China Tungsten Price Remained Weak in the Middle of October 2023

Details: Category: Tungsten's News; Published on Monday, 23 October 2023 15:34

Analysis of latest tungsten market from Chinatungsten Online

China tungsten price remained weak adjustment in the week ended on Friday, October 20, 2023, with insufficient market consumption momentum. However, influenced by the resolute attitude of mining companies to support prices, there is limited downward pressure on tungsten product prices.

In the recent period, suppliers are cautious about production and order acceptance, while downstream users are negotiating prices based on their immediate needs. As a result, there is not much circulation of resources in the market, and the situation remains relatively stable with a wait-and-see attitude.

In the tungsten concentrate market, the prices for high-quality grades remain strong, hovering around $17,142.9/ton. Mining companies are reluctant to lower prices, and downstream users are under significant procurement pressure. Consequently, market transactions have been stagnant, and the market is primarily consolidating.

In the APT (Ammonium Paratungstate) market, the mainstream price reference, particularly from large enterprises, is stabilizing around $288.9/ton. Smelters find it challenging to balance their supply and demand and are maintaining just-in-time purchasing, raising concerns about a backward market.

In the tungsten powder market, the current market price remains at around $38.7/kg. Demand for hard alloys and their downstream products is weaker than expected, and buyers' enthusiasm for procurement is moderate. Market transactions are adjusting based on immediate needs, leading to a relatively subdued market with some pricing pressure.

On the macroeconomic front, due to China's economic data for September and the third quarter outperforming expectations, UBS has raised its 2023 full-year GDP growth forecast for China from 4.8% to 5.2%. According to data from the National Bureau of Statistics, the domestic industrial economy is stabilizing and rebounding. In September, the value-added of industrial enterprises above a designated size increased by 0.36% month-on-month and 4.5% year-on-year. Within this, mining industry value-added increased by 1.5%, manufacturing increased by 5.0%, and electricity, heat, gas, and water production and supply increased by 3.5%. In the first three quarters of 2023, the value-added by industrial enterprises above a designated size increased by 4.0% year-on-year.

Prices of tungsten products on October 23, 2023

China tungsten price image