China Tungsten Powder Prices Stabilize Due to Weak Demand

Details: Category: Tungsten's News; Published on Friday, 20 October 2023 14:24

Analysis of latest tungsten market from Chinatungsten Online

China’s tungsten powder and tungsten bar prices keep stable as the market continues to be caught in wait-and-see atmosphere with limited transactions concluded.

Tungsten concentrate prices are holding around $17,142.9/ton. Sellers are generally optimistic about the future, and their price stability sentiment is strong. Buyers, on the other hand, are cautious and watchful, showing limited enthusiasm for entering the market. Their acceptance of high-priced resources is low. Overall, the market maintains a subdued atmosphere, and the dynamics between supply and demand are evident.

Ammonium paratungstate (APT) prices are consolidating around $288.9/mtu. Smelting plants are facing significant order pressure, and the risk of backwardation is prominent due to cost stabilization and demand negotiations. Manufacturers are not particularly proactive, and traders' purchasing and stocking requirements are limited. Market prices are generally stable, with occasional minor negotiations.

Tungsten powder prices are hovering around $38.7/kg. Demand from the alloy sector is not meeting expectations, and buyers are not actively stocking up on raw materials. The market continues to remain in a state of weak stability. Recent external uncertainties have raised caution among manufacturers.

In macroeconomic news, data from the National Bureau of Statistics reveals that in the first three quarters of the year, China's GDP reached 91.3 trillion yuan, showing a year-on-year increase of 5.2%. When examined by quarters, the first quarter saw a 4.5% year-on-year growth, the second quarter increased by 6.3%, and the third quarter showed a 4.9% growth. Per capita disposable income for urban residents was 29,398 yuan, reflecting a nominal year-on-year increase of 6.3%. In September, the national urban surveyed unemployment rate was 5.0%, a decrease of 0.2 percentage points compared to August, marking the second consecutive monthly decrease. Large-scale industrial value-added growth was 4.5% year-on-year and 0.36% month-on-month. Total retail sales of consumer goods amounted to 3.98 trillion yuan, showing a year-on-year increase of 5.5%. From January to September, China's fixed asset investment (excluding rural households) reached 37.5 trillion yuan, marking a year-on-year increase of 3.1%.

Prices of tungsten products on October 20, 2023

APT price image