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China Minmetals Nonferrous Metals (CMN) and Ganzhou Tungsten Assn (GTA) both announced on Sunday that they are cutting their tungsten concentrate prices for September.
GTA cut its average prediction price for 65% content black tungsten concentrate to 67,000 yuan ($10,535) per tonne, down 3,000 yuan per tonne from August’s prices.
The company priced ammonium paratungstate (APT) at 102,000 yuan per tonne, compared with 108,000 yuan per tonne last month.
Meanwhile, China Minmetals Nonferrous Metals (CMN) has also cut its offer price for black tungsten concentrate, 65% content, to 67,000 yuan per tonne, while its price for white tungsten concentrate dropped to 66,000 yuan per tonne, both down 3,000 yuan per tonne month-on-month.
This marks the fourth consecutive month of price decreases from the two companies.
“The spot concentrate market remains weak,and although everyone thinks prices are low, it is still moving lower on sluggish demand,” a trader said from Jiangxi province, a major production base of tungsten in the country.
Metal Bulletin’s tungsten concentrate price was at 65,000-68,000 yuan per tonne on September 4, unchanged on the week and the lowest level since December 2009.
“We think downward room for concentrate prices will be limited and prices will be supported once large domestic companies’ reserve actions start,” the trader added.
So far, none of the members of the China Molybdenum and Jiangxi Tungsten Industry Group that have announced plans to build up ore reserves in order to prop up prices have yet begun to buy.
Rena Gu rena.gu@metalbulletinasia.com