China Tungsten Price Remained Stable in Early September 1, 2023

Details: Category: Tungsten's News; Published on Monday, 04 September 2023 18:50

Analysis of latest tungsten market from Chinatungsten Online

China tungsten price remained stable in the week ended on Friday, September 1, 2023, with a slight easing of bullish sentiment on the supply side and a persistently strong bargaining atmosphere on the demand side.

The price of tungsten concentrate has been hovering around $17,428.6/ton at high level, and miners continue to maintain a bullish sentiment. However, feedback from downstream end-users remains lukewarm, and there has been no significant progress in market transactions. Some traders have shown a profit-taking sentiment, adding resistance to negotiations.

APT (Ammonium Paratungstate) prices have held steady at around $293.8/mtu. The market is experiencing difficulties in sourcing raw materials at lower levels, and suppliers have a generally lackluster attitude towards shipments. Purchasers, on the other hand, are maintaining a cautious approach to receiving goods. The market's supply-demand dynamics are in a state of deadlock, resulting in short-term stagnation.

The price of tungsten powder remains at around $39.3/kg. Orders from the alloy sector are limited, and there are significant constraints from the demand side. The upward momentum in raw material prices is insufficient, and there is limited support from the cost side. Therefore, the market is mainly characterized by short-term stagnation, with a focus on updates from the news front.

In terms of news, the Purchasing Managers' Index (PMI) for China's manufacturing sector in August was 49.7%, a 0.4 percentage point increase compared to the previous month. This indicates an improvement in the manufacturing industry's business conditions but still falls below the threshold of expansion. The non-manufacturing PMI was 51.0%, a 0.5 percentage point decrease from the previous month but remains above the critical point, indicating continued expansion in the non-manufacturing sector.

Prices of tungsten products on September 4, 2023

China ferro tungsten price image