Morning binbin
Although your numbers may not be all completely accurate. The percentages make your logic and conclusion right.
A few points for you.
The USA ban / tariffs and China export controls do nothing positive for consumption / demand.
The USA DOD ban does not come into effect until 2027.
The DOD ban is only effects a % of the total USA consumption.
The current increase in Australian and Spanish production alone is adding in the thousands of T's of more non Chinese supply.
Adding this and others into your numbers, it increase the western supply by a significant percentage.
Then you have Kazakhstan and South Korea also looking to add many more thousands of more T's of additional supply.
The China tungsten price from "Chinatungsten online" has fallen $10 in the last month in the face of the export restrictions.
My reading of the drop in tungsten price is. Chinese supply has been tight, but as more western supply has come available it is displacing Chinese demand. The issues is that if supply continues to outstrip demand it will put more pressure on the price.
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