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Tungsten Prices up 20% in two weeks....

[lurkerone]

https://uk.reuters.com/article/allBreakingNews/idUKLM49624020090122

EUROPE MINOR METALS-Ferro tungsten prices creep higher

 LONDON, Jan 22 (Reuters) - Prices of ferro tungsten inEurope crept up for the second week running as lack of newsupplies from China reinforced a dearth of material inRotterdam, traders said.    

 Ferro Tungsten TUN-FERRO-LON was quoted higher at around$30 a kg from $29 a kg last week and $25 a kg the week before asconsumer enquiries for the metal used to make steel forindustrial drills were met with empty hands.    

 "Chinese producers are closed and they will stay closeduntil after the holiday next week," a London-based trader said.    

 "Most of the material in Rotterdam has been soaked up,consumers are tentatively asking for prices."    

 Chinese cutbacks and plant closures, expected to continueuntil after the Lunar New Year holiday next week also helpedsupport prices of magnesium in Europe.    

 Magnesium MGN-CHINA used to help harden aluminium for carparts such as brakes and steering wheels was quoted at around$3,000 a tonne from $2,900 a tonne, but traders said prospectswere poor given the dire state of the auto industry.    

 "This level of activity hasn't hit government figures by along chalk," one said. "There are new cars piling up everywhere,nobody knows what to do with them."    

 Overall, traders said there was very little business beingdone, that they did not expect to see a real recovery until thesecond half of the year and that the global economic downturnwould dampen activity for some months yet.    

      "People are living hand to mouth, they are only buying whenthey have to," a UK-based trader said. But he added that hethought China's steel industry was already starting to ramp upproduction in anticipation of infrastructure spending.

       "It's easier to get things moving in China, they have aholiday so things are slow, but their inventory has disappearedand they are worried about all the cutbacks around the world ...They need more than they've got."

       Steel ingredients also include ferro molybdenumMLY-FERRO-LON, ferro manganese MNG-FERRO-LON, ferro vanadiumVAN-FERRO-LON and ferro chrome FECRO-HC-LON.

 Ferro chrome though was struggling, slipping five U.S. centsto 70 cents a pound as producers and consumers negotiatedbenchmark contract settlement prices.    

 "The thing is people don't want to settle at these lowerprices because they are sitting on stock used as collateral withbanks," a Europe-based trader said.    

 "If the benchmark falls, banks will be knocking at doorsasking for more collateral ... That's why the process could takelonger this year."    

 Early indications for charge chrome were for a numberbetween 85 and 95 U.S. cents a pound.    

 High grade cobalt COB-CATH-LON used to make aerospaceengines was bumping along the bottom at around $17 a pound.    

 Traders said news that London-listed miner BHP Billiton(      BLT.L) was currently not offering any cobalt would make themarket more difficult to gauge.

 "BHP Billiton is currently not posting prices andquantities," the company said on its website.      cobalt.bhpbilliton.com/