China Tungsten Price Remains Stable in the First half of October 2023

Analysis of latest tungsten market from Chinatungsten Online

China tungsten price is currently stable, with the market trading weakly, and the sentiment remains subdued. Smelters have not operated at high capacity, and the demand momentum in downstream sectors such as alloys is insufficient. 

Geopolitical pressures on the macroeconomic front have increased instability in the recovery of the economy and consumption in the short term. The overall tungsten market is showing a weak state, with traders lacking proactive trading enthusiasm.

Tungsten concentrate prices are hovering around $17,142,9/ton. Businesses are mainly holding steady intentions. Against the backdrop of a negative impact on the demand side, prices of tungsten products in the industry chain remain relatively stable at the bottom. However, the market's expectation of recent difficulty in rising prices remains unchanged, and trading performance within the market is weak.

Ammonium paratungstate (APT) prices remain at around $290.6/mtu. Under the influence of the market's inverted risk, many businesses are holding firm on their price offers. However, the actual trading status is relatively weak, with sporadic scattered deals within the market. The market is mainly characterized by weak and stable consolidation.

Tungsten powder prices are holding steady at around $38.7/kg. Manufacturers have slightly declined their price offers and adjusted shipments. Downstream, there is some replenishment from just-in-time demand. The short-term market is under pressure, awaiting updates from the news.

On the macroeconomic front, the escalation of the Israeli-Palestinian conflict has heightened global geopolitical risks. Coupled with the uncertainty surrounding the US economic pressure and interest rate policies, it has affected expectations of the global economic situation. 

The upward revision of China's economy also faces some resistance. The International Monetary Fund (IMF) recently lowered its global GDP growth forecast for 2024 from 3% to 2.9% due to concerns about ongoing inflationary pressures. It is expected that the actual global GDP growth rate in 2023 will be 3.0%, consistent with the July forecast. The overall global inflation rate for 2023 is expected to drop from 8.7% in 2022 to 6.9% and further decrease to 5.8% in 2024.

Prices of tungsten products on October 12, 2023

Picture of tungsten trioxide 

Follow our WeChat to know the latest tungsten price, information and market analysis.

• < Prev
• Next >