China Tungsten Price Keeps Firm with Stable Support from the Raw Material Side

Analysis of latest tungsten market from Chinatungsten Online

China tungsten price keeps firm on August 23, 2023 with stable support from the raw material side. However, spot transactions are relatively sluggish, attributed to the relatively weak demand and the need for a certain acceptance response cycle for market sentiment to catch up.

Currently, there is a limited release of mining resources, especially as those with low-priced inquiries are generally reluctant to make shipments. At the same time, there are fewer high-priced shipments due to cautious sentiments among purchasers. The price of 65% black tungsten concentrate is maintained at around $17,428.6/ton.

Smelting plants' operating rates remain low, influenced by the previous sluggish trend. Several smelting plants that had reduced or suspended production have not yet resumed operations. Additionally, driven by cost considerations, manufacturers are inclined towards raising prices, with APT prices testing around $295.4/mtu, while actual transactions are yet to be confirmed.

The consumption trend in the alloy sector is still unclear. In July, both month-on-month and year-on-year data for China's tungsten product exports have shown varying degrees of decline. Feedback suggests that the current demand situation is mostly unfavorable, as purchasers are not actively entering the market for acquisitions. Instead, they are adopting a wait-and-see approach regarding the trend in tungsten raw materials.

Prices of tungsten products on August 24, 2023

Picture of tungsten wire 

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