Tungsten Mining (ASX: TGN) hit the ASX boards at 2pm EST yesterday and traded as high as $0.21, before closing at $0.205 - a 2.5% premium to the IPO price.

The Tungsten Mining prospectus offered 25 million shares at $0.20 to raise $5 million, with oversubscriptions allowed for another $3 million.

With the coming of New Year, domestic tungsten concentrate shows its downward trend. Today, 65% tungsten concentrate based on Ganzhou mainstream quotation focus on ￥115,000.00-116,000.00/t, and the real transaction price may be lower to ￥113,000.00/t. According to tungsten suppliers, flow supply of goods in spot market is relatively sufficient which could restrict the spot price to some extent. However, facing dual-pressure of low demand and fund shortage, many tungsten suppliers have to quote in order to get cash.

A tungsten trader from Hunan said, “the supply of goods is adequate, especially in tungsten ore. We estimate the net profit of tungsten concentrate is ￥20,000.00-30,000.00, so decreasing tungsten concentrate prices is possible. But with the consideration of market risk, tungsten traders are not dare to stock up too much goods, thereby the transaction volume is still low”.

Chinatungsten analyzes, tungsten market goes down, and the small and medium-size enterprises, which under high pressure, have to ship with low prices to ease fund pressure. Chinatungsten Online expects the price will reduce to ￥115,000.00, even to ￥110,000.00, but the possibility to lower than ￥110,000.00 is small.

Tungsten Manufacturer & Supplier: Chinatungsten Online - http://www.chinatungsten.com
Tel.: 86 592 5129696; Fax: 86 592 5129797
Email: sales@chinatungsten.com
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The mainstream scrap tungsten price maintains steady. The transaction price excluding tax of domestic blade is ￥171.00-￥174.00/kg; imported blade is ￥182-186/kg; scrap tungsten bit still concentrates on ￥187.00-￥191.00/kg scrap pure tungsten block is ￥208.00-￥213.00/kg.

The price of the content of scrap tungsten grinding material which is more than 70W is ￥1330.00/mtu, 50W-70W is ￥1270.00/mtu, 30W-40W is ￥1110.00/mtu. The prices above are steady. 10W-20W tungsten unit to ￥635.00/mtu while 8W-10W tungsten to ￥571.00/mtu.

With falling price of tungsten concentrate, tungsten miners are bit more willing to ship, however, low demand still leads to low transaction volume although the resource of scrap tungsten is short.  Scrap tungsten suppliers, which are affected by the downward of tungsten concentrate price, their attitude become more cautious and more willing to wait and see. Chinatungsten Online predicts scrap tungsten prices will keep steady generally but falling feebly.

In the international market, tungsten concentrate prices show its trend to move up constantly. By the night of 14th, the guiding price of MB ferrotungsten in warehouse Rotterdam maintains $43.00-44.00 per kilogram tungsten, the highest level has increased $0.50; the quotation of ammonium paratungstate keeps $304.00-330.00/mtu.

Tungsten Manufacturer & Supplier: Chinatungsten Online - http://www.chinatungsten.com
Tel.: 86 592 5129696; Fax: 86 592 5129797
Email: sales@chinatungsten.com
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The situation of tungsten market can be concluded as follow:

Few deals could be seen in tungsten concentrate market, prices show downward trend; demand of ammonium paratungstate and ferrotungsten fatigued and weak, some manufacturers even choose to shut down the machine; scrap tungsten steel keeps stable after slightly decreasing. Tungsten suppliers and traders hold various attitudes toward market, some are panic while some choose to wait and see. Generally speaking, most people hold low-expectation toward tungsten prices at the end of 2013. Chinatungsten Online forecasts that individual tungsten products are going to shock down slightly in short term.

Tungsten Manufacturer & Supplier: Chinatungsten Online - http://www.chinatungsten.com
Tel.: 86 592 5129696; Fax: 86 592 5129797
Email: sales@chinatungsten.com
Tungsten News & Tungsten Prices, 3G Version: http://3g.chinatungsten.com
Tungsten News & Tungsten Prices, WML Version: http://m.chinatungsten.com