Chinese tungsten concentrate market supply decreases slightly
2023-03-09 12:01:02 [Print]
BEIJING (Asian Metal) 9 Mar 23 - As the end-user demand outlook remains unclear, some tungsten concentrate suppliers become more inclined to promote sales this week, while downstream consumers just keep purchasing from hand to mouth. Current mainstream prices for Chinese tungsten concentrate WO3 65%min stand at RMB117,000-119,000/t (USD16,790-17,077/t) delivered D/P, down slightly from late last week. Given the firm offers from upstream suppliers and the overall limited supply in the spot market, insiders believe that prices for Chinese tungsten concentrate WO3 65%min would remain firm in the coming week.
A trader in South China said, "We now quote tungsten concentrate WO3 55%min at RMB116,000/t (USD16,646/t) delivered D/P and refuse to accept any lower prices. We sold about 100t at RMB116,000/t (USD16,646/t) just yesterday, while we rejected prices below RMB116,500/t (USD16,718/t) last week", said the trader, adding that they received only one enquiry last week due to the slack demand from end users, and consumers just take a wait-and-see attitude as they feel bearish about the market. For fear of softening prices, they prefer to sell in advance this week, with sales reaching about 200t this Monday, while they failed to conclude any sales last week. The trader explained that they hold limited stocks in hand now and suppliers of raw material keep their offers unmoved, so they believe that prices for Chinese tungsten concentrate WO3 65%min would stay flat in the coming week.
With a regular monthly sales volume of 400t of tungsten concentrate, they expect to sell about 300t in March, compared with 400t in February. They sold 3,500t in total last year and now hold inventory of around 100t, unchanged from last month.
"Our offer for tungsten concentrate WO3 65%min now stands at RMB116,000/t (USD16,646/t) delivered D/P and we refuse to cut price any further. There was no deal closed today while we sold about 64t of RMB116,000/t (USD16,646/t) yesterday. We didn't consider selling last week and we sold nearly 100t this week", said another trader in South China, adding that tungsten concentrate price lacks the upward momentum amid soft demand from end markets. In case of price decline due to the unclear demand outlook, they sold ahead of schedule this week. The trader explained that some consumers became more inclined to wait and see from Wednesday, so market movements slowed down. Besides, as the spot supply remains tight on the whole and suppliers insist on holding offers unmoved, the trader forecasts that prices for Chinese tungsten concentrate WO3 65%min would stay firm in the following week.
Based on regular monthly sales of 300t of tungsten concentrate, they expect to sell around 300t in March, on par with last month. They sold 3,000t in total last year and now hold around 100t of stocks, the same as a month ago.
A trader in South China said, "We now quote tungsten concentrate WO3 55%min at RMB116,000/t (USD16,646/t) delivered D/P and refuse to accept any lower prices. We sold about 100t at RMB116,000/t (USD16,646/t) just yesterday, while we rejected prices below RMB116,500/t (USD16,718/t) last week", said the trader, adding that they received only one enquiry last week due to the slack demand from end users, and consumers just take a wait-and-see attitude as they feel bearish about the market. For fear of softening prices, they prefer to sell in advance this week, with sales reaching about 200t this Monday, while they failed to conclude any sales last week. The trader explained that they hold limited stocks in hand now and suppliers of raw material keep their offers unmoved, so they believe that prices for Chinese tungsten concentrate WO3 65%min would stay flat in the coming week.
With a regular monthly sales volume of 400t of tungsten concentrate, they expect to sell about 300t in March, compared with 400t in February. They sold 3,500t in total last year and now hold inventory of around 100t, unchanged from last month.
"Our offer for tungsten concentrate WO3 65%min now stands at RMB116,000/t (USD16,646/t) delivered D/P and we refuse to cut price any further. There was no deal closed today while we sold about 64t of RMB116,000/t (USD16,646/t) yesterday. We didn't consider selling last week and we sold nearly 100t this week", said another trader in South China, adding that tungsten concentrate price lacks the upward momentum amid soft demand from end markets. In case of price decline due to the unclear demand outlook, they sold ahead of schedule this week. The trader explained that some consumers became more inclined to wait and see from Wednesday, so market movements slowed down. Besides, as the spot supply remains tight on the whole and suppliers insist on holding offers unmoved, the trader forecasts that prices for Chinese tungsten concentrate WO3 65%min would stay firm in the following week.
Based on regular monthly sales of 300t of tungsten concentrate, they expect to sell around 300t in March, on par with last month. They sold 3,000t in total last year and now hold around 100t of stocks, the same as a month ago.
