China’s Domestic Tungsten Market Continues to Stabilize in the Middle of June

Analysis of latest tungsten market from Chinatungsten Online

Unlike other active metal markets, such as commodities and molybdenum, tungsten market has kept quiet since the second half of May, and is expected to continue its tepid status in the short term. 

China’s domestic market demand has not been as good as expected since the second quarter while the supply of raw materials increases with increasing operating rate of manufacturers. For the export market, manufacturers also do not receive many inquiries from abroad affected by the spread of COVID-19 and raised cost of transportation. Recently, the stabilization of tungsten ore prices will be the main factor to support the market.

According to statistics from the Bureau of Statistics, the value added of the industrial enterprises above designated size nationwide in May increased by 8.8% year-on-year, 0.52% month-on-month, and a two-year average growth of 6.6%; total retail sales of consumer goods were 3,594.5 billion yuan, a year-on-year increase of 12.4%, and a two-year average increase of 4.5%; the nationwide surveyed unemployment rate in urban areas was 5.0%, a decrease of 0.1% from the previous month and a year-on-year decrease of 0.9%.

Prices of tungsten products on June 18, 2021

Picture of tungsten ore 

Follow our WeChat to know the latest tungsten price, information and market analysis.