The Chinese tungsten concentrate market has been under pressure since late October due to lukewarm demand from end users after customers retreated from the market. Concentrate suppliers cut their offer prices to encourage buying in the face of weak market confidence.

Chinese tungsten prices are expected to rebound in the near term as suppliers scale back sales after consumers started replenishing stocks last week. Stockpiling demand from the cemented carbide, super alloy and special steel industries is expected to rise before China’s lunar new year holiday in January.

Diversified metals trading firm and producer China Minmetals has purchased tungsten bar stocks from the bankrupt Fanya metal exchange in a recent auction.

The price for 431.95t of tungsten bar stocks was eventually settled at 65.96mn yuan ($9.39mn), equivalent to Yn152,702/t with a 13pc value-added tax unpaid.