China Tungsten Price Was Weak in the Middle of July 2023

Analysis of latest tungsten market from Chinatungsten Online

China tungsten price was weak in the week ended on Friday July 14, 2023 when the supply and demand in the market were in a stalemate. Most market participants took a watchful stance.

On the positive side, low-carbon environmental protection requires stable support for the cost side of the market; the high temperature and flood season in midsummer will affect the production capacity of mines and smelters; the policy-driven expectations in the second half of the year are expected to increase and are expected to stimulate the growth engine of domestic demand; the protection and competition of key minerals such as tungsten, molybdenum and rare earth are intensified, and the value attribute of strategic resource tungsten will be further reflected.

On the negative side, the increase in electricity load due to hot weather will affect industrial production and the demand for raw materials; the El Niño phenomenon will exacerbate financial stability risks and disrupt the normal operation of the industrial chain; the complex international situation and the pressure of the global economic recession will hinder the import and export of the industry; the summer break affects the consumer sentiment in the market outlook, and participants wait and see the performance of short-term stocking demand; the domestic economy is still in the weak recovery range, and the enthusiasm for trading has cooled under the risk aversion sentiment in the market.

In terms of news, according to data from the General Administration of Customs, China's total import and export value in June was 3,488.32 billion yuan, a year-on-year decrease of 6%. Among them, exports were 1,989.78 billion yuan, a year-on-year decrease of 8.3%; imports were 1,498.54 billion yuan, a year-on-year decrease of 2.6%. From January to June, China's total import and export value was 20101.62 billion yuan, breaking through 20 trillion yuan for the first time, a record high in the same period, an increase of 2.1% year-on-year, of which exports were 11458.77 billion yuan, a year-on-year increase of 3.7%; imports were 8642.86 billion yuan, a year-on-year decrease 0.1%.

Prices of tungsten products on July 17, 2023

Picture of tungsten trioxide 

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