It was said several days ago that State Reserve Bureau planned to purchase a large volume of tungsten ores on Minmetals’ behalf. However, according to our observations, there are no obvious fluctuations in the tungsten ore market. Thus, the afternoon market is variable. As for the APT market, deals are light and quotations are random, causing difficulties in placing orders for firms. We expect a short-term rise in prices of raw materials of tungsten ores as the result of SRB’s purchasing news. 

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China Tungsten Industry Association Work Conference on Information Statistics was held in Nanchang on April 12^th. The conference mainly included exchanging experience, summarizing association work on information statistics last year, studying and deciding the work on information statistics and the editing of yearbook for China Tungsten Industry in 2013, and recognizing excellent information statisticians.

Zhang Chunming, the standing Vice-President of China Tungsten Industry Association, hosted the conference and gave a concluding talk. Zhang Shuning, the statistician of the Information Statistic Department, China Non-ferrous Metals Industry Association, Kong Zhaoqing, the adviser and original standing Vice-President of China Tungsten Industry Association attended the conference and gave speeches. More than 50 people including member unit leaders and information statisticians attended.

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A 7.0-magnitude earthquake struck Lushan County, Ya’an City, Sichuan Province at 8:02 on April 20^th, 2013 at a depth of 13km.

As located in Zigong County, Sichuan Province, a greater far away from the earthquake epicenter, though tremors can be felt, Zigong Cemented Carbide Company survived the earthquake without casualties and property losses. The company is operating normally at present.

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Zhangyuan Tungsten held its annual shareholder meeting on April 20^th, and passed several bills smoothly. The company got a net profit of 132,000,000 yuan, 54.11% less than the previous year. As the industry recovers this year, price of tungsten products has started to increase, and the company plans an yearly sales revenue of 2 billion and recovery growth in business performance.

Zhangyuan Tungsten has remarkable advantages on resource, with 4 mines having mining rights and 6 diggings having exploration rights. It has scored remarkable exploration achievements in recent years. Phasic progress was made in three mined mines and an un-mined mine, benefiting the company to increase the period of mining service to stockpile sufficient resources for further mining.

Zhangyuan Tungsten is one of the few manufacturers with a complete industrial chain in Chinese tungsten industry, having a strong ability to resist risks.

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Tungsten ore held steady high price recently, leading to a greater willingness for merchants to sell. Meanwhile, affected by cost, the quotation of APT was higher, resulting in a stagnant market with few sellers. Part of the low prices hover around 173,000 yuan. The entire poor shipment in the tungsten market and limited downstream delivery efforts put part of processing enterprises at risk of price hanging upside down.

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Recently, an insider who declined to be named revealed that SRB plans to purchase tungsten concentrates on Minmetals’ behalf, with a total volume of 10,000 tons, equivalent to the national monthly output of tungsten concentrate. But the specific volume depends on the official announcement.

This decision certainly will reduce the supply of tungsten concentrates in the market in a short time and push the price of tungsten concentrates.

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Recently, Tungsten Industry Development Exchange Conference was held in Nankang, Jiangxi. The former Director of the Standing Committee of Nankang Municipal Congress, Zhou Yingtang and Nankang city leader Ke Yansong, Zhong Xuhui, Xiao Zhidong and Wu Jian attended the meeting. At the conference, Fang Zhigang, the professor of the University of Utah gave a talk on the subject of the development trend of industrial technology of gradient cemented carbide and cemented carbide. He gave vivid and deep analyses of the integrated trend of tungsten industry at home and abroad, the development trend of tungsten industrial structure, and processes and development trend of cemented carbide. His analysis provides important guidance to the sustainable development of tungsten industry in Nankang city.

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Recently, the ministry of industry and information technology announced the first list of enterprises qualified, according to the industry admittance requirements for tungsten, tin and antimony industry and management interim measures of enterprises access to tungsten, tin and antimony industry.

The first list includes 9 enterprises in Jiangxi, they are Zhangyuan Tungsten in Chongyi County, Yaosheng Tungsten, Jiangwu Cemented Carbide, Haisheng Tungsten and Molybdenum in Ganzhou, Jiangwu Youtai New Materials, Yuanchi New Materials, Huamao Tungsten Materials, Ganzhou Nonferrous Metal Smelting and Huaxing Tungsten. It’s reported that the first list include 16 enterprises.

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ZCC has proposed the objectives and outlook of “developing ZCC into a world-class cemented carbide enterprise” in 1980s and “holding a place among the international advanced cemented carbide enterprises” in 1990s. Entering the new century, ZCC has taken “building a world famous brand and being among world strong cemented carbide enterprises”. Such objectives make a united will and enable ZCC to become a new legend in the development history. The total assets are planned to reach 10 billion and the total profit is planned to reach 1 billion by the end of 12^th Five Year Plan to build an export-oriented and multinational company ranking top 3 in the world industry.

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Why tungsten prices are moving forward?

It is said that no new tungsten projects are coming on-line in the next 12-18 months. Then there is China's role. China accounts for 83% of global production and has considerable influence on tungsten prices.

China is looking to weaken Western producers as it would be more beneficial to maintain healthy prices to fund its businesses, its growth and its move into downstream and higher-margin tungsten products. China can respond quickly to drops in tungsten prices. For example, it was reported in one publication in January that the majority of tungsten miners were unwilling to sell their tungsten concentrate at lower prices because of the bullish outlook. This acts as somewhat of a floor, because the drop in supply would improve pricing.

We're going to see APT prices back up around the $400/Mtu mark, if not by late 2013 then by early to mid-2014.

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