India: Tungsten Market 2024

Tungsten Market Size in India

The Indian tungsten market was estimated at $X in 2022, growing by 8.7% against the previous year. Over the period under review, consumption saw a significant expansion. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Tungsten Production in India

In value terms, tungsten production amounted to $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 497,650,000% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Tungsten Exports

Exports from India

In 2022, shipments abroad of tungsten decreased by -0.2% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2018 with an increase of 12,732%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then dropped modestly in the following year.

In value terms, tungsten exports surged to $X in 2022. Over the period under review, exports showed a mild decline. The pace of growth appeared the most rapid in 2018 when exports increased by 8,925%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Germany (X tons) was the main destination for tungsten exports from India, with a 86% share of total exports. Moreover, tungsten exports to Germany exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), sevenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Germany amounted to +262.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (0.0% per year) and Nigeria (-9.4% per year).

In value terms, Germany ($X) remains the key foreign market for tungsten exports from India, comprising 87% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with an 11% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Germany totaled +303.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (0.0% per year) and Nigeria (-14.8% per year).

Export Prices by Country

In 2022, the average tungsten export price amounted to $X per ton, increasing by 18% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt slump. The most prominent rate of growth was recorded in 2017 when the average export price increased by 163%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+11.5%), while the prices for the other major destinations experienced mixed trend patterns.

Tungsten Imports

Imports into India

In 2022, approx. X tons of tungsten were imported into India; picking up by 6.3% against 2021 figures. Over the period under review, imports posted strong growth. The growth pace was the most rapid in 2019 with an increase of 100% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, tungsten imports rose sharply to $X in 2022. In general, imports recorded resilient growth. The growth pace was the most rapid in 2018 when imports increased by 56% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest tungsten supplier to India, accounting for a 80% share of total imports. Moreover, tungsten imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), fivefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +13.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+38.5% per year) and Germany (-20.9% per year).

In value terms, China ($X) constituted the largest supplier of tungsten to India, comprising 77% of total imports. The second position in the ranking was held by the United States ($X), with a 17% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China amounted to +9.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+32.9% per year) and Germany (-12.3% per year).

Import Prices by Country

In 2022, the average tungsten import price amounted to $X per ton, stabilizing at the previous year. Overall, the import price, however, showed a pronounced decrease. The pace of growth appeared the most rapid in 2020 an increase of 30%. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+10.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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