China Tungsten Price Maintains Stability in Early March 2024 Amid Consolidation

Analysis of latest tungsten market from Chinatungsten Online

At the beginning of the week, China tungsten price remained stable as the market consolidated. 

Tungsten mining continued to lead the industry chain with a relatively strong posture, while downstream demand remained subdued, showing some aversion to high prices. Market transactions were relatively flat, with participants awaiting quotations from institutions and major tungsten enterprises at the beginning of the month.

The price of tungsten concentrate remained high, hovering around $17,857.1/ton, with mining companies still hoping for higher prices. However, acceptance from downstream buyers lagged behind, leading to stagnant negotiations in the market.

APT prices remained steady at around $297.0/mtu, with risk aversion dominating the market sentiment. Cost pressures drove prices to stabilize and slightly rise, while downstream users remained cautious in their procurement activities.

Tungsten powder prices held steady at around $39.7/kg, and tungsten carbide powder prices remained around $39.1/kg. Offers from suppliers followed an upward trend, but consumption enthusiasm in the hard alloy sector was limited, resulting in continued stalemate in market transactions.

The price of 70% ferro tungsten tested above $26,000.0/ton, mainly due to strong support from cost factors and external risks, leading to a relatively high-level market stalemate.

The tungsten scrap market remained stable, with market confidence awaiting consolidation. Recent market trends were mainly driven by cost factors in the mining sector, with transactions awaiting further implementation.

According to data from the Statistics Bureau, in February, China's manufacturing PMI was 49.1%, down 0.1 percentage points from the previous month; the non-manufacturing PMI was 51.4%, up 0.7 percentage points from the previous month; and the comprehensive PMI was 50.9%, unchanged from the previous month, indicating that the overall expansion trend of China's economy continued.

Prices of tungsten products on March 5, 2024

Picture of tungsten acid 

Follow our WeChat to know the latest tungsten price, information and market analysis.

• < Prev
• Next >