China Tungsten Price Is Weak Despite the Devaluation of RMB Is Expected to Promote Exports

Details: Category: Tungsten's News; Published on Friday, 14 October 2022 08:57

Analysis of latest tungsten market from Chinatungsten Online

China tungsten price continues to be a stalemate on October 12, 2022. Domestic promotion fee measures stabilize market confidence, but the international environment is under great pressure.

Although the devaluation of the RMB is expected to promote exports, imported inflation and overseas tightening monetary measures have led to shrinking industrial manufacturing consumption. In addition, market liquidity risks have risen against the background of exchange rate fluctuations, to a certain extent, it also reduces the risk appetite of the industry.

With the increase of the risk of global economic recession, the overall macro atmosphere of the tungsten products industry is bearish, the fundamentals are under pressure, and the market price is still in the downward trend. During the month, industry players will mainly focus on the convening of the 20th National Congress, and cautiously watched the developments in Russia, Ukraine, Europe and the United States and the epidemic situation.

In terms of news, the World Trade Organization (WTO) predicted at the beginning of the month that global merchandise trade volume will grow by 3.5% in 2022, slightly higher than the 3.0% forecast in April, but the growth rate in 2023 is expected to be only 1%, much lower than previously estimated. 3.4%. Global GDP is projected to grow by 2.8% in 2022 and 2.3% in 2023.

Prices of tungsten products on October 13, 2022

China tungsten price image