European ferro-tungsten prices have experienced a somewhat remarkable turnaround in recent days, with offering prices increasing almost USD4.00kg W in a little over 10 days to range between USD41.50-42.50kg W in warehouse Rotterdam as of Wednesday.

The European market had been in a depressed state through much of Q1, with figures falling on a weekly basis, reaching the lows of USD38.50kg W in warehouse Rotterdam two weeks ago. However, a sudden tightness in the availability of prompt release material in Rotterdam last week, caused by a delay to shipments of material from Asia during March.

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With two tungsten projects slated for production within the next few weeks, Vietnam is set to play a more significant role in the tungsten market.

With its 60-percent stake, Hazelwood Resources (ASX:HAZ) possesses the majority interest of Asia Tungsten Products, which owns ATC, a new ferrotungsten refinery in Vihn Bao. Hazelwood hopes to eventually become a vertically integrated ferrotungsten producer and is set to take a major step toward achieving that goal by bringing ATC online.

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The real demand from the downstream markets does not recover. However, as some companies make purchase, the tungsten concentrate prices are pushed up. Currently, the tungsten concentrate suppliers do not eager to sell materials, and watch the market for a while.

A source from a tungsten concentrate factory based in Hunan, whose regular capacity is around 300 tons per month, noted that the tungsten concentrate market is inactive. He said that they make offers for scheelite 60% at RMB117,000-118,000/t (USD288-290/mtu) this week, which increased slightly compared with those of last week. He said that inquires are few in the spot market, they mainly deal with the long-term orders.

The source told Asian Metal that the tungsten concentrate market is quiet as the demand from the downstream markets does not pick up. But the tungsten concentrate offers increase as some companies purchase materials. Looking ahead, he thinks that the market will be quiet in a short time.

An end-user based in South China expressed that the offers for tungsten concentrate move up this week. He said that they receive the offers for wolframite 55-60% at RMB117,000-119,000/t (USD288-293/mtu), and some offers are even at RMB120,000/t (USD295/mtu). He said that they only purchased a batch of wolframite 55% at RMB117,000/t (USD288/mtu) last week, and will watch the market for a while.

The source said that the APT offers increase accordingly, but the downstream customers are inactive in making deals. He said that they raise offers for APT to RMB179,000/t (USD324/mtu), but the customers are willing to accept the prices at RMB177,000/t (USD320/mtu). Looking ahead, he said that as the demand from the downstream customers is weak, the market will not rebound obviously in a short time.

Market participants are reporting weak demand for many tungsten products, including tungsten powder and tungsten carbide. Given these conditions, weak prices have softened further. Over the past week, 65-percent grade wolframite prices in China have fallen from the $285 to $290 range to $280 to $287. The price for ammonium paratungstate grade 88.5 percent in China is in the range of $313 to $317 per metric ton, according to Metal-Pages.

Hazelwood Resources has been active in the market purchasing concentrate for the start up of the ATC ferrotungsten refinery. Terry Butler-Blaxell, managing director, serves as one source of confirmation of the market weakness. Not only did he note that the company has purchased tungsten at more attractive prices than expected, but he also said that upon establishing a reputation as a serious buyer it becomes clear that ample supply is available.

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