COVID-19 in Shanghai Has a Significant Negative Impact on Tungsten Industry

Analysis of latest tungsten market from Chinatungsten Online

China’s domestic tungsten price remains stable at the beginning of the week as COVID-19 continues to impact the operation of the whole tungsten industry. As of April 18, there are 181 medium and high risk epidemic areas in China. 

Recently, logistics in Hebei has gradually recovered, which has eased the pressure on the supply of scrap tungsten, but the epidemic situation in Shanghai, Jiangsu and other places has a significant negative impact on the consumption of alloy ends. Due to the uncertain external environment, there is limited room for market adjustment.

On the macro level, China’s central bank decided to cut the RRR by 0.25 percentage points across the board on the 25th, releasing a total of about 530 billion yuan of long-term funds to increase support for the real economy; support industries and small, medium and micro enterprises severely affected by the epidemic; and reduce social comprehensive financing costs. After the RRR cut, the central bank will continue to implement a prudent monetary policy, while emphasizing that it will pay close attention to price trends and monetary policy adjustments in major developed economies.

Prices of tungsten products on April 19, 2022

Picture of tungsten acid 

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