China Tungsten Market Stabilized in the First Trading Day of the Year of 2023

Details: Category: Tungsten's News; Published on Thursday, 05 January 2023 10:38

Analysis of latest tungsten market from Chinatungsten Online

China tungsten market stabilized in the first trading day of the year of 2023. On the one hand, traders have relatively good confidence in the recovery of the domestic economy, but the epidemic prevention and control has entered a new stage, and the stability of the market still encounters greater difficulties and challenges; on the other hand, overseas economic prospects are not yet clear.

The International Monetary Fund believes that one-third of the world's economies will be hit by recession this year. The overall contradiction between supply and demand in the tungsten products industry and the pressure from the external environment are still prominent, and the market fluctuation space is relatively limited.

The price of tungsten concentrate is stalemate at about $17,058.8/ton with rare deals concluded at the level. APT price stands at about $292.5/mtu and traders still have rised mentality. Tungsten powder price stabilizes at $39.1/kg with limited stocking orders release before the Spring Festival. At present, the epidemic situation at home and abroad, geopolitical and economic pressures are still prominent.

According to statistics from the Bureau of Statistics, due to the impact of the epidemic, China's manufacturing PMI in December was 47.0%, a decrease of 1.0 percentage points from the previous month, and 0.5 percentage points lower than that in April during the Shanghai epidemic. Among them, the decline in the new order index and production index reflects the weak state of market supply and demand, while the low inventory of finished products, the delivery of major raw materials, and the improvement in purchase prices indicate that the market has a greater chance of bottoming out after the peak of the epidemic.

Prices of tungsten products on January 4, 2022

APT price photo