Chinese Tungsten Market Was in a Stronger Bad Atmosphere

Analysis of latest tungsten market in China from Chinatungsten Online: Chinese tungsten market was not a strong support, with a stronger bad atmosphere last week. Traders moved fast to sell their products in high price, resulting the sharp decline of tungsten concentrate and APT price. Ferro tungsten, sodium tungstate, tungsten carbide, and tungsten powder prices also fell in a moderate way.

There have intense competitions in the market of tungsten concentrates, and a price war is under way among enterprises for the limited demand. Due to oversupply of raw materials and financial strain of enterprises, the tungsten concentrate price keeps declining. Last week, 60% wolframite concentrate was quoted at $16,899-17,364/t, 65% scheelite concentrate was quoted at $16,744-16,899/t, down $310/t compared with the previous week.

APT manufacturers are now difficult in going into production due to lack support from raw material market and thin trading in downstream market. It is hard for APT manufacturers to conclude deals in high prices, some of transaction prices even falling below $297.8/mtu. Downstream purchasers with strong bearish mentality expect that market price would further declines , thus they now mainly wait and see. As of last Friday, APT was quoted at $297.8-301.3/mtu, down $5.3/mtu.

Affected by the weakness in upstream market, tungsten powder market also is thin in trading. The recovery in demand is slower than market supply, so tungsten powder price falls slightly. Tungsten powder price was quoted at $41.6-42.5/kg last Friday, down $0.3/kg compared with the previous week.

On the whole, considering the fewer trading volumes, weak demand and increasing raw material supply, tungsten price in China will run with great pressure. This week, the price may continue to maintain weak adjustment same as last week. And insiders now are waiting for the latest news of large tungsten enterprises’ guide prices.

Prices of tungsten products on Jan. 22, 2018

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