Chinese Tungsten Market Keeps Quiet in the Middle of May 2023

Analysis of latest tungsten market from Chinatungsten Online

Chinese tungsten market keeps quiet on May 11, 2023 as the demand side does not become active and most raw material suppliers consider profit-taking. 

In the tungsten concentrate market, miners are still in the mood to hold up their goods, but due to the influence of some traders' cash-out sentiment, as well as the weak downstream demand, the trading activity in the market continues to be low. Although most prices of high-grade resources are temporarily stable at $18,769.2/ton, the orders are limited. 

In the APT market, the actions of smelters are still cautious, the stalemate between buyers and sellers continues, and the offers of manufacturers are about $314.6/mtu. Due to the uneven recovery of the global economy, especially the relatively weak growth of overseas manufacturing industries, the consumption of tungsten raw materials has been restrained to a certain extent.

In the tungsten powder market, the stalemate at a high level in the upstream of the industry chain has led to a consolidation trend in the offers of powder merchants. The enthusiasm of downstream terminals for stocking is not high, which intensifies the wait-and-see mentality of the market. The actual transaction prices declined slightly.

On the macro front, US inflation continued to slow down. In April, its CPI rose by 4.9% year-on-year, marking the tenth consecutive decline. However, industry players believe that the distance from the Fed's 2% inflation target is still relatively large, and the possibility of its interest rate cut is still to be confirmed, especially under the risk of debt default, the market liquidity tightening pressure still exists.

Prices of tungsten products on May 12, 2023

Picture of tungsten acid 

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