Zhongtung Hi-Tech: Supply growth rate is lower than demand growth rate, tungsten price is supported in the long term.

Zhongwu High-tech expressed at the performance briefing that tungsten, as a national strategic rare resource, is affected by various factors such as national quotas and environmental regulations on upstream resource extraction, as well as natural declining grades of in-production mines. The overall supply growth rate is lower than the demand growth rate. In the long term, tungsten prices are likely to be supported, but attention should still be paid to the recovery of the downstream hard alloy industry.