Zhangyuan Tungsten Rolls Over Bid Prices

Trading and Bidding

Beijing, 21 August (Argus) —

China’s tungsten powder manufacturer Zhangyuan Tungsten has rolled over its bid prices for tungsten concentrate and intermediate product ammonium paratungstate (APT) for the second half of August.

The firm has kept its bid prices unchanged from the first half of August at 68,500 yuan/t ($9,720/t) for 55pc wolframite concentrate and Yn108,500/t for APT.

The company resumed issuing bid prices in early August after a break of two months.

Zhangyuan’s bid prices remain lower than spot prices, which have been assessed stable at Yn73,000-75,000/t for 65pc grade wolframite concentrate since 4 July and at Yn110,000-112,000/t for APT since 8 August. Concentrate producers are holding offer prices firm on limited profit margins. Many APT producers have reduced or halted production because of firm production costs and flat consumer demand.

Zhangyuan has an output capacity of 12,000 t/yr for cemented carbide and 7,000 t/yr for tungsten carbide powder. It is a large consumer of primary tungsten materials, such as APT and tungsten concentrate.

Spot trading activity has been limited as long-term contracts have dominated the market. Suppliers and buyers are unwilling to make price concessions as they are observing how the government will deal with the 29,651t of APT stocks held by the bankrupt Fanya Metal Exchange, following news that the Yunnan government will auction Fanya’s antimony and rare earth stocks on 31 August.

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This article was retrieved from Argus Metals.