The Overall Trend of the Tungsten Market in China in November 2023

Analysis of latest tungsten market from Chinatungsten Online

The overall trend of the tungsten market in China in November 2023 shows a small "hook" pattern, with spot trading continuing in deadlocked situation.

At the beginning of the month, the market was under pressure mainly due to the lackluster performance of the traditional peak season "Golden September and Silver October," which led to a breakdown in trader confidence, resulting in increased bargaining power in the market. However, the relatively negative situation on the downstream side highlighted the firm attitude of the mining side. With the pressure of inverted hanging from smelters, the sentiment of bottom-building and stabilizing gradually increased. Subsequently, with the upward adjustment of quotations for large tungsten enterprises, the launch of a new round of environmental inspections, and the boost in sentiment from tungsten raw material scarcity anticipating price increases, tungsten product prices have shown signs of recovery.

However, observing the actual market transaction situation reveals a lack of activity. The consumption drive from the alloy sector is insufficient, smelters' attitudes are uncertain, and the confidence for concentrated stocking in December is not yet clear. The overall supply-demand game in the tungsten industry chain still exists, and by the end of the month, attention needs to be paid to the financial situation of enterprises. Industry insiders expect that tungsten prices are likely to remain in a range in the near term.

On the macroeconomic front, positive information is limited, with factors such as inflation and geopolitical conflicts continuing to impact the global economic recovery. The latest economic outlook report from the Organisation for Economic Co-operation and Development (OECD) forecasts global economic growth at 2.9% in 2023, slowing to 2.7% in 2024 and reaching 3% in 2025, with an upward revision of China's economic growth expectations to 5.2%. The latest World Economic Outlook from the International Monetary Fund (IMF) predicts global economic growth at 3.0% in 2023 and 2.9% in 2024, both well below the historical average of 3.8%.

Prices of tungsten products on December 1, 2023

Picture of tungsten hexachloride

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