The Tungsten Price in China Continued Its Upward Trend in April 2024

Analysis of latest tungsten market from Chinatungsten Online

In April 2024, the tungsten price in China continued its upward trend, driven mainly by the widening supply gap at the tungsten ore end. 

On one hand, the objective reduction in tungsten ore supply is due to the decrease in ore grade and environmental safety requirements, compounded by the recent rainy season in the south. On the other hand, the escalation of international geopolitical risks has led to rising prices of bulk commodities such as gold, oil, natural gas, and copper. As tungsten, a strategic metal, shares the financial and hedging attributes of other resource-based commodities, traders subjectively hold back sales, exacerbating pressure along the tungsten market supply chain. This, in turn, has led to passive price increases in tungsten smelting products and backend hard alloy products.

Recently, the stock prices of listed companies related to bulk commodities such as non-ferrous metals have experienced significant fluctuations and increases, mirroring the rise in bulk commodity prices. They have seen substantial volatility and upward movement in their stock prices. It is worth noting that metals like copper, which are part of the national import raw material processing and export industrial product categories, have seen significant increases in product prices due to factors such as gold prices, the concept of new energy applications, and interventions by some bulk commodity operators to make profits. This will bring enormous pressure to national industrial production, especially against the backdrop of the depreciation of the renminbi and insufficient demand momentum. Chinatungsten Online believes that if bulk commodity prices enter a downward cycle in the future, panic sentiment may lead to a subsequent decline in tungsten and molybdenum product prices or related company stock prices.

Prices of tungsten products on May 6, 2024

Picture of tungsten carbide balls 

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