European tungsten price keeps sliding

BEIJING (Asian Metal) 4 Aug 05 – Following the slipping trend, European tungsten prices has dropped down to below USD200/mtu in warehouse Rotterdam.

A major UK trader told Asian Metal that he received quotes around USD190-200/mtu in warehouse Rotterdam and USD180/mtu CIF Rotterdam. “Although the price dropped dramatically, but I haven’t heard any deal made recently,” said the trader.Asian Metal Copyright “Although the price dropped dramatically, but I haven’t heard any deal made recently,” said the trader.Asian Metal Copyright

According to the trader, most buyers think the price will continue to drop, so they are holding back from purchasing and watch the market closely. “Even they have to buy, they'd rather buy from the spot-market in Europe.Asian Metal Copyright I think the price could not stay high is because the it rised too much in the spring.Asian Metal Copyright No one can predict what could happen during the transportation period which takes about 4-6 weeks.Asian Metal CopyrightAccording to the trader, most buyers think the price will continue to drop, so they are holding back from purchasing and watch the market closely.Asian Metal Copyright”

“I believe the price will continue to drop when North American Tungsten Corperation enters the market, and do not forget DLA is also planning to release its inventory of 9,000 tons tungsten to the market soon.” The trader insisted that the DLA draft would pass, just the matter of what time.

An executive from an Austrian tungsten carbide producer said: “I get quote of around USD190/t in warehouse Rotterdam for tungsten oxide, and I know the price is about the same as APT now. It dropped too fast.Asian Metal Copyright “Although the price dropped dramatically, but I haven’t heard any deal made recently,” said the trader.Asian Metal Copyright I think the price could not stay high is because the it rised too much in the spring. USD190/mtu is still much higher than last year, so I believe the price would continue to drop.Asian Metal Copyright “We will adjust our purchasing strategy according to the market next time because the market is not predictable anymore.Asian Metal Copyright”

According to the source, the smelter made a year-long purchase last November. “We will adjust our purchasing strategy according to the market next time because the market is not predictable anymore.”