SADC: Tungsten Market 2024

Tungsten Market Size in SADC

The SADC tungsten market dropped to $X in 2022, which is down by -5.5% against the previous year. In general, consumption, however, enjoyed a resilient increase. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Tungsten Production in SADC

In value terms, tungsten production declined to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a resilient increase. The pace of growth appeared the most rapid in 2017 when the production volume increased by 153% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Tungsten Exports

Exports in SADC

In 2022, overseas shipments of tungsten were finally on the rise to reach X kg after two years of decline. In general, exports, however, showed a sharp contraction. The most prominent rate of growth was recorded in 2019 when exports increased by 585%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, tungsten exports contracted markedly to $X in 2022. Over the period under review, exports, however, recorded a dramatic shrinkage. The pace of growth was the most pronounced in 2019 when exports increased by 191% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, South Africa (X kg) represented the largest exporter of tungsten in SADC, committing 100% of total export.

South Africa was also the fastest-growing in terms of the tungsten exports, with a CAGR of -35.1% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X) also remains the largest tungsten supplier in SADC.

From 2012 to 2022, the average annual growth rate of value in South Africa stood at -39.5%.

Export Prices by Country

In 2022, the export price in SADC amounted to $X per ton, falling by -73.9% against the previous year. In general, the export price continues to indicate a deep downturn. The pace of growth was the most pronounced in 2018 when the export price increased by 256% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for South Africa.

From 2012 to 2022, the rate of growth in terms of prices for South Africa amounted to -6.9% per year.

Tungsten Imports

Imports in SADC

After three years of decline, purchases abroad of tungsten increased by 152% to X kg in 2022. In general, imports continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2018 when imports increased by 164% against the previous year. As a result, imports reached the peak of X kg. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, tungsten imports soared to $X in 2022. Overall, imports, however, showed a pronounced contraction. The most prominent rate of growth was recorded in 2018 when imports increased by 145%. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Tanzania was the largest importing country with an import of around X kg, which reached 59% of total imports. Zimbabwe (X kg) took the second position in the ranking, followed by South Africa (X kg), Madagascar (X kg) and Namibia (X kg). All these countries together held near 37% share of total imports. Zambia (X kg) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to tungsten imports into Tanzania stood at +50.9%. At the same time, Zimbabwe (+58.6%), Namibia (+25.2%), Madagascar (+14.7%) and Zambia (+2.0%) displayed positive paces of growth. Moreover, Zimbabwe emerged as the fastest-growing importer imported in SADC, with a CAGR of +58.6% from 2012-2022. By contrast, South Africa (-13.2%) illustrated a downward trend over the same period. While the share of Tanzania (+57 p.p.), Zimbabwe (+12 p.p.), Madagascar (+5 p.p.) and Namibia (+3.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of South Africa (-64.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X) constitutes the largest market for imported tungsten in SADC, comprising 55% of total imports. The second position in the ranking was taken by Zimbabwe ($X), with a 14% share of total imports. It was followed by Namibia, with an 8.6% share.

In South Africa, tungsten imports contracted by an average annual rate of -6.2% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Zimbabwe (+44.6% per year) and Namibia (+22.8% per year).

Import Prices by Country

In 2022, the import price in SADC amounted to $X per ton, declining by -44.5% against the previous year. Over the period under review, the import price saw a deep downturn. The most prominent rate of growth was recorded in 2013 an increase of 43% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Africa ($X per ton), while Tanzania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+8.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform