China Commodity Marketplace
Domestic tungsten market remained bleak this week with falling prices and sparse transactions driven by continued weak downstream demand. At present, wolframite (65% grade) mainstream quotations are at RMB86,000~88,000/standard t; scheelite (65% grade) is at RMB85,000~87,000/standard t and tungsten concentrates (50~55% grade) at RMB 83,000~85,000/standard t, all down moderately from last week.
Despite domestic APT prices dropping further to RMB134,000~137,000/t this week, most downstream buyers were cautious, holding a bearish outlook going forward. Transactions were limited with APT sales above RMB135,000/t by cash in the spot market being difficult.
The global tungsten market remains flat, seeing prices retreat w-o-w. The FOB China APT price dropped from USD235-243/MTU to USD230-240/MTU (equivalent to RMB143,000~149,000/t) on 18th March, Wednesday.