China Tungsten Price Is Weak on the Decline in Long-term Contract Prices for Early November 2023

Details: Category: Tungsten's News; Published on Thursday, 09 November 2023 18:16

Analysis of latest tungsten market from Chinatungsten Online

China tungsten price remains under pressure, with downward adjustments in quotes from institutions and large enterprises. The international situation and export environment show fluctuations and pressure, so the market maintains a weak and stable tone until favorable news on new demand and policies enter the market.

Tungsten concentrate prices are generally below $17,142.9/ton. While there is a strong intention to support prices in the market, it's difficult to withstand the impact of a lackluster back-end. Nevertheless, overall resource outflows remain relatively tight, and the market's bottom remains relatively strong.

Ammonium paratungstate (APT) prices are holding at around $287.3/mtu. The downward movement of long-term contract prices from institutions and large tungsten enterprises at the beginning of the month has had a significant impact on the market. The pressure from the demand side is evident. However, due to relative cost support, smelters are cautious and stable in their pricing, and transactions are stagnant as needed.

Tungsten powder prices have shifted their focus to around $38.3/kg. This is mainly due to the unfavorable outlook in the hard alloy sector, combined with weakened confidence in the raw materials market. Powder market trends are under pressure, with fewer incremental orders and some competitive bidding.

70% ferrotungsten prices are quoted at around $24,857.1/ton, and confidence in actual transactions is under pressure. This is due in part to the influence of a complex overseas environment and the atmosphere of falling prices. Additionally, the downturn in the domestic industrial chain's downstream sector has affected the market's current pricing, leading to weak and stable consolidation of market performance.

The International Monetary Fund (IMF) has raised its real GDP forecast for China in 2023 and 2024 by 0.4 percentage points. It is expected to grow by 5.4% this year due to better-than-expected growth performance in the third quarter and a series of recent policy releases. As the output gap continues to narrow, core inflation is expected to rise to 2.1% by the end of 2024.

Prices of tungsten products on November 9, 2023

China tungsten price image