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
