China Tungsten Price Remained Stable at the Beginning of November 2023

Details: Category: Tungsten's News; Published on Monday, 06 November 2023 17:34

Analysis of latest tungsten market from Chinatungsten Online

China tungsten prices remain stable with a cautious and stabilizing trend in the week ended on Friday, November 3, 2023, as transactions revolve around immediate needs, and the outlook for new orders from businesses is not optimistic.

Currently, global economic prospects still carry downside risks, including inflationary pressures, financial challenges, geopolitical conflicts, among other factors that may pose obstacles to the recovery of the domestic economy and consumption. These uncertainties continue to disturb the trade atmosphere in the tungsten product industry.

In the tungsten concentrate market, high-priced offerings are holding steady at around $17,142.9/ton. While the market's resource flow may not meet expectations, due to the relative concentration and quantity control of resources, stockholders are reluctant to offer discounts for promotions. While negotiations on spot transactions involve some bargaining, overall sentiment remains stable.

In the ammonium paratungstate (APT) market, offerings are maintained at around $288.9/mtu. The recovery period for downstream demand remains uncertain, and the market faces dual supply and demand pressures. Prices are consolidating with a weak and stable trend as trading activity remains sluggish. The market is watching for long-term contract prices from several major domestic smelting enterprises.

Tungsten powder prices are consolidating at around $38.6/kg with a weak and stable outlook. The release of market demand is not favorable, and overseas risk factors are affecting the foreign trade environment. The domestic cemented carbide industry's internal factors are suppressing product prices, and there is a bearish sentiment in the market.

On a macroeconomic note, the latest report from the International Financial Forum (IFF) suggests that the global economy is expected to further slow down to 3.1% in 2023 due to significant tightening of monetary policies worldwide to curb inflation. This trend is expected to persist in 2024. The report also anticipates that the Chinese economy will grow by 5.2% in 2023 and 5% in 2024.

Prices of tungsten products on November 6, 2023

China APT price image