Economic Observer: China, which controls 84% of the global tungsten production, now has domestic APT (ammonium paratungstate, an intermediate product after the smelting and processing of tungsten concentrate) social inventory below 200 tons (normal level is 600 tons), and hard alloy companies have only 12 days of raw material inventory left (safety line is 30 days). European buyers are offering a 30% premium to purchase black tungsten concentrate but cannot obtain it.
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