China’s Xianglu Tungsten Raised Long-term Contract Prices for August 2023

Analysis of latest tungsten market from Chinatungsten Online

The overall tungsten price in the Chinese market is in the upward trend in the middle of August 2023. 

First, due to environmental protection and mining volume control, the bottom of the cost side and the supply side are firm; second, the supply of raw material resources shrinks due to high temperature and rainy seasons; third, the previous pressure on the market have digested some low-level resources and negative sentiment in the market; fourth, due to the increase in the latest long-term contract prices of large tungsten enterprises, traders’ confidence was boosted.

Although the instability of the demand side and the macro side continue to affect the sentiment of buyers, the tungsten market has a small volume of real orders, and the foundation for the rise of tungsten prices is not yet solid, but the holders generally believe that the long-term tungsten price is easy to rise but hard to fall.

China’s Xianglu Tungsten raised its long-term contract prices for August 2023: 55% black tungsten concentrate price was 17,426.5/ton, up $294.1/ton; 55% scheelite concentrate price was $17,279.4/ton, up $294.1/ton; APT price was $298.3/mtu, up $3.3/mtu compared with July 2023.

On the macro level, according to statistics from the Bureau of Statistics, the added value of China's industrial enterprises above designated size in July increased by 3.7% year-on-year and 0.01% month-on-month. Among them, the added value of the mining industry increased by 1.3% year-on-year, the manufacturing industry increased by 3.9% year-on-year, and the production and supply of electricity, heat, gas and water increased by 4.1% year-on-year. In July, the total retail sales of consumer goods in China was 3.7 trillion yuan, a year-on-year increase of 2.5%. The national surveyed urban unemployment rate was 5.3%, an increase of 0.1 percentage points month-on-month. From January to July, the national fixed asset investment (excluding rural households) was 28.59 trillion yuan, a year-on-year increase of 3.4%, of which private investment was 14.94 trillion yuan, a year-on-year decrease of 0.5%.

Prices of tungsten products on August 17, 2023

Picture of tungsten rod 

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