China Tungsten Price Remained Robustly Stable in Early March 2024

Details: Category: Tungsten's News; Published on Monday, 11 March 2024 18:37

Analysis of latest tungsten market from Chinatungsten Online

China tungsten price remained robustly stable in the week ended on Friday, March 8, 2024.

On one hand, this was due to the reluctance of mining enterprises to sell and their support for market buoyancy during the Two Sessions period, which bolstered the industry chain. On the other hand, a new round of guidance on pricing from institutions and major tungsten enterprises uplifted market confidence. The supply-demand dynamics in the tungsten market have maintained a standoff, with the market currently situated within a stable range.

The price of 65% black tungsten concentrate has tested above $18,000.0/ton. However, due to slightly insufficient momentum at the backend and limited trading volume at the high end, some delayed purchasing awaits the release of raw material resources after the Two Sessions.

Ammonium paratungstate (APT) prices have stabilized around $300.2/mtu. Market resilience primarily stems from support on the cost side. However, due to relatively lagging consumer follow-up, there is still some pressure from backwardation, and transactions are being adjusted as needed.

Tungsten powder prices have remained stable around $40.0/kg, while tungsten carbide powder prices have plateaued around $39.4/kg. Raw material prices are exploring upward trends, and increased purchasing pressure from the hard alloy sector has made it difficult for some follow-up offers to materialize into transactions. The market is primarily characterized by cautious trading.

The price of 70% ferro tungsten remains stagnant at around $26,285.7/ton. Support from the cost side is relatively strong, but downstream purchases for restocking are cautious. The industry chain continues to engage in a standoff, with market conditions remaining flat and watchful.

The price of waste tungsten grinding materials has stabilized around $0.34 per degree, while waste tungsten rods have remained steady at around $29.9/kg. The gradual improvement in on-site resource levels after the Lantern Festival has been observed. However, downstream acceptance of high-priced raw materials or recycled materials is lacking, with limited new orders in the market. Continuous attention is paid to changes in downstream demand and raw material prices.

According to data from the General Administration of Customs, China's total import and export value reached 6.61 trillion yuan from January to February 2024, hitting a historical high for the same period, with a year-on-year increase of 8.7%. Exports amounted to 3.75 trillion yuan, up 10.3% year-on-year, while imports reached 2.86 trillion yuan, up 6.7% year-on-year. ASEAN, the EU, and the United States were China's top three trading partners, with trade values of 993.24 billion yuan, 832.39 billion yuan, and 707.7 billion yuan, respectively, with year-on-year changes of 8.1%, -1.3%, and 3.7%. The total import and export value with countries participating in the Belt and Road Initiative reached 3.13 trillion yuan, up 9% year-on-year.

Prices of tungsten products on March 11, 2024

APT price image