SHANGHAI, Aug. 5 (SMM) - Tungsten market has started its rising track since late July, and it only takes around two weeks for APT prices to rise from 92,000 to 110,000 yuan per tonne, Shanghai Metals Market reports.
Currently, APT spot traded prices have climbed above 110,000 yuan per tonne, and producers are generally reluctant to sell goods, with offers between 112,000-113,000 yuan per tonne, according to SMM data.
“The major price driver behind the sharp gain is the ongoing environmental protection inspections, and August will be a key month to see if the rising momentum will sustain,” SMM analyst says.
It is a traditional low demand period for tungsten market from July and August, so the latest round of big price rises has raised doubts over its sustainability.
SMM survey finds that tungsten mining firms still hold back goods despite of the off-demand season, with ore offers between 72,000-74,000 yuan, up 12,000 yuan from July’s low-end price.
“In the short term, tungsten market will keep rising, with APT prices to approach 115,000 yuan, but trading volumes will remain small,” SMM adds.
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