Chinese tungsten market glides down
2005-11-01 09:40:03 【Print】
BEIJING (Asian Metal) 1 Nov 05 – Chinese tungsten price starts to drop this week. The price of tungsten concentrate has dropped to RMB105,000/t (USD200/mtu), and consumers refused to accept the price of APT at above RMB170,000/t (USD237) in Chinese market, market participants reported to Asian Metal today.
A leading China-based smelter confirmed the situation. An official of the smelter said, “Last week, the tungsten concentrate concluded for RMB112,000/t [USD213/mtu]. But the market demand has pushed the price to RMB105,000/t [USD200/mtu] this week.” Meanwhile, the source said consumers expect the price of APT to drop under RMB170,000/t (USD237/mtu), while at a price of RMB175,000/t (USD244/mtu) last week.
The source said, however, the European market of APT remained firmed with the price of USD260/mtu in warehouse Rotterdam.
According to the source, the price of tungsten oxide remained around USD25.5/kg FOB. Meanwhile, the source said, both APT and tungsten oxide are quiet in Chinese market due to the unstable ore price.
A Chinese consumer told Asian Metal that the smelter reduced the purchase of APT and tungsten concentrate. “I learnt that the price of concentrate has dropped under RMB110,000/t [USD209/mtu]. But I think the price may drop further in November,” an official of the smelter said.
According to the source, the smelter also reduced the purchasing of APT to 60t per purchase from 100t previously. “I think the current price of APT is around RMB167,000/t [USD233/mtu].”
