China’s Ganzhou Tungsten Association Increased Average Tungsten Forecast Prices for June 2023

Analysis of latest tungsten market from Chinatungsten Online

Tungsten association and listed companies announced their guidance prices one after another on Monday, indicating a steady upward trend overall. 

Merchants are more willing to offer higher price, but the positive news from the demand side are limited and and the overall risk appetite of the market is not high due to the influence of external uncertainties. Given that, most market participants expect to take a watchful stance in the short term. 

China’s Ganzhou Tungsten Association (GTA) released its average tungsten forecast prices for June 2023: 55% black tungsten concentrate price was $18,307.7/ton, unchanged from last month; APT price was $315.5/mtu, up $0.9/mtu; medium particle tungsten powder price was $43.1/kg, unchanged from May 2023. 

Xiamen Tungsten’s APT bid price was $313.8/mtu, up $1.7/mtu from the second half of May 2023. 

Jiangxi Tungsten quoted high-grade black tungsten concentrate at $18,692.3/ton, up $153.8/ton compared with the second half of last month. 

Zhangyuan Tungsten released its long-term contrate prices for the first half June 2023: black tungsten concentrate (WO3≥55%) price was $18,307.7/ton, up $76.9/ton; scheelite concentrate (WO3≥55%) price was $18,076.9/ton, up $76.9/ton; APT price was $315.5/mtu, up $1.7/mtu compared with the second half of May 2023. 

On the macro front, Fitch Ratings predicts that the growth rate of global trade will drop sharply from 5.5% in 2022 to 1.9% in 2023, and global GDP growth will drop from 2.7% to 2%, mainly due to the slowing market demand. Monetary tightening, weakening fiscal support and the reopening of the services sector are weighing on global commodity demand.

Prices of tungsten products on June 7, 2023

Picture of tungsten powder 

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