The ferro-tungsten market has been stagnant in recent weeks, with only a handful of transactions taking place. Last Friday, in China, inactivity translated into a dip in prices. Ferro-tungsten fell to $25.90 a kilogram, down from the recent rate of $28.00 per kilogram.
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Tungsten, like all the other metals, has seen a large amount of its value lost in the 2008 market crash. However, some stability has been lent to tungsten due to the fact that China has a monopoly on the market.
Tungsten, like all other metals has witnessed a precipitous price drop. Data coming out of China, producers of around 85% of the world’s tungsten, shows that most of the Chinese Ferro-tungsten makers have either shut down or decreased output.
The past week has seen many new company developments when it comes to Tungsten. Vancouver-based Golden Predator Mines announced the intersection of near surface tungsten mineralization in drilling at its wholly-owned Springer tungsten project in Nevada.
The market has been increasingly volatile over the past months, and with this week’s huge adjustments many businesses announced new strategic measures. Tungsten companies were no exception, and a few business changes were announced this week.
Scrap recycling is an important facet of the globe’s tungsten supply, with approximately 30% of the world’s tungsten coming from recycled material.
Max Resource Corp. reported that drilling continue’s at company’s Ravin tungsten and molybdenum project in Nevada. For more information, click here For company’s website, click here
Over the past four years the price of tungsten has surged from $4 per pound to over $14 per pound. The surge in the price of tungsten has been caused by the fact the China has a monopoly on the market.