Tungsten Market Overview: Price Stability, Export-Import Dynamics, and Sector Insights in 2023

Analysis of latest tungsten market from Chinatungsten Online

The overall tungsten price remains stable, with firm quotations in the primary market. Followed by smelting products, prices remain strong. After the release of quotations by major tungsten enterprises, there is a localized sentiment of exploring price increases. 

However, downstream end-users, especially those in hard alloy manufacturing, have limited pre-Chinese New Year procurement plans, resulting in a continued stalemate in market transactions.

According to customs data compiled by Chinatungsten Online, in 2023, China's tungsten product exports totaled 20,182.23 tons, representing a 27.20% decrease compared to 2022. The cumulative export value was CNY 5.388 billion, reflecting a 22.76% decrease.

In 2023, China's tungsten product imports totaled 9,370.83 tons, indicating a 2.62% increase compared to 2022. The cumulative import value was CNY 1.451 billion, representing a 1.24% increase.

In the tungsten concentrate market, merchants maintain firm offers at around $17,571.4/ton. Market negotiations are relatively stagnant, with disagreements in psychological pricing between buyers and sellers. The purchasing activity of essential goods before the Chinese New Year has slowed down.

In the APT market, smelters' external quotations remain at around $293.8/mtu, with cost being the primary support factor. It is difficult to reach deals with sporadic price increases, and the market is in a watchful state, awaiting downstream responses.

In the tungsten powder market, spot negotiations remain around $39.0/kg. Divergent attitudes along the industry chain are suppressing the maneuvering of powder manufacturers, and the market atmosphere follows the overall trend.

In the scrap tungsten market, the price of scrap tungsten grinding material is around $0.4/mtu, while the price of scrap tungsten bars is around $29.6/kg. With expanding industry requirements for environmental protection and low carbon, companies are strategically positioning themselves in the recycling business, coupled with the boost from raw material prices, fostering a relatively positive expectation for price increases in the market.

Prices of tungsten products on January 25, 2024

Picture of tungsten trioxide

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