The benchmark for tungsten concentrate is ammonium paratungstate (APT), which is the key intermediate product and most commonly traded tungsten material. The APT benchmark is based on FOB Rotterdam. Tungsten demand is correlated with growth in gross domestic product (GDP). While Europeans' consumption of tungsten is down,

Europe only accounts for 12% of global consumption. China and the U.S. account for 55% and 13%, respectively, and their two economies are doing much better. According to Bloomberg, consensus estimates for growth in GDP for China and the U.S. averages 8.03% and 2.50%, respectively, for 2013, 2014 and 2015.

The consensus estimate for Europe's growth in GDP during the same period is only 1%. Therefore, there is certainly an argument that APT prices are artificially low and should be higher than the current average of $350/metric ton unit ($350/Mtu), which is up 8.5% relative to the end of 2012.
 

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Tungsten ranked second behind rare earths in the British Geological Survey's 2012 supply risk index based on a number of factors like location and tungsten concentration of production and reserves.

But the report highlighted that tungsten (as well as rare earths) has lower recycling and low substitutability. The supply risk for tungsten stems from China's role in the industry.

China accounts for approximately 83% of global tungsten concentrate production and about 62% of global tungsten reserves. China became a significant player in tungsten production in the mid-1980s.

By the late 1990s, it had flooded the global market with tungsten causing concentrate prices to plunge below most western producer's variable cost. As a result, the vast majority of western mines were closed.
 

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Location, processing and capital can make the tungsten market a tough place to be, but dwindling supply and insubstantial production indicate a coming price swing.

In this interview with The Metals Report, Ken Chernin, equity research analyst with Jennings Capital, talks about why investors have ignored tungsten in the past and which companies could be a "tungsten global force."

The Metals Report: Tungsten is used in many applications—to make tools, drill bits, glass bottles, aluminum cans, steel and wire.

Because it has a high melting point and is very dense. It's a very useful metal, but the British Geological Survey called it an endangered substance in a 2012 report.
 

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The Los Santos Project produces tungsten concentrate from scheelite ore. The project is currently the only open pit tungsten mine in operation in the west. The open pit nature of the Los Santos Project helps Almonty control its costs as it allows for greater flexibility in mining and the planning/production process.

Almonty Industries is currently engaged in a 28,000 metre exploration campaign (7,000 metres per year over the next 4 years) with a view to extending the mine life and further delineating the resource at the Los Santos Project.

Underground mining at the Los Santos Project may be an option in the future in order to target the recovery of additional higher grade veins of ore after the open pit mining has recovered all the economically viable ore using this mining process.
 

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In the past  2010, the Los Santos Project had an annual output of approximately 225,000 tonnes of ore (at 0.25% WO3) and  the mine had an annual output of approximately 441,976 tonnes of ore (at 0.27% WO3).

Tungsten is a unique metal due to its high temperature properties and exceptional high density. The metal also has widespread uses with approximately half of all tungsten used in the production of hard materials.

Namely tungsten carbide, with the remaining major uses being in alloys, steels and chemicals. Tungsten occurs primarily as wolframite ore and scheelite ore within massive pyroxene skarns.
 

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Located in the western Iberian Peninsula in the province of Salamanca, the Los Santos Project is situated in a historical scheelite producing area and is the only open pit tungsten mine in the west.

The Project is located approximately 50 km from Salamanca, in western Spain and within 200 km of Almonty Industries’ management team’s former Panasqueira tungsten mine in Portugal and Ormonde’s past producing Barruecopardo project in Spain.
 

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On target with operational improvements, increased tungsten recovery rate to 64.8%  with an average feed grade of 0.32% during the month.

Exploration upside with a 28,000 metre drilling campaign over the next four years; Turn-key mine and processing are facility ;Only open pit Tungsten mine in operation in the west ;

Alignment of interests through significant management and insider ownership;33% increase in the quoted tungsten price as a result of China approaching a supply deficit and serious tightening of global supply;
 

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The principal business of Toronto, Canada based Almonty Industries (TSXV:AII2) is the mining, processing and shipping of tungsten concentrate from their tungsten mine at the Los Santos Project.

The Los Santos Project was acquired by Almonty in September 2011 from a gold organization that lacked the necessary experience and expertise of tungsten extraction. The mine was originally opened in 2008 and commissioned in July 2010 by its former owner.

The Project is located approximately 50 km from Salamanca in western Spain and within 200 km of Almonty Industries management team’s former Panasqueira tungsten mine in Portugal and Ormonde’s past producing Barruecopardo project in western Spain.
 

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The drill results for the Peaked Mountain target for the Dungarvon tungsten-molybdenum-tin project in New Brunswick. The completely completed six holes at Peaked Mountain, for a total of 837 meters of drilling.

Mark Fields, President and CEO of Geodex stated: “Our drill program was designed to locate the origin of the numerous tungsten-molybdenum high grade boulders ."

"Which may have been sourced from a potential greisen-quartz vein system at Dungarvon. The drilling has limited the potential size of a deposit with the character of the boulders which were our exploration focus."
 

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Vietnam ferro-tungsten market quiet.

The demand from the steel market is soft, and the downstream customers only purchase from hand to mouth.

Moreover, the European customers will leave the market for holiday, and it is expected that the trading volume will be small in the near future.

A major ferro-tungsten trader based in Vietnam expressed that they has resumed productions into producing.

You can visit the following links for more information about ferro-tungsten prices.

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