China’s Tungsten Powder Price Stabilized When the Support from the Cost Side Increased

Details: Category: Tungsten's News; Published on Tuesday, 29 August 2023 17:51

Analysis of latest tungsten market from Chinatungsten Online

At the beginning of the week, China tungsten price remained stable with limited updates in the market news. Supply and demand continued to maintain a stagnant situation, and short-term fluctuations in the market were unlikely, while enterprises and institutions awaited clearer pricing after the month changed.

The tungsten concentrate price tested to $17,571.4/ton. Holders of the material maintained positive sentiments for the market, although the acceptance at the backend remained limited, resulting in a subdued trading environment.

APT price hovered around $293.8/mtu when market exhibited neither strong nor weak trading momentum. Manufacturers expressed frustration about the limited progress in demand dynamics, and market adjustments were primarily driven by concerns over the risk of a cost inversion.

The tungsten powder price remained stagnant at around $39.3/kg. The support from the cost side increased, but pressure persisted on the demand side. The trading sentiment in the market was not proactive, and the situation in the alloy segment was observed cautiously.

In terms of news, recently, the Ministry of Industry and Information Technology and six other departments jointly issued the "Work Plan for Stable Growth in the Non-ferrous Metal Industry." The plan aims to achieve a year-on-year increase of around 5.5% in the added value of the non-ferrous metal industry in 2023 and an increase of over 5.5% in 2024. Specific measures include scientifically regulating the scale of development and utilization of mineral resources such as rare earths and tungsten to effectively ensure domestic market supply. The plan also involves nurturing key enterprises in the copper, lithium, nickel, tungsten, and antimony industries to benchmark against world-class enterprises in terms of resource allocation, brand value, innovation capability, and internationalization, thereby enhancing the comprehensive competitiveness of these enterprises.

Prices of tungsten products on August 29, 2023

China tungsten powder price image