China’s Zhangyuan Tungsten Raised Long-term Contract Prices for the Second half of January 2024

Analysis of latest tungsten market from Chinatungsten Online

At the beginning of the week, tungsten prices continued to maintain stability, with the market's fundamental supply-demand balance being upheld. 

The macroeconomic factors are still in a state of contention between bulls and bears. Overall, spot trading remains light and demand-driven, with limited news and market fluctuations expected before the Spring Festival.

Tungsten mining remains resilient with a strong intention to support prices, and low-grade resources are challenging to find. APT and tungsten powder markets are cautiously trading based on demand, with smelters primarily adopting a risk-averse and wait-and-see approach. In the hard alloy sector, consumption momentum is insufficient, leading to negotiations and selective procurement based on demand. The ferro tungsten market is influenced by overseas shipping pressures, and international trade prices are driving partial increases in the domestic market. The scrap tungsten market remains stable, with holders maintaining a positive outlook, awaiting consumption follow-ups.

According to information from Chinatungsten Online, in the second half of January 2024, Zhangyuan Tungsten Industry's long-term contract prices (including 13% VAT) is as follows: black tungsten concentrate (WO3 ≥ 55%) at $17,285.7/ton, an increase of $142.9/ton; white tungsten concentrate (WO3 ≥ 55%) at $17,071.4/ton, an increase of $142.9/ton; ammonium paratungstate (national standard zero grade) at $292.2/mtu, an increase of $0.8/mtu from the first half of January 2024. 

According to a report by CCTV News, due to frequent attacks on commercial ships in the Red Sea, the weekly shipping index in the Red Sea dropped by 57% in December compared to the annual average, exceeding the impact on the global supply chain in the early days of the COVID-19 pandemic in March 2020. This is the second-largest decline on record. The most severe incident was in March 2021, with an 87% decline when the container ship "Ever Given" was stranded in the new Suez Canal for six days, causing the most severe blockage in the canal's century-long history.

Prices of tungsten products on January 23, 2024

Picture of tungsten powder 

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