China Tungsten Price Continues to Stabilize with New Environmental Protection Inspection launched

Analysis of latest tungsten market from Chinatungsten Online

China tungsten price continues to exhibit a stable trend amid the ongoing stalemate in the supply and demand sides. 

The mining side demonstrates a strong intention to support prices, while the consumption side has yet to release clear positive signals. There is a divergence in confidence within the market, and trading is generally conducted through negotiations based on demand.

On the positive side, the recent upward adjustment in the long-term contract prices from large tungsten enterprises and the comprehensive launch of a new round of environmental protection inspections have provided clear favorable factors. The mining side, influenced by high costs and control over resource quantities, generally maintains a dominant sentiment of supporting prices through limited sales. Additionally, the consumption of some low-level inventory in the previous sluggish market cycle and the increased intention of enterprises to raise prices as the year-end financial reporting period approaches have provided certain boosts to the recent tungsten market sentiment.

On the negative side, the main negative factors in the market still stem from the sluggish demand data. According to information from Chinatungsten Online, China's tungsten product exports in October 2023 decreased by 33.47% month-on-month and 26.91% year-on-year. From January to October, exports decreased by 28.44% year-on-year. Overall, compared to the release of production capacity in the hard alloy sector, tungsten product demand, influenced by multiple factors such as international economic pressure, geopolitical conflict risks, slow domestic demand recovery, and cooling consumer confidence, has shown relatively weak performance, restraining the space for product quotations.

In terms of news, according to the Coordination Bureau of the Central Ecological and Environmental Protection Inspection, the first batch of the third round of environmental protection inspection has been fully launched. Five central ecological and environmental protection inspection teams have been formed, and they will conduct inspections in Fujian, Henan, Hainan, Gansu, and Qinghai provinces for approximately one month.

Prices of tungsten products on November 23, 2023

Picture of tungsten carbide parts

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