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Tungsten City Analysis 7-29: Market trend is flat, supply and demand tightening appear

Since the beginning of July, the price of tungsten ore has rebounded slightly. As of now, the price of tungsten concentrate has increased by 0.3 million yuan/ton, and the price of APT has increased by 0.5-0.6 million yuan/ton. However, this uptrend has slowed significantly this week, and the demand side is not sufficiently motivated.

For most mines, the current price is still too low, the mine is still reluctant to sell, the tungsten mine is strong, it also supports the stability of the downstream market, the price of APT and tungsten powder is also relatively strong, and the price of ferro-tungsten and APT in Europe is also in the trend. Stabilize. There are very few transactions in the bulk market, and there is basically no reference price.

For the APT market, in the first half of this month, the purchase of rigid replenishment and some hot money has basically ended. In the absence of an increase in the demand side, the market price has a sharp upward momentum, and the market is now very calm. However, the entry of hot money has a certain effect on promoting the price increase in the early market, but it also brings a lot of uncertainty to the market. Once the price continues to rise, this part of the goods will eventually flow into the end consumer market.

Since the APT price has been seriously reversed in May, the price has been greatly dived in June. Up to now, there have been few large-scale (more than 400 tons/month) smelters in the country that are in full production. Since May, many smelters have not only reduced production, but also have many smelters that have been shut down for maintenance. It is understood that due to the difficulty in purchasing tungsten concentrates, at least six smelters in Jiangxi have been shut down for maintenance, and two large smelters in Hunan have also stopped production. Overhaul, other manufacturers have basically reduced production, so in the short-term, due to the reluctant reluctance of tungsten sand, and the tightening of APT output, APT prices will remain stable, but the transactions in the past few weeks have basically come to an end. Demand has turned weaker, and the space for re-empting has narrowed.

The market for tungsten powder alloys belongs to the off-season market. The demand at home and abroad has not increased. The purchases just needed have been completed in the past few weeks. The recent purchases are not many. Most of the alloy factories have been stocked, and sporadic replenishment has basically no support for the market. Moreover, the alloy manufacturers' own orders have not increased, and they dare not purchase too much raw materials. At present, the price of granular tungsten carbide in the powder factory is maintained at 176-181 yuan/kg, and the medium-grain tungsten powder is priced at 178-183 yuan/kg.

In addition, according to Xinhua News Agency, the Yunnan Higher People's Court on the 26th, according to law, Kunming Pan Asia Nonferrous Metals Exchange Co., Ltd., Yunnan Tianhao Rare Metals Co., Ltd. and other four defendants, and the appellant Shan Jiuliang and other 21 The second instance of the defendantӮs illegal absorption of public deposits and job encroachment appeals was publicly pronounced. The appellant Wang Hao was sentenced to six years and six months in prison and the original judgment was upheld against other appellants, defendants in the original trial and the defendant in the original trial. After the second instance is pronounced, the court of first instance will dispose of the property in question in strict accordance with the law. According to the law and judicial interpretation, the loss of the fund-raising participants in this case takes precedence over the execution of the fine. In the past month, the news about the upcoming release of Pan-Asian APT stocks has been circulating, which has had a great impact on the mentality of manufacturers. The downstream buyers have become very cautious. Before this news is implemented, most of the manufacturers will Wait and see.

In summary, both domestic and foreign supply and demand are in a state of lesser this week. However, the supply side is intentionally tightened, while the demand side is passively tight. Domestic and international demand is still in the off-season. The market stabilization depends mainly on source support. The situation of supply and demand is not consistent.

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