China Tungsten Market Is Quiet at the End of October 2022

Analysis of latest tungsten market from Chinatungsten Online

China tungsten market continues to be quiet on October 25, 2022 because the demand does not improve and market trading is under pressure. 

With the reduction of upstream profit margins, stockholders tend to stabilize their offers and seek for the possibility of raising offers. At the end of the month, the price decline of tungsten products slowed down slightly. However, due to the limited positive news from the demand side and the macro side, market participants continued to be cautious in entering the market. In the short term, the market is expected to continue this trend. 

In terms of macroeconomics, China's economy is more resilient compared to the recessionary pressures of high inflation and tight currency overseas. Statistics from the Bureau of Statistics show that in the first three quarters, the gross domestic product (GDP) grew by 3.0% year-on-year, of which 4.8% in the first quarter, 0.4% in the second quarter, and 3.9% in the third quarter. In the first three quarters, the per capita disposable income of national residents was 27,650 yuan, a nominal increase of 5.3% over the same period of the previous year. 

In September, the national urban surveyed unemployment rate was 5.5%, an increase of 0.2 percentage points from August; the added value of industrial enterprises above designated size actually increased by 6.3% year-on-year, and a month-on-month increase of 0.84%; the total retail sales of consumer goods was 3,774.5 billion yuan, a year-on-year increase of 2.5%. From January to September, the national fixed asset investment (excluding farmers) was 42,141.2 billion yuan, a year-on-year increase of 5.9%.

Prices of tungsten products on October 26, 2022

Picture of ammonium paratungstate

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