China Tungsten Prices Stabilize at the Year-End, Reflecting Market Watchfulness

Analysis of latest tungsten market from Chinatungsten Online

China tungsten prices have entered a relatively stable phase at the end of the year, with market trends primarily observing the supply and demand fundamentals. 

Currently, there is a continued psychological tug-of-war along the entire industry chain, and the news has not provided directional updates. Overall market buying and selling activities remain subdued, following demand patterns.

The price of tungsten concentrate is holding steady at around $17,571.4/ton. The leading industry chain maintains its strength, with industry participants believing in the enormous potential for the application of tungsten products in areas such as photovoltaics, electronics, chemicals, and defense. However, factors like reduced resource grades and controlled total extraction volumes will inhibit the overall supply release. Coupled with the rising trend in commodity prices, it is anticipated that tungsten raw material prices will exhibit a long-term upward trend.

APT (Ammonium Paratungstate) prices are experiencing minor fluctuations around $293.8/mtu. Both cost and demand factors are challenging to overlook, making high-level shipments difficult, while low-level resource supply is limited. Smelters continue to actively manage trading, reducing their involvement ahead of the Spring Festival.

Tungsten powder prices are holding steady at around $39.0/kg. Orders from alloy companies are limited, with low enthusiasm for raw material procurement. Overall buying and selling psychology varies, intensifying the market's standoff. The short-term atmosphere in the market is characterized by stability and observation.

According to statistics from the National Bureau of Statistics, China's GDP in 2023 reached 126.06 trillion yuan, representing a year-on-year growth of 5.2%. Quarter-wise, the first quarter saw a 4.5% increase, the second quarter 6.3%, the third quarter 4.9%, and the fourth quarter 5.2%. The national per capita disposable income for residents increased nominally by 6.3% to 39,218 yuan. The surveyed urban unemployment rate nationwide was 5.2%, a 0.4 percentage point decrease year-on-year. The value-added of industrial enterprises above a designated size grew by 4.6% year-on-year. The total retail sales of consumer goods amounted to 47.15 trillion yuan, reflecting a 7.2% year-on-year increase. Nationwide fixed-asset investment (excluding rural households) reached 50.30 trillion yuan, with a 3.0% year-on-year growth.

Prices of tungsten products on January 19, 2024

Picture of gold plated tungsten wire 

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