The Tungsten Market Stabilizes in the First Trading Week of the Year of the Dragon

Details: Category: Tungsten's News; Published on Monday, 26 February 2024 18:37

Analysis of latest tungsten market from Chinatungsten Online

In the first trading week of the Year of the Dragon, the tungsten market is in the process of resuming work and production. There is a prevailing sentiment of chasing higher prices in the tungsten raw material sector, supporting overall firmness in tungsten product prices.

However, downstream consumer enthusiasm remains limited, and the spot market maintains a cautious trading atmosphere overall. The supply and demand situation in the tungsten market remains deadlocked, with participants awaiting updates after the Lantern Festival.

The price of 65% black tungsten concentrates remains stable around $17,857.1/ton. During the week, holders explored higher offers, but actual transactions faced difficulties as purchasers awaited raw material shipments. Traditionally, complete resource releases are expected after mid-March.

The price of ammonium paratungstate (APT) remains stable around $297.0/mtu. Cost pressures are driving smelters to explore price increases, but downstream customers are not showing proactive buying sentiments. The market continues to avoid risks of backwardation, adapting to market conditions.

Tungsten powder prices remain stable around $39.4/kg, while tungsten carbide powder prices remain around $38.9/kg. Strong sentiment is observed in the upstream of the industry chain, but downstream hard alloy consumption is average. Market trading vitality is lacking, with negotiations primarily conducted on a need-based basis.

The price of 70% ferro tungsten remains stable at around $25,857.1/ton. Market intentions for price increases are boosted by raw material costs and external risk factors, but actual transactions remain relatively stagnant.

The tungsten scrap market remains stable, with grinding material prices around $0.33/kg, and rod prices around $29.9/kg. The market's purchasing status remains cautious, but expectations of improved supply and demand for recycled materials drive a slightly stronger spot market sentiment.

Prices of tungsten products on February 26, 2024

China APT price image