Tungsten carbide Market Factors

The market for tungsten carbide tungsten carbide has been exploding over the last year. The majority of the increased demand for the metal in the developed countries comes from traditional carbide tools used in drill bits and other heavy duty equipment.
"Several factors are supporting demand. 45 percent of tungsten used in China is for carbide tools and equipment, compared to 70 percent in developed countries. China is looking at increasing tungsten use in order produce better quality tools and equipment. Obviously, oil prices drive drilling and tungsten is used in drill bits," stated Monet.
Tungsten's use industrial equipment and increased exploration by oil and mining companies due to increased commodity prices accounts for a large part of the demand. While new markets for the metal are adding significant tonnage.