The week has proven to be stable for tungsten had a firm quotation. Many factories feel positive toward the tungsten demand. The market has been steady until May 21 wherein the price was reduced to 126,000-129,000 (tax-inclusive) from 130,000-132,000 yuan/ton.
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North American Tungsten Corporation Ltd. (TSX-V: NTC) has announced an the closing of an accumulated offering of CDN$3,250,000 by Convertible Debentures. This was previously announced on May 19, 2010.
Stephen M. Leahy, Chairman & CEO of NTC is quoted saying:
“The financing is subject to regulatory approval. It is anticipated that insiders of the Company will subscribe [...]
Tungsten prices in the United States remain stagnant, but market sources agree buyers could drive down prices if they were prepared to bargain hard-and if demand justified doing so.
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The outlook for base metal prices may improve in the final quarter of this year because governments’ stimulus measures will have had some time to take effect.
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Prices of ferro tungsten in Europe crept up for the second week running as lack of new
supplies from China reinforced a dearth of material in Rotterdam, traders said.
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Queensland Ores Ltd. fell by the most on record in Sydney after stopping production at its Wolfram Camp tungsten mine.
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North American Tungsten Corp rose $0.03 to $0.15.
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Queensland Ores fell 67 percent to 1.1 Australian cents after stopping production at a tungsten prices fell.
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Thursday, May 27, 2010