China Tungsten Price Stabilized Supported by the Increase in the Long-term Contract Prices of Large Tungsten Enterprises

Analysis of latest tungsten market from Chinatungsten Online

China tungsten price has shown an overall stable trend in the week ended on Friday, January 26, 2024. Firstly, it was boosted by a slight upward exploration in the long-term contract prices of large tungsten enterprises. 

Secondly, due to the approaching Chinese New Year, businesses are resolute in their intentions to close with strength. Despite limited implementation of winter stocking by downstream end-users, driven by the impact of raw material costs, manufacturers are mainly stabilizing with occasional increases. Pre-holiday market trends are resistant to declines, with a cautious outlook on post-holiday actual demand performance.

The tungsten concentrate price remains firm at around $17,571.4/ton. As the Chinese New Year approaches, mining safety production supervision is strengthened, leading to gradual production reduction and holiday arrangements. The overall market resources are limited, and suppliers are unwilling to lower prices, resulting in a resilient pre-holiday market.

APT prices are stable at around $293.8/mtu. Although market transaction orders are limited, the firm attitude towards raw material costs and the expected impact of intensified environmental regulations and rising prices have increased the intention of smelters to support the market, enhancing confidence in the market within the week.

Tungsten powder prices are holding steady at around $39.0/kg, and tungsten carbide powder prices are consolidating around $38.4/kg. The activity of new orders in the market is not high, with some factories planning to start their holidays in February. After overseas cutting tool companies adjusted prices for the New Year, some domestic cutting tool companies plan to raise prices in February driven by costs. Although the market supply and demand relationship still needs adjustment, the overall stable sentiment in the tungsten price market has strengthened.

The price of waste tungsten bars is consolidating around $29.6/kg. Limited release of market resources is influenced by the supplier's willingness to support prices and the holiday atmosphere. The resilience of raw material prices has boosted the waste tungsten market, and purchasers are becoming less active in the market before the holiday.

On the macro level, the U.S. Department of Commerce estimates that the real Gross Domestic Product (GDP) of the United States will grow at an annual rate of 3.3% in the fourth quarter of 2023. Although the growth rate is significantly narrower than the third quarter of last year, it is better than the general market expectations. The U.S. Department of Commerce believes that the accelerated growth of the U.S. economy last year was mainly driven by the increase in personal consumption expenditure, non-residential fixed asset investment, and state and local government spending. The unexpectedly strong economic data has alleviated some concerns about economic recession.

Prices of tungsten products on January 29, 2024

Picture of tungsten carbide blades

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