The reduction of export quotas from China, the world’s leading producer of the metal helped the price nearly triple over the course of the year. Recent reports from China have the quotas increasing nearly 10 percent for the first half of 2011. What will be the major stories for the tungsten market in 2011?
As with many other base metals, China is looking to further reduce the exports of tungsten and may create a ‘strategic stockpile’ of the metal. These factors could make China a net importer of tungsten in 2011, a major benefit to non-Chinese producers of the metal.
China Represses Illegal Mining of Tungsten, Antimony, and Fluorspar according to the Ministry of Land and Resources (www.mlr.gov.cn). Ji Wenlin, director of ministry’s general office said that this action will put a stop on all exploration and mining operations without licence to operate. Click here to access the entire news
China produced 25,211 tons of tungsten concentrate in the first four months of 2009, up 18.71 percent on an annual basis, as per a report from the China Tungsten Industry Association on May 27. For full story, click here
China declared that it has suspended the approval process for new antimony, tungsten and rare earth mines until the end of June next year, excluding selected projects, to preserve its resources for future need. For full story, click here
China declared that it would impose a ceiling on the output of mineral resources like tungsten, antimony and rare earth in 2009 amid shrinking demand. For full story, click here
China’s tungsten concentrate price started to dip since Q4 in 2008 and till Q1 of 2009 the average offer of domestic tungsten concentrate had remained at CNY 60,200 per tonne to CNY 61,900 per tonne slumping by 32.81%YoY. For full story, click here
China’s tungsten concentrate producers have increased offers by $146-293 to reach 64,000-65,000 yuan per tonne in bid to push up market sentiment. For full story, click here
Chinese-backed factories in Vietnam are offering ferro-tungsten at prices far below Chinese offers, forcing Chinese export offers down to $24-25 per kg, from $28-30 per kg last week. For full story, click here
Ganzhou, a city in eastern China’s Jiangxi Province and a leading tungsten making region, is building up its own tungsten and rare earth reserves to support domestic metals firms. For full story, click here
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