Despite its relatively short history, Woltech Korea Co., Ltd has increased its influence on the global tungsten market with its passion and enthusiasm.
The domestic tungsten market has been known to be not such of a healthy market by randomly importing tungsten.
Let aside the lack of familiarity toward tungsten, there were no nonferrous-metal-handling commodity that recognized tungsten production as a prosperous new business.
It was Woltech Korea that initiated flawless production by adopting tungsten facilitated which complies with the Korean industrial structure, and Woltech Korea is gaining the attention within the industry, in and outside of Korea.
To leave back the unclear domestic distribution network in Korea, and achieve a transparent chain of supply, Woltech Korea focused on exports, and now it seems to pay off where importers operating from Japan and Europe are continuously visiting the Company.
Adding to its ferro-tungsten production facility, Woltech Korea recently settled its tungsten scrap reusing facility to enhance its production and efficiency simultaneously.
According to personnel from the industry, it is rare to find a tungsten handler operating both production facilities and reuse facilities, even in the global market.
The recently installed tungsten reuse facility is monumental in the perception where tungsten scraps which were normally exported for treatment now remain within the domestic domain to be capitalized.
This brings the opportunity for tungsten scavenging entities to diversify their business by exporting and domestically circulating tungsten scrap.
Woltech Korea is pioneering a field in tungsten business no one ever tried before in Korea, and is making positive influence in the local and global tungsten market.
Woltech Korea emphasizes on transparency in price and distribution, and has been a member of CFSP from the beginning of its operation to prevent any future troublesome issues.
Tungsten with an illegal nature originated from China is widely distributed in Asia, which brings upon cost deficiency for Woltech Korea. However, Woltech Korea is confident in the market which will eventually become transparent and therefore is standing strong on sourcing from and distribution through only the legitimate chain of supply.
One staff member quotes, “With the positive reaction from the Japanese and European market, local entities are increasing their trading volume with us. The tungsten consumption in the Korean market is relatively small, however, we are anticipating a growth in domestic revenue. Reusing scrap tungsten helps the profitability and productivity for us, and this will allow us to escalate businesswise. We are seeking every measure we can take as a manufacturer to make the domestic tungsten market healthier.”
ⓒ THE KOREA METAL JOURNAL 2009 (http://eng.kmj.co.kr)
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