China Tungsten Prices Navigate Stability Amidst Trade Tensions and Macroeconomic Trends

At the beginning of the week, Chinese tungsten prices maintained a stable trend, with mining maintaining a resilient stance and alloy sectors cautiously negotiating for purchases. Intermediate smelting companies faced pressure from both ends, resulting in slow overall resource circulation and a trading deadlock.

High-level quotations for tungsten concentrate remained around $17,571.4/ton, with limited acceptance from downstream end-users. However, the bargaining space was low, and the market maintained a high-level standoff, awaiting downstream stocking releases.

APT prices stagnated around $293.8/mtu, with a certain bargaining range in actual transactions. Reference was largely made to the long-term contract prices of major enterprises. Concerns about cost factors such as raw materials, environmental protection, and prices contributed to worries about a market inversion.

Tungsten powder prices remained stable at around $39.0/kg, with no significant improvement in downstream consumption progress. The market primarily relied on just-in-time orders, with limited proactive trading activity, maintaining a standstill leading up to the Spring Festival.

On the macroeconomic front, according to data from the National Bureau of Statistics, in December 2023, the year-on-year decrease in the national Consumer Price Index (CPI) was 0.3%, narrowing by 0.2 percentage points compared to the previous month, and a month-on-month increase of 0.1%. The year-on-year decrease in the Producer Price Index (PPI) was 2.7%, narrowing by 0.3 percentage points compared to the previous month, with a month-on-month decrease of 0.3%. Looking at the entire year, the CPI for 2023 increased by 0.2% year-on-year, while the PPI decreased by 3%.

Prices of tungsten products on January 16, 2024

Picture of blue tungsten oxide 

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