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

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