Ann: Mt Carbine Hits Quarterly Production Record, page-18

UK broker SP Angel is writing up tungsten in their broker note.

Tungsten– APT prices continue to rise on short supply

• European buyers are seen buying more intermediate tungsten products indicating the concentrate and scrap markets are relatively tight
• Long-term order quotations are seen rising in China with APT, tungsten concentrates and Sodium Tungstate prices rising

• Tungsten concentrate (65%) prices are now at CNY130,000-131,000/t
• APT (88.5%) in Europe is at US$320-330/t
• Sodium Tungstate prices are now at CNY142,000-144,000/t
• We suspect much of the price rise relates to supply issues across the Myanmar border where the Chinese military appear suspiciously active.
• We also believe growth in the retooling of European automotive factories for Electric Vehicles and for military equipment and munitions may also be driving demand higher.
• Russia has also been ramping up munitions supply to feed its war in Ukraine.
• As always, the Chinese appear to be profiting from the situation with Yunan Tin reporting Q1 profits up 346% yoy