China Minmetals raises August Tungsten Conc Price

China Minmetals Nonferrous Metals (CMN) has raised its tungsten concentrate price for delivery in August in an attempt to boost market sentiment.

The company's black tungsten concentrate with 65% metal content will be priced at 160,000 yuan ($25,922) per tonne. The price of white tungsten concentrate with 65% metal content will be 159,000 yuan.

Both are 5,000 yuan per tonne higher than Minmetals' July price.

"Large enterprises are trying to maintain prices, while real downstream demand is indeed not so good," a smelter source from Hunan said.

Meanwhile, Jiangxi Ganzhou Tungsten Assn, left its guidance price for August unchanged, with 65% black tungsten concentrate at 155,000 yuan per tonne.

The spot market price of the material was at a historical high of 155,000-158,000 yuan per tonne on Friday, unchanged from a week earlier.

"The current market is full of caution. Trading is not active and most market participants are holding a wait-and-see attitude to the market," a trader from Jiangxi province said.


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