China’s Tungsten Market in the First Three Quarters of 2024

Analysis of latest tungsten market from Chinatungsten Online

In the first three quarters of 2024, China's tungsten market showed an overall upward trend with fluctuations, marked by two peaks:

The first major peak occurred from April to July, driven by tight supply of tungsten concentrates and speculative demand for safe-haven assets. However, the market came under pressure due to weak demand and profit-taking, with tungsten concentrate prices reaching a historical high in May.

The second, smaller peak emerged in August and September, triggered by the shift in market sentiment from high expectations of the traditional peak season to the weaker reality.

In September, the prices of tungsten products showed a general trend of declining before stabilizing. The market fundamentals saw little change during this period, with supply remaining tight and demand weak, leading to a continued tug-of-war. The “lackluster peak season” dampened market confidence, and during the first half of the month, buyers had the upper hand, pushing transaction prices down. 

However, after the U.S. Federal Reserve unexpectedly cut interest rates and China’s central bank lowered reserve requirements and interest rates, along with a series of measures such as adjusting mortgage rates, macroeconomic liquidity eased, and efforts to boost consumption lifted market sentiment. By late September, tungsten prices stabilized, and there was a slight uptick in raw material prices at the end of the month, with some bargain-hunting transactions observed in the market.

Prices of tungsten products on October 8, 2024

Picture of tungsten alloy rods 

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