The Cemented Carbide Market Continues to Be in a Downturn in June 2023

Details: Category: Tungsten's News; Published on Friday, 16 June 2023 17:26

Analysis of latest tungsten market from Chinatungsten Online

Chinese tungsten bar and tungsten powder prices keep unchanged on June 15, 2023 due to continued deadlocked supply and demand in the market.

The tungsten concentrate price is stalemate at around $17,941.2/ton. Even in the downturn at the back end, miners still maintain a firm offer considering the non-renewable resources and environmental protection costs. However, downstream buyers are not willing to purchase at the higher prices and transactions are limited.

The ammonium paratungstate (APT) price hovers around $316.4/mtu when the market is facing significant pressure of price inversion. Facing the pressure of high cost, tight supply and weak demand, smelters mainly take a watchful stance.

The tungsten powder price stabilizes at around $40.6/kg. suppliers are waiting and seeing the situation of weak supply and demand, as well as the performance of the industry's operating environment. Recently, there were few effective news in the market, and the trading activity was not high. The overall transaction situation is under pressure.

The cemented carbide market continues to be in a downturn, and the instability of the overseas economy continues, which affects the speed of domestic economic recovery. The market consumption and the the price of alloy products are under pressure. Recently, the upward trend of cobalt powder and the rised mentality of raw material suppliers have relieved the partial bearish trend in the alloy end.

On the macro front, the World Bank said China's economic activity rebounded in the first quarter as spending on services surged. Driven by a rebound in consumer demand, China's GDP is expected to grow by 5.6% in 2023. Investment in infrastructure and manufacturing is expected to remain resilient.

The Fed's latest monetary policy meeting decided to maintain the current interest rate target range of 5%-5.25%, which is a pause in interest rate hikes since the start of the aggressive rate hike cycle in March 2022, in line with market expectations. During this rate hike cycle, the federal benchmark rate rises from 0%-0.25% to 5%-5.25%.

Prices of tungsten products on June 16, 2023

China tungsten powder price image