Analysis of latest tungsten market from Chinatungsten Online

China tungsten prices remain firm in early April 2024 for several reasons: firstly, due to a tight trend in the supply of raw materials; secondly, because large tungsten enterprises have firm long-term quotations; thirdly, due to the recent strong performance of the commodity market.

Analysis of latest tungsten market from Chinatungsten Online

After the Qingming Festival, the tungsten market continued its stance of firmness amid stagnation. The firmness stemmed from tight supply and strong demand sentiment from the mining end, while the stagnation was attributed to the complex macro environment and purchasing hesitancy among buyers. The market appeared to be in a state of having prices but lacking transactions, with deals being implemented on an as-needed basis.

Analysis of latest tungsten market from Chinatungsten Online

China tungsten prices maintain a firm trend, with relatively tight supply in the market and limited demand-side benefits. The atmosphere of stagnant trading persists, and with the implementation of a new round of firm adjustments in long-term quotations by tungsten enterprises, the tungsten raw materials continue to drive the overall market trend of the industry chain, awaiting follow-up transactions at high levels.

Analysis of latest tungsten market from Chinatungsten Online

At the beginning of the week, Chinese tungsten market maintained a stable foundation supported by firm prices of tungsten raw materials. Recently, the announcement of long-term contract prices by tungsten enterprises and relatively positive macroeconomic news further supported the relatively high prices of tungsten products. 

Prices of mainstream light and heavy rare earth products in China have generally increased. Specifically, praseodymium oxide has increased by approximately 7,000 yuan per ton, praseodymium-neodymium metal by approximately 8,000 yuan per ton, gadolinium oxide by approximately 2,000 yuan per ton, terbium oxide by approximately 100 yuan per kilogram, and dysprosium oxide by approximately 10,000 yuan per ton.

Chinese molybdenum market continues to be under pressure overall, mainly due to strong price pressure from steel companies and limited room for concessions from molybdenum mining enterprises. 

Analysis of latest tungsten market from Chinatungsten Online

At the beginning of the week, China tungsten prices stabilized temporarily, with some rigid demand present in the market. 

Analysis of latest tungsten market from Chinatungsten Online

In the first quarter of 2024, the tungsten market in China continued to maintain a steady and robust trend. Signals supporting the market came mainly from the supply side, while demand showed lukewarm performance. 

At the beginning of the week, the domestic rare earth market showed mixed performance. Although prices of some products have seen certain increases, market transaction volumes remain low due to continued weak buying interest from downstream users. 

At the beginning of the week, the overall performance of the domestic molybdenum market was relatively weak, mainly reflected in the varying degrees of price declines in many products, low actual transaction volumes, and less favorable future expectations.