Chinese Tungsten Market Keeps Quiet at the Beginning of November 2023

Details: Category: Tungsten's News; Published on Friday, 03 November 2023 17:32

Analysis of latest tungsten market from Chinatungsten Online

Chinese tungsten market remains relatively stable with a cautious trading atmosphere and no significant recovery in market confidence at the beginning of November 2023.

In the tungsten concentrate market, miners are primarily holding their prices, with high-grade tungsten concentrate prices hovering around $17,142.9/ton. This stability can be attributed to the recognition of the value of non-renewable and strategic reserve resources and increasing cost trends due to factors such as environmental requirements, global inflation, and geopolitical tensions. The market is cautious about low-level resource outflows, downstream users are negotiating on an as-needed basis, and overall transaction volumes remain limited.

In the ammonium paratungstate (APT) market, cost pressures and weak demand are putting pressure on smelters, making it challenging for them to operate. Market concerns about an inverted market are prevalent, and prices are stagnating as negotiations are conducted on an as-needed basis. The mainstream price is consolidating at around $288.9/mtu, with a watchful eye on the large tungsten companies' long-term pricing at the beginning of the month.

In the tungsten powder market, stable sentiment on the raw material side is supporting the bottom of the market. The sluggish situation in the hard alloy sector is affecting the release of resources and prices. Market participants have differing negotiation stances, and the center of trading is under pressure, stabilizing around $38.6/kg, though there is an underlying downward trend.

In the scrap tungsten market, the weakness in the alloy sector has resulted in a fundamentally weak supply and demand situation for scrap tungsten resources. Market conditions are under pressure due to the overall atmosphere in the industrial chain.

Prices of tungsten products on November 3, 2023

tungsten oxide price image