SHANGHAI, Jul. 28 (SMM) – On Jul. 27, tungsten market surged, with APT prices up by 5,000 yuan in major trading market, the biggest daily rise since 2015, Shanghai Metals Market reports.
On Wednesday, APT offers were raised up to 110,000 yuan per tonne in major trading market, up from 105,000 yuan a day earlier, according to SMM data.
“The rise in tungsten market is due mainly to low supply of tungsten concentrate at the begging, and the price driver now is the latest round of environmental protection inspections,” SMM analyst says.
Jiangxi Province is in the list of regions facing environmental protection inspections, and output of tungsten concentrate and APT in Jiangxi accounts for 35 per cent and 50 per cent, respectively. Moreover, several dozens of tungsten ore processing plants also locate in the Province.
According to latest news, most of tungsten smelters and tungsten ore processing plants in Jiangxi have suspended production after environmental protection inspections.
“The rising momentum is expected to be continuing in tungsten market for the foreseeable future, as the impact from environmental factor is expected to last for two weeks to one month,” SMM foresees.
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