China Tungsten Price Was Weak in the Middle of March 2023

Analysis of latest tungsten market from Chinatungsten Online

China tungsten price was generally under pressure and corrected in the week ended on Friday, March 17, 2023, mainly due to the weak demand in the consumer market, which affected the mood of spot trading negotiations. Market participants are waiting for the long-term contract prices for the second half of this month. 

In the tungsten concentrate market, miners are still reluctant to sell and hope for growth. However, due to the slow follow-up of the downstream terminal market, the recovery of resource output and the accumulation of inventory, it is difficult to increase the volume of transactions at high levels on the market, and the offer stalemates at about $18,153.8/ton. 

In the APT market, the intention to raise the price of raw materials still exists, the enthusiasm of downstream enterprises to purchase is not high, the smelters are in a dilemma, and they generally hold a cautious wait-and-see attitude. 

In the tungsten powder market, insiders continue to wait and see the demand status of alloy ends and other downstream tungsten products. The overall consumption situation is not clear recently. Domestic demand is still in the recovery cycle and the price consolidates at about $41.5/kg. 

In the ferro-tungsten market, the sentiment on the consumer side is mainly light, and the macro disturbance factors affect the risk aversion sentiment in the steel market. Mainstream ferro tungsten price hovers around $26,923.1/ton. 

On the macro level, risks in the global financial market continued to ferment. The bankruptcy of Silicon Valley Bank and the signatory banks caused the stock price of First Republic Bank to plummet. Standard & Poor's downgraded its rating to "junk level". 30 billion US dollars of funds, eased the crisis. Credit Suisse, the world's fifth largest consortium and a century-old investment bank, also encountered a credit crisis. On the 14th, Credit Suisse reported that its internal control had "significant flaws." On the 16th, it borrowed 50 billion Swiss francs from the Bank of Switzerland to enhance liquidity. The local government considered merging UBS and Credit Suisse to tide over the crisis, but was opposed by the two groups.

Prices of tungsten products on March 20, 2023

Picture of tungsten needles 

Follow our WeChat to know the latest tungsten price, information and market analysis.

• < Prev
• Next >