Tungsten scrap supply has been tightening since late summer last year, with demand for tungsten products picking up slowly following Covid-19-related shutdowns in early 2020, market sources said.
Industrial operations were interrupted by shutdowns intended to curb the spread of the pandemic during the first half of 2020
, and were then reduced after the pandemic clouded the outlook for demand and industrial recovery.
With less tungsten production in the first half of last year, there was less scrap circulating in the market, market sources said, with most scrap buyers sitting on low inventory levels.
Amid this tightness, tungsten scrap dealers have been seeking higher prices for the past few months, market participants said. “With scrap prices high and...