China Commodity Marketplace
According to the 2019 annual report of Zhangyuan Tungsten, the company’s revenue reached RMB1.83 bln, down 2.22% y-o-y during the reporting period. The net profit attributable to shareholders of the listed company represented a loss of RMB288 mln in contrast to positive profits last year. Basic earnings per share were RMB – 0.31 in comparison to positive earnings of RMB0.05 last year.
The domestic tungsten industry experienced a deep decline during 2019 as a result of Sino-US trade conflict and the global economic downturn. Tungsten concentrate prices hovered between RMB90,000~10,000/t in Q1 2019, then dropped rapidly by 20% from that level in Q2, stayed at low levels in Q3 and became volatile as a result of the Fanya auction. Zhangyuan Tungsten’s 2019 performance described an overall decline curve.