China’s Tungsten Powder Prices Stabilizes at the end of October 2023

Details: Category: Tungsten's News; Published on Tuesday, 31 October 2023 17:20

Analysis of latest tungsten market from Chinatungsten Online

At the beginning of the week, tungsten prices remained stable, with no recent market updates. As the end of the month approaches, there is a growing sense of caution and a lack of trading activity in the market. Market participants are awaiting clear long-term contract prices from major tungsten enterprises for early November 2023.

Tungsten concentrate prices are holding at around $17,142.9/ton. Miners are mainly offering prices to support the market, but downstream end-users are not actively accepting shipments. Negotiations in the market are primarily based on actual demand, with relatively few transactions taking place.

Ammonium Paratungstate (APT) prices are consolidating around $287.3/mtu. Market transactions are neither particularly high nor low, and manufacturers are facing some pressure due to the price inversion. Recently, buyers and sellers are relatively passive in negotiations, leading to a generally weak and stable market situation.

Tungsten powder prices are hovering around $38.6/kg. Actual transactions are under pressure in negotiations. This is mainly due to the unclear consumption outlook for downstream hard alloy products, with many users holding a bearish view of tungsten raw material prices, affecting trading enthusiasm in the market.

Ferro tungsten prices are consolidating around $24,857.1/on. Performance throughout the tungsten supply chain, from upstream to downstream, is subdued. Expectations for a strong September and October in the market have not materialized, and market participants are cautious, with overall transaction performance being relatively ordinary.

On the macroeconomic front, the International Finance Forum (IFF) predicts that global economic growth will further slow down in 2023, with an expected growth rate of 3.1%, lower than 3.4% in 2022. In 2024, global economic growth is forecasted to remain at a sluggish level of 3.1%. China's economy is expected to grow by 5.2% in 2023 and 5% in 2024.

Prices of tungsten products on October 31, 2023

APT price image