Xiamen Tungsten’s H1 net profit slumps 77% on year

Xiamen Tungsten Co, a major tungsten supplier headquartered in South China’s Fujian province, saw its net profit in the first half of 2019 slump by 77% on year to Yuan 77.4 million ($10.8 million), according to the company’s semi-annual report released on August 23, which blamed the sharp fall mainly on the recession in China’s tungsten market.

“Domestic tungsten prices fell quickly in the second quarter of this year, as demand from downstream users had not seen any improvement during the traditional peak season for consumption, aggravating the bearish sentiment in the domestic market and encouraging domestic suppliers to lower their stocks,” according to the company. Domestic prices of tungsten products declined