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Few buyers in China or abroad are willing to purchase ferro-tungsten, even after prices were slashed by producers, market sources said.
"The local market is very quiet these days, with very, very limited demand from most downstream special steel makers," said a Beijing analyst.
On August 30, the spot price for the steel raw material stood at 172,000-176,000 yuan ($27,129-27,760) per tonne, losing 6,000 yuan over the month, producers said.
Many ferro-tungsten smelters have already shut down during the past two months in line with weak demand, added the analyst.
"Given the serious losses in the steel industry this year, purchase volumes of ferro-tungsten...