European major APT is at $220-$230/mt last night, which is the same as before. Major-port APT is about $210-$220/mt, which is the same as before. Ferrotungsten is at $27.5- $28/kg, which is $0.1/kg less than before. Domestic sodium tungstate is mostly around Yuan 92000-95000/st, which is Yuan 2000/st less. #70 ferrotungsten is at Yuan 132000- 135000/st, which is Yuan 1000/st less.

　　The tungsten market is troublesome at the moment, and news of purchasing and storage boosts the confidence of the market yet without real action. The first one is the purchasing and storage plan from Chinese listed giants, which amounts to Yuan 3 billion, or 46000 ton tungsten concentrate. This meets the expectation from the aspect of finance and quantity. However, to the disappointment of the market, no real action is taken at the moment. Another plan is from Ganzhou municipal government, banks and local leading companies, which amount to Yuan 400 million. The plan has had supports from companies, but practical solution is still drafting. Another negative news is that one giant company has purchased many tungsten product previously, which is highly risky in front of panicking situation.

　　The tungsten market in China is depressive. There are few trade going on with price under expectation. Those who still maintain production are having defict, and those who overstocks before are losing greatly. Though the news of purchasing and storage boosts the market confidence, yet lack of action worries participants. Another thing that bothers participants is that there are little demand from downstream market. Few companies are able to make purchase and downstream roasting plans are droping away. All of these restrict the mood of buying, and lower transaction is the major trend. Some low grade concentrate dominate the market. 55 grade white tungsten is at Yuan 65000-67000/st, 55 grade black tungsten is at Yuan 67000-69000/st. Long-term contracts from major companies of Ganzhou is mostly Yuan 69000/st for 65 grade black tungsten, Yuan 68000/st for 55 grade black tungsten.

　　APT roasting companies are having a hard time, many of them have reduced or stop production. Buying APT from the outside is more economical. There are less APT prducers running at the moment. APT dropping away is normalized. As demand shrinks, the spot good price is at Yuan 110000/st, some quality goods is at Yuan 111000-112000/st accepted. Scrap material is at Yuan 105000/st, closer to Yuan 100000/st.

　　Influenced by so many market information, most market participants are holding them back. Few rigid demand are still going on in spot market, and trading price is according to the mainstream trend. The tungsten market is in a chaotic situation, and it is hard to say about the future. There are all kinds of possibility, so caution is still necessary.