China's Tungsten Market Showed a Stable and Upward Trend in February 2024

Analysis of latest tungsten market from Chinatungsten Online

In February 2024, the overall trend of China's tungsten market showed a stable and upward trend. The main factors supporting the market were the reluctance of tungsten mines to sell and support the market. 

With the reduction in production and business activities of enterprises around the Spring Festival, merchants showed a strong willingness to maintain prices and start the new year with good sales. The overall supply of resources in the market was relatively tight, coupled with cost pressures, leading traders and downstream manufacturers to follow the trend with higher price offers. However, market transactions were relatively subdued due to the festive atmosphere and the reluctance of buyers to accept higher prices.

According to information from Chinatungsten Online, most mines and smelters have gradually resumed work after the Spring Festival holiday since February 2. Part of the reason is the poor downstream consumption and efforts by suppliers to control inventory and support prices. After the Lantern Festival, starting from February 26, market production and business activities are expected to return to normal to a large extent. However, some mining companies are still affected by safety supervision during the two sessions in March. Therefore, in February, the tungsten market was basically in a holiday cycle, with limited directional news. The effectiveness of the early-year economic and consumption stimulus measures is still to be observed. Mineral products led the overall trend of tungsten product prices to remain strong. After March, market participants are expected to gradually focus on the actual demand status of the tungsten market.

Prices of tungsten products on March 4, 2024

Picture of ferro tungsten

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