China’s Ganzhou Tungsten Association Declined Average Tungsten Forecast Prices for October 2023

Analysis of latest tungsten market from Chinatungsten Online

At the beginning of the week, China tungsten price shows weakness, with bearish sentiments primarily driven by sluggish demand from the demand side, and post-holiday restocking expectations not yet fully realized. 

On the raw material side, it remains stable, with limited willingness to release low-grade resources. Smelting plants are operating at a relatively low capacity, and supply levels are constrained. Traders are showing a preference for risk aversion, and the fundamental expectations for the tungsten market's bullish and bearish dynamics are unlikely to change significantly in the short term, leading to an overall weak and stable performance in tungsten product prices.

China’s Ganzhou Tungsten Association (GTA) released its average tungsten forecast prices for October 2023: 55% black tungsten concentrate price was $16,857.1/ton, down $71.4/ton; APT price was $289.7/mtu, down $1.6/mtu; medium particle tungsten powder price was $39.3/kg, down $0.14/kg compared with September 2023. 

The latest annual mining total control indicator for tungsten concentrate has increased by 2,000 tons to 111,000 tons year-on-year, indicating an increase in theoretical resource reserves. However, due to the decreasing ore resource grade year by year and expectations of downstream demand expansion, tungsten ore sellers have a strong intention to hold back sales, and the pressure on spot supply has not significantly increased. The short-term market is expected to stabilize.

Prices of tungsten products on October 10, 2023

Picture of tungsten acid 

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