China Tungsten Market Was Weak in October 2023

Analysis of latest tungsten market from Chinatungsten Online

China tungsten market for October 2023 is displaying a tendency of weakness. This is primarily due to slower-than-expected recovery in consumption, as the much-anticipated peak season for the market during the "Golden September and Silver October" period did not materialize as expected. This has put pressure on tungsten raw material prices. 

However, the market has been supported to some extent by suppliers' willingness to stabilize prices. Trading and negotiations within the market have been cautious, with a slight downward shift in actual transaction focus, and overall resource liquidity remains relatively slow.

According to Chinatungsten Online, the current export status of tungsten products has shown some improvement month-on-month. However, when compared to the same period last year, there is still room for growth. This indicates that the post-pandemic economic recovery in the industry is not meeting expectations. Additionally, factors like escalating geopolitical conflicts have contributed to an unfavorable internal and external environment for the market. The recovery momentum for tungsten product demand and prices needs strengthening, with a keen focus on the effectiveness of various domestic growth stabilization measures.

From January to October 2023, the average price for 65% black tungsten concentrate was $17,128.6/ton, representing a year-on-year increase of 3.99% compared to the same period in 2022, and an increase of 3.45% compared to the beginning of the year. The average price for 65% scheelite concentrate was $16,842.9/ton, showing a year-on-year increase of 4.06%, and an increase of 3.51% compared to the beginning of the year.

The average price for ammonium paratungstate (APT) was $289.9/mtu, reflecting a year-on-year increase of 2.22%, and an increase of 1.70% compared to the beginning of the year. The average price for tungsten powder was $40.0/kg, registering a year-on-year increase of 1.97%, and an increase of 1.50% compared to the beginning of the year. The average price of tungsten carbide powder was $38.4/kg, representing a year-on-year increase of 1.28%, and an increase of 1.15% higher compared to the beginning of the year. 

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