China Tungsten Price Picked up After the Holiday of the Lunar New Year

Analysis of latest tungsten market from Chinatungsten Online

China tungsten price was in the upward trend in the first trading week after the holiday of the Lunar New Year. 

Firstly, due to the festive atmosphere and long-term ore grade reduction affecting the release of tungsten raw material resources, and under the conditions of China's steady economic growth, the market consumption potential has increased, and the confidence in easing the contradiction between supply and demand in the industry has increased; secondly, the increase in the price of cemented carbide products has stimulated the confidence of raw material manufacturers; thirdly, the tungsten market is expected to rise due to the rapid rise of molybdenum prices. 

This week, a new round of Ganzhou Tungsten Association's predicted average price and long-term contract prices of major tungsten enterprises will be announced. Based on the current positive spot status, the upward trend is confirmed.

At the beginning of February, the price of raw materials continued to rise, driving the sentiment of cemented carbide companies to follow up. Cemented carbide companies such as Jiujiang Jinlu and Chongyi Zhangyuan Tungsten have successively issued notices for price adjustments starting this week. Feedback from the tungsten primary market indicates the intention to support the market.

On the macro front, Europe adheres to the policy of fighting high inflation, raising interest rates by 50 basis points, and predicting that the next adjustment space will be maintained; the latest interest rate policies of the United States and Britain have been raised by 25 and 50 basis points. Although Europe's adaptation to the energy crisis is better than expected, and global commodity inflation has slowed down to a certain extent, the actual high inflation and monetary tightening pressures outside China are likely to continue in 2023, and international pressure still requires tungsten products Enterprises are cautious.

Prices of tungsten products on February 6, 2023

Picture of tungsten needles 

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