Xiamen Tungsten Raised APT Bid Price for the First half of March 2024

Analysis of latest tungsten market from Chinatungsten Online

The tungsten market has maintained a stable and robust trend after the Lantern Festival, with smelters and downstream manufacturing enterprises gradually resuming operations. 

However, some mining companies are still subject to environmental and safety regulations, leading to cautious release of resources. While costs have driven some traders to slightly raise their offers, consumer demand remains subdued, and industry players are not entirely optimistic about the future outlook, preferring to observe guidance from new rounds of institutional and corporate quotations in the short term.

According to information from Chinatungsten Online, in the first half of March 2024, Xiamen Tungsten’s APT bid price was $295.4/mtu, up by $1.6/mtu compared to the second half of February.

The price of 65% black tungsten concentrate remains around $17,857.1/ton, with cautious resource development during the two sessions contributing to continued market resilience.

APT prices are testing around $298.6/mtu, with some orders surpassing previous highs, but overall transaction volumes are limited, as cost and demand factors continue to influence market dynamics.

Tungsten powder prices remain stagnant at around $39.7/kg, while tungsten carbide powder prices hover around $39.3/kg, with traders cautiously raising their offers while downstream consumption remains subdued.

The price of 70% ferro tungsten has adjusted to $26,142.9/ton, driven by factors such as raw material and transportation costs, with actual transaction volumes relatively stagnant.

The price of waste tungsten grinding material and tungsten bar remains stable. Market conditions have slightly relaxed compared to the Spring Festival period, but consumption remains cautious and demand-driven, making it difficult for holders to realize their willingness to raise prices, leading to some minor concessions in sales.

On a macroeconomic level, the 2024 Government Work Report sets out the following main expected development targets for the year: 1) GDP growth of around 5%; 2) creation of over 12 million new urban jobs, with an urban surveyed unemployment rate of around 5.5%; 3) consumer price index increase of around 3%; 4) synchronized growth of residents' income and the economy; 5) maintaining basic balance in international balance of payments; 6) grain output of over 1.3 trillion catties; and 7) reduction of about 2.5% in energy consumption per unit of GDP, with continuous improvement in ecological environment quality.

According to Chinatungsten Online, the GDP growth target for 2024 remains consistent with last year's target of 5% (actual GDP growth in 2023 was 5.2%). Based on the national concept of consumption upgrading and equipment renewal as new quality productivity, it is expected that tungsten product consumption will correspondingly increase in 2024, maintaining a long-term bullish view on tungsten prices.

Prices of tungsten products on March 6, 2024

Picture of tungsten pins

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