China Tungsten Price Was in the Downward Trend in Early November 2022

Analysis of latest tungsten market from Chinatungsten Online

China tungsten price was still in the downward trend in the week ended on Friday, November 04, 2022 mainly due to continued weakness in the demand side. 

On the one hand, because the demand side is still weak, downstream end customers made their purchasing plans according to their actual needs; on the other hand, due to complicated external environment, the recent outbreak of epidemics in China, including Henan, Guangdong, Hunan and other places, the industry is worried about the slowdown of consumption at the cemented carbide end and the shortage of logistics capacity in the market. At the same time, the international geopolitical incident and the fear of economic recession have made investors uneasy, and the sentiment of risk aversion in the market is strong.

Macroscopically, the latest report from the Economist Intelligence Unit (EIU) pointed out that the ripple effects from the Russian-Ukrainian war, the global monetary tightening and the economic slowdown in mainland China will put pressure on the global economy next year, and the global economic growth may slow to only 1.6%. Among them, the risk that high global inflation will increase social instability is very high, but the impact is moderate; however, extreme weather has a high possibility of accelerating commodity price surges and increasing the risk of global food insecurity, and the impact is significant; the risk of a cold winter exacerbating the European energy crisis is high and the impact is very significant.

Prices of tungsten products on November 7, 2022

Picture of tungsten trioxide 

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