Tungsten market stopped sliding -- Major smelter
2005-07-18 14:13:00 【Print】
BEIJING (Asian Metal) 18 Jul 05 - Major tungsten smelter claimed that the tungsten market has stopped sliding since last Tuesday, 12 Jul, when China Tungsten Industry Association (CTIA) held a conference and made new price guidance for tungsten products.
"The slipping trend for tungsten products halted later last week. Even local market has showed some signs of rebound," a senior executive from a major tungsten smelter in Hunan Province told Asian Metal.
The smelter, with 4,000tpy production capacity for tungsten APT, is operating on a 100t monthly output and has produced 1,200t tungsten APT by now this year.
"We are a member of CTIA, which owns totally 44 members: 17 tungsten APT smelters, 13 mines, 10 trading companies and 4 FeW smelters. If we hold the market, the price will soon turn back," said the source.
According to the source, CTIA members are convinced that the market will turn back early this August and those smelters outside of CTIA are influenced by the view. If both smelter and mine could hold the market in the following two weeks, everyone will begin to enjoy high market prices again.
Meanwhile, the source claimed that the local market has already rebounded later last week. "Prices lower than RMB95,000/t are now impossible for tungsten conc. If possible, we want to purchase 200-300t for stock, betting high prices in this August."
The source reported that the local market stabilized at over RMB160,000/t for APT, RMB180,000/t for BTO/YTO and RMB170,000/t for FeW.
However, another major tungsten smelter in Jiangxi Province refuted the news that the tungsten market has rebounded.
"As we know, the price is keeping its previous slipping trend, with prices later last week at RMB80,000-90,000/t for tungsten conc and RMB155,000-160,000/t, while a week ago, they were over RMB90,000/t and over RMB160,000/t respectively," said a senior sales manager from a tungsten APT smelter, who has 5,000tpy production capacity for APT.
"The price could stabilize this week, but it is still too far to say a price rebound in view of current market conditions," said the source.
It is said that Jiangxi Rare Metals Rare Earth and Tungsten Corporation (JXTC) is offering RMB110,000/t for its tungsten APT and just halted ferrotungsten production on last Friday, JXTC confirmed the news.
