Chinese Tungsten Market Remained Calm Following the 2024 Spring Festival

Details: Category: Tungsten's News; Published on Monday, 19 February 2024 17:03

Analysis of latest tungsten market from Chinatungsten Online

On the first day of work following the 2024 Spring Festival, the Chinese tungsten market remained relatively calm, with the overall fundamentals continuing the pre-holiday supply-demand weak balance. Various news is currently unclear, and market participants are holding a wait-and-see attitude.

The price of 65% black tungsten concentrate remains at $17,714.3/ton, with a strong willingness to support the market. Before the Two Sessions in March, the market expects relatively tight mineral resource supply, partly influenced by relevant measures, mainly based on the strong sentiment of holders.

The price of ammonium paratungstate (APT) is stabilizing at $295.4/mtu, with smelters mainly adopting a wait-and-see approach due to continued backwardation risks.

The price of tungsten powder is stabilizing at around $39.3/kg, while the price of tungsten carbide powder remains around $38.6/kg. Market expectations are limited due to anticipated orders, with a watchful eye on the recovery of applications in the hard alloy sector.

The price of 70% tungsten iron is temporarily reported at $25,571.4/ton, with a relatively bullish market sentiment. This is due to the strong cost at the mining end and the increase in risk costs related to overseas geopolitical and economic factors.

The price of waste tungsten grinding materials remains at $0.3 per degree, while the price of rods is around $29.6/kg. Merchants are holding onto stocks awaiting price increases, with the vitality of backend applications awaiting further recovery.

Prices of tungsten products on February 19, 2024

China tungsten price image