Chinese Tungsten Market Maintains a Firm Trend in February 2024

Analysis of latest tungsten market from Chinatungsten Online

The Chinese tungsten market maintains a firm and steady trend, mainly supported by the firm attitude of mine-side sellers, while traders and downstream enterprises maintain a firm stance on offers in line with cost, but actual consumption momentum lags slightly behind, with industry players awaiting updates on the news front after the change of month.

Tungsten concentrate prices remain relatively high at around $17,857.1/ton, with the resolute sentiment of miners still dominant and low-level resources difficult to find in the market, leading downstream buyers to enter cautiously as needed.

Ammonium paratungstate (APT) prices are consolidating around $297.0/mtu, with manufacturers maintaining a bullish attitude, but facing resistance to continued upward movement in prices, resulting in tepid trading activity in the market.

Tungsten powder prices remain around $39.6/kg, while tungsten carbide powder prices stagnate around $39.0/kg, with a relatively negative atmosphere in the alloy sector restraining the overall market sentiment, although cost support remains firm, and market trading is primarily demand-driven.

Prices for 70% ferro tungsten stabilize at around $25,857.1/ton, with a firm cost attitude in the market, and demand remains cautious, with limited activity in spot trading and a short-term market in a state of consolidation and waiting for further developments.

The tungsten scrap market remains stable, with more bullish sentiment among holders, but purchasing behavior in the alloy sector is relatively passive, with cautious trading and a wait-and-see approach for news updates.

According to the China Machine Tool Industry Association, in 2023, the machine tool industry initially rebounded, but began to decline steadily from the second quarter due to factors such as the international environment, geopolitical issues, and weak downstream equipment investment. The annual operating income was 1.0974 trillion yuan, a year-on-year decrease of 10.3%, and the total profit was 113.2 billion yuan, a year-on-year decrease of 35.8%. It is expected that the machine tool industry will continue to recover gradually under pressure in 2024. If there are no major changes in the external environment, it is expected to achieve a slight increase in the full year.

The price trend of tungsten in February 2024

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