Chinese Tungsten Market Had a Strong Start in January 2024

Analysis of latest tungsten market from Chinatungsten Online

In January 2024, the Chinese tungsten market achieved a good start, mainly due to suppliers on the tungsten raw material side showing a willingness to support and explore price increases before the Chinese New Year, leading to a relatively tight market resource supply around the festival. 

Additionally, a series of economic stimulus measures announced by the government and major financial institutions after New Year's Day have also boosted confidence both inside and outside the industry to some extent.

Intermediate smelters, driven by cost pressures, have raised their offers, while downstream end-users have consistently maintained a strategy of purchasing based on rigid demand. As the Chinese New Year holiday mode gradually unfolds, the overall market trading conditions tend to become subdued.

In January 2024, the average price of 65% black tungsten concentrate was $17,571.4/ton, a month-on-month increase of 0.41% compared to December 2023, and a year-on-year increase of 4.77% compared to January 2023. The month-end price increased by 0.81% compared to the beginning of the month. The average price of 65% scheelite concentrate was $17,300.0/ton, a month-on-month increase of 0.50% and a year-on-year increase of 4.94%. The month-end price increased by 1.65% compared to the beginning of the month. The average price of ammonium paratungstate (APT) was $293.9/mtu, a month-on-month increase of 0.33% and a year-on-year increase of 2.36%. The month-end price increased by 0.55% compared to the beginning of the month. 

The average price of tungsten powder was $39.02/kg, a month-on-month increase of 0.30% and a year-on-year increase of 1.29%. The month-end price increased by 0.73% compared to the beginning of the month. The average price of tungsten carbide powder was $38.3/kg, a month-on-month increase of 0.35% and a year-on-year increase of 0.88%. The month-end price increased by 0.75% compared to the beginning of the month. The average price of 70% ferro tungsten was $25,214.3/ton, a month-on-month increase of 0.86% and a year-on-year increase of 0.23%. The month-end price increased by 1.14% compared to the beginning of the month. The average price of tungsten bars was $48.6/kg, remaining unchanged month-on-month and increasing by 1.49% year-on-year. The month-end price was the same as the beginning of the month. 

Prices of tungsten products on February 1, 2024

Picture of tungsten trioxide 

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