China: tungsten export quota for 2011
It is reported that China has decided to cut tungsten export quota for 2011 by 300 tonnes to 15,700 tonnes compared with 16,000 tonnes for this year. The move aims to relieve tight material supply and stabilize export prices for W products.
As per report, the country has been reducing W export quota since 2008. The latest cut will press overseas buyers to accept higher prices.
A trader in Beijing discloses that market demand will swell next year hence prices for APT and tungsten oxide will perch on high tracks. Despite robust demand at the moment, export quota has almost been exhausted due to bulky exports in the first half of 2010 thus traders mow remain cautious.
Rising W concentrate price in home market is the major upward momentum for APT price surges in recent months. The price is expected to climb to USD 300 per MTU soon. APT price is now about USD 280 per MTU up slightly from the USD 273 per MTU to 275 per MTU in last week.
According to a trader in Beijing, W concentrate price is still rising with transaction price approaching CNY 150,000 per tonne for APT, implying export price will be at least USD 278.5 per MTU.
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