China Tungsten Prices Remained Stable at the end of November 2023

Analysis of latest tungsten market from Chinatungsten Online

At the beginning of the week, China tungsten prices remained stable, with the market's fundamental still in a deadlock. The coordination between supply and demand was not high, and the complex macroeconomic situation remained unchanged.

Overseas economic and geopolitical risks exerted significant pressure. Tungsten market actual transactions were generally conducted on-demand, with varying negotiation confidence and a cautious approach to directional news updates.

The price of tungsten concentrate remained high at around $17,285.7/ton, with holders maintaining a strong stance. Support from environmental supervision and the non-renewable nature of resources kept the market's willingness to offer discounts and deliver goods relatively low. However, downstream delivery pressure increased relatively, and the market's overall liquidity was moderate, maintaining a high-level consolidation.

Ammonium paratungstate (APT) prices stabilized at around $290.6/mtu, mainly supported by cost factors. Downstream end-users remained cautious in entering the market, and there were relatively limited spot orders. The market was awaiting the clarification of new long-term contract prices from tungsten enterprises for early December 2023. 

Tungsten powder prices remained around $38.6/kg, with divergent confidence in actual price movements. On the one hand, the strong intention of the raw material side influenced the market, while on the other hand, the sluggish atmosphere in the downstream alloy sector transmitted. The market's trading pressure was evident, and overall, transactions were primarily on-demand, with a wait-and-see approach for the release of year-end stocking volumes.

The price of 70% ferrotungsten remained stagnant at around $24,857.1/ton, with some businesses exploring higher offers. However, actual new orders from steel mills were limited, and market transactions were lukewarm. Coupled with the impact of a weak external recovery environment, traders maintained a conservative and observant attitude.

The tungsten scrap market showed relatively stable performance, with the market fundamentals presenting a situation of dual weakness in supply and demand. Holders maintained a resilient attitude, but there was limited enthusiasm for downstream deliveries, and the market's internal trading remained temporarily stable with a watchful stance.

Prices of tungsten products on November 28, 2023

Picture of tungsten carbide strip 

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