last Oct, mainly due to the steady increase in consumption in the field of new energy vehicles. In addition, the consumption of alloys in industries such as aviation and ships may recover after the epidemic, and the market demand is expected to be positive. Moreover, the current production capacity and transportation of raw materials are still affected by the epidemic and related prevention and control measures. With the addition of the Spring Festival periodic maintenance and capital return work, the release of market supply is limited.

China tungsten market remains strong at the beginning of the year 2022. Tungsten association increased the average tungsten forecast prices for January, and listed tungsten companies raised their bid prices for the first half of this month as well. 

It is estimated that cobalt and tungsten carbide market will remain strong until this April. At ZZSINO, low-cost raw material will only sustain 10-15days. As a result, ZZSINO will have to update the quotation of tungsten carbide products from week 3 of 2022.