China Tungsten Price Remains High Near the Spring Festival

Details: Category: Tungsten's News; Published on Tuesday, 10 January 2023 19:03

Analysis of latest tungsten market from Chinatungsten Online

At the beginning of the week, China tungsten price maintains stability with the support of rised mentality of raw material manufacturers, but downstream buyers remain cautious sentiment before the holiday of Spring Festival.

In the tungsten concentrate market, offers were made at around $17,205.9/ton under the cautious attitude of traders towards the high market. After the peak of the epidemic, the market generally expects external weakness and internal strength. For miners, the passive or active tightening of resources, as well as the gradual restoration of downstream terminal consumption, are opportunities to stimulate the market.

In the APT market, cost-propelled manufacturers are relatively positive in seeking higher offers, but downstream end customers are making up for it step by step, and the market demand activity is limited. The short-term market is consolidating at $294.1/mtu. The short-term market situation is driven by cost to maintain a high level of around $39.4/kg.

In the tungsten powder market, new orders in the market near the Spring Festival are limited, and businesses have different confidences. Some are worried about the falsely high upstream market, the lack of momentum in downstream consumption, and the pressure of repeated infections of the new crown; some remain confident in the easing of inflation, economic recovery and recovery in manufacturing consumption.

On the macro level, under the influence of the epidemic, inflation and geopolitical conflicts, the contraction pressure on global manufacturing demand will continue to increase in 2022. According to the China Federation of Logistics and Purchasing, the average global manufacturing PMI will be 51.8% in 2022, down 4.3 percentage points from the 2021 average. Among them, the global manufacturing PMI in December 2022 was 48.6%, a decrease of 0.1 percentage points from the previous month, a month-on-month decline for seven consecutive months, and below 50% for three consecutive months.

Prices of tungsten products on January 10, 2022

China tungsten price photo