Tungsten Carbide Powder Prices Remain Steady in Early February 2024

Analysis of latest tungsten market from Chinatungsten Online

China tungsten price remains stable at high levels, with major tungsten enterprises and institutions updating their quotations at the beginning of the month. 

As industry enterprises gradually enter holiday mode, the overall market supply and demand weaken, maintaining a strong and stable trend while the trading atmosphere becomes increasingly subdued.

Tungsten concentrate maintains a strong price at $17,714.3/ton. Suppliers aim to control supply and increase prices to maintain market stability. The intention to end the year on a strong note for the Chinese New Year dominates, but transactions are not smooth.

APT prices have risen to above $295.4/mtu. The pressure from inverted smelters remains severe, and with the holiday season starting after this week, participants are observing the actual demand performance after the Chinese New Year.

Tungsten powder and tungsten carbide powder prices remain steady at around $39.3/kg and $39.0/kg, respectively. The increase in tungsten raw material costs and the rise in tool prices boost the market, but effective relief of market demand pressure has not yet been achieved, suppressing current trade confidence and future expectations.

The price of 70% ferro tungsten is testing the $25,714.3/ton mark. It is challenging to finalize transactions before the holiday, as tungsten raw material prices and increased export transportation costs raise market costs. As the holiday approaches and transport capacity is reduced, businesses are more inclined to stabilize the market.

The market for scrap tungsten is stable, with grinding material prices at around $0.33 per degree, and bar prices at around $29.6/kg. Holding a positive outlook for price increases, inventory holders dominate, while consumer enterprises maintain cautious cost control. As the Spring Festival approaches, market trading activity diminishes.

On the macroeconomic front, according to data from the National Bureau of Statistics, in January 2024, China's manufacturing Purchasing Managers' Index (PMI) was 49.2%, a month-on-month increase of 0.2 percentage points; the non-manufacturing PMI was 50.7%, a month-on-month increase of 0.3 percentage points; and the comprehensive PMI was 50.9%, a month-on-month increase of 0.6 percentage points.

Prices of tungsten products on February 2, 2024

Picture of tungsten trioxide 

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