Chinese tungsten prices maintained stability as Fanya stock concerns continued to weigh on the market. Smelting factories remained low operating rate affected by environmental protection inspection and supported by output cuts of factories to stabilize prices. Now the whole market is still quiet in trading.
In the tungsten concentrate market, the product price required by buyers was close to the production cost, which reduces mining enterprises’ profits sharply. In addition, the environmental checks, heavy rains and high temperature made production difficult. Therefore, sellers were not willing to sell products considering the tight supply. But the weak demand and capital shortage also pressed the market.
For ammonium paratungstate (APT) market, it was hard to purchase low-price raw materials and orders from downstream did not increase. Given that, smelting factories did not active in production. With the impact of Fanya stock concerns, most traders kept cautious sentiment.
Tungsten powder manufacturers were not optimistic about the outlook on competitive offers from suppliers and demanding lower prices of traders. The price of tungsten powder was unchanged with spot activity slightly improving last week and business concluded within the range. The continuously weakening demand may weigh on prices.