China Tungsten Market Would Continue its Stabilization in March

Details: Category: Tungsten's News; Published on Wednesday, 27 March 2019 16:54

Analysis of latest tungsten market from Chinatungsten Online

China tungsten market is expected to maintain stability in March after the end of China’s Two Sessions as there are many uncertain factors that affect market sentiment and trading activity.

Firstly, Russia plans to ban the export of non-ferrous metal ores and concentrates, as well as precious metal scraps, from May 1 to October 31. As one of China's major importing countries of tungsten concentrate, Russia's move will have a certain tightening effect on China's tungsten mine supply, boosting the rised willingness of raw material sellers.

Secondly, domestic value-added tax will be reduced overall from April 1 and the current 16% tax rate of the manufacturing industry will fall to 13%. The tax reform has different impacts on the cost of every industrial chain. Under unclear outlook for late markets, market participants put off to release their offer levels and to receive orders.

Thirdly, the units and personnel involved in the case of the Fanya Metal Exchange were punished. With the end of the case, insiders concern how the large amount of metal goods, such as indium, tungsten and cobalt will be dealt. The data shows that about 29,651 tons of APT has been sealed up by the Fanya Metal Exchange. This is an incalculable hidden danger for the tungsten market.

Finally, a listed tungsten companies released its new offers for the second half of March: wolframite concentrate (WO3≥55%) was quoted at $15,3121.5/t, unchanged from the first half of March; scheelite concentrate (WO3≥55%) was quoted at $15,156.3/t, unchanged; APT was quoted at $271.9/mtu, down $0.9/mtu. Unlike firm raw material markets and weak demand side, APT market is in a stalemate.

Prices of tungsten products on Mar. 27, 2019

APT price picture