Sources in China told Fastmarkets that the proportion of ferro-tungsten for export on a spot basis had increased this year due to changes in the purchasing strategies of overseas consumers.
“I used to export half of my ferro-tungsten cargoes on long-term contracts and half on a spot basis. But this year, more cargoes will be sold in the spot market because the overseas consumers are buying on an as-needed basis rather than signing long-term contracts to lock in large quantity of the materials in advance,” a trader said.
A second trader told Fastmarkets that he had received a steady stream of inquiries from abroad for spot materials, although he added that these were for purchases involving small quantities.
Lower exports but East Asian demand up
The outbreak of the Covid-19 pandemic this year has had a major impact on...