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Upstream is optimistic, downstream is cautious

The recent market performance is generally up, but compared with the continuous push of tungsten ore and APT, the follow-up of downstream powder is relatively slow. When the price bottomed out in November, many companies had chosen to stock up in advance, so the recent rapid price increase did not The release of demand that triggered panic stocking actually increased the wait-and-see sentiment of the back-end market. The short-term market showed signs of divergence. The optimism of upstream tungsten ore suppliers contrasted with the cautious sentiment of downstream procurement. The current tungsten ore market still maintains the mentality of reluctance to sell and push up. Most tungsten mines still hope that the price will be higher. However, some traders are considering shipping at 60¡ãC wolframite at 85,000/ton, but APT manufacturers accept 85,000 /T is still a bit difficult, and there will be a stalemate at this critical juncture in the short term. The price of APT has now increased to about 130,000/ton. Because the quotation of powder companies has not been recognized by the end consumer users, the ability to accept high APT quotations is limited. The short-term APT manufacturer¡¯s purchase is still around 128,500/ton. Some trading companies The transaction price was around 129,000/ton. The quotation of the powder market has been increasing, but the transaction has been slow to follow up. Some large tungsten powder quotations have increased to 205 yuan/kg, and the quotation of tungsten carbide powder has also reached 202 yuan/kg. However, the unit price that downstream customers can purchase in bulk can only be signed. It accepts about 198 yuan/kg, and even some alloy companies will no longer inquire after they are fully stocked. According to a comprehensive analysis, the tungsten market is in the off-season at the end of the year due to terminal consumption, and most alloy companies have replenished a large amount of inventory when the price increase started in November. The recent price increase is mainly concentrated in the tungsten ore and APT stage, and the transmission capacity in the future is limited. The current background of non-ferrous metals has performed well, and the price increase of copper has broken through a new high in recent years. With everyone¡¯s optimistic expectations for the beginning of the 14th Five-Year Plan next year, consumer demand in the processing and manufacturing industry will be boosted for a period of time. Consumption is expected to achieve a new development pattern.

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