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The company has developed a wheel balancing device, which includes a balancing weight and a hook used to fix the balancing weight on the wheel. The materials of the balancing weight are low carbon steel with carbon content less than 0.25%, ductile iron with elongation of 5-18% or cast steel with carbon content less than 0.3%. The invention also provides a preparation method of the wheel balancing device. The wheel balancing device has low price and no harm to the environment.