Tungsten Market Continued its Upward Trend in the Second half of November 2024

Analysis of latest tungsten market from Chinatungsten Online

In the second half of November 2024, the tungsten market continued its upward price trend, with long-term contract prices from major tungsten enterprises slightly increasing. The upward trend led by tungsten ore is evident, but overall trading sentiment remains cautious, and market expectations for future trends are divided.

Key Influencing Factors

1.Long-term Contract Prices Stabilize Confidence:

Long-term contract price increases from major tungsten companies have met market expectations, significantly stabilizing market sentiment.

2.Strong Cost Support:

High mining and production costs for tungsten ore reduce the likelihood of suppliers lowering prices. In addition, competition in the international market for tungsten resources maintains a tight supply-demand balance domestically.

3.Demand-Side Divergence:

Steel Industry: Demand appears sluggish, with cautious procurement of ferrotungsten. High-End Manufacturing: Sectors such as hard alloys and aerospace maintain robust demand. Particularly in exports, the depreciation of the yuan offers advantages to related enterprises.

4.International Factors:

International tungsten prices remain strong. Geopolitical tensions and renewable energy policies in Europe and the U.S. may further stimulate demand for tungsten resources, indirectly supporting the domestic market.

Market Outlook

Short-Term: Significant price fluctuations are unlikely, with prices expected to remain in a high-level consolidation phase. Transactions will primarily focus on demand-driven procurement, and any significant increase in trading volume depends on further improvement in demand.

Medium to Long-Term: Driven by the expansion of high-end manufacturing and renewable energy sectors, demand for tungsten products is expected to gradually rise. Additionally, increased international reliance on China for critical mineral resources could provide further upward momentum for domestic tungsten prices.

Prices of tungsten products on November 22, 2024

Picture of black tungsten wire 

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