China Tungsten Price Remained Stable Affected by COVID-19 Pandemic

Details: Category: Tungsten's News; Published on Monday, 13 July 2020 18:21

Analysis of latest tungsten market from Chinatungsten Online

China tungsten price remained stable on the whole in the week ended on Friday July 10, 2020. Ganzhou Tungsten's new tungsten forecast prices and listed companies' offers adjusted slightly, supported the market confidence. Sellers were reluctant to cut prices while buyers remained cautious. The whole market was quiet.

The world is facing a major challenge of recession concerning the effect of COVID-19 pandemic. It has affected the whole production capability of the countries coupled with a slowdown in global demand, and concerns regarding the availability of raw material. More and more countries are taking measures to stimulate the economy, but the recovery remains uncertain.

The World Bank report pointed out that the world is experiencing the worst economic recession in nearly 80 years. It is expected that global GDP will reduce by 5.2% in 2020. Emerging economies that previously made major contributions to world economic growth will also reduce by 2.5% this year, marking the worst performance since 1960 in which data is available.

However, the major institutions are mostly optimistic about China’s economic recovery. Craig Allen, chairman of the US-China Trade Commission, said, "China looks set to become the largest engine of global GDP growth in 2020 and even 2021. Of course we hope American companies will benefit from it."

Prices of tungsten products on July 13, 2020

China tungsten price image