China Tungsten Price Stabilized in the Middle of March 2024 Amidst Limited Trading Activity

Analysis of latest tungsten market from Chinatungsten Online

China tungsten prices remained stable in the week ended on Friday, March 15, 2024, with a firm sentiment in the primary tungsten market continuing to support the industry chain.

 However, actual trading volumes remained stagnant, downstream demand momentum was limited, and trading at higher levels was sluggish. Market participants are awaiting the performance of new tungsten enterprise long-term pricing after the conclusion of the "Two Sessions."

The overall positive signals conveyed during this year's "Two Sessions" regarding consumption are favorable, but their implementation will require some time. In the short term, it is challenging to see a significant improvement in tungsten market demand. Additionally, with the conclusion of the "Two Sessions," the resumption rate and release of resources at the mining end are expected to increase further. Hindered by cautious sentiment due to high prices, the trading activity in the market is unlikely to improve significantly in the short term, with a prevailing atmosphere of continued stalemate.

The price of 65% black tungsten concentrate remained stable, with an increased intention for shipments within the market after the "Two Sessions." However, there has been no significant indication of price concessions yet. Downstream users' enthusiasm for inquiries and procurement is not high, and the market's sales at higher levels remain sluggish, with recent prices consolidating.

The price of ammonium paratungstate (APT) remained stable at around $300.3/mtu, with limited operating load of smelters. Many are adjusting according to long-term contracts or immediate needs flexibly. Traders have little willingness to replenish inventory at higher levels, and the market sentiment remains cautious and observant.

Tungsten powder prices remained steady at about $40.0/kg, while the price of tungsten carbide powder remained around $39.4/kg. The attitude of holding goods for higher prices persists at the raw material end, and the pace of alloy replenishment remains slow. The market atmosphere remains stagnant, with negotiations based on demand and a wait-and-see approach.

The price of 70% tungsten ferroalloy remained stable at around $26,285.7/ton. Industry players are observing the basic fundamentals and macroeconomic factors, with little fluctuation expected in the short-term market.

The price of waste tungsten grinding materials and tungsten bar stabilized. There has been no significant improvement in alloy and downstream consumption in the short term. The market remains cautious and demand-driven, with the price situation temporarily stable.

On the macroeconomic front, Fitch Ratings believes that the global economic growth prospects have improved recently. It has raised its forecast for global GDP growth in 2024 by 0.3 percentage points to 2.4% and adjusted its forecast for global GDP growth in 2025 to 2.5%, bringing positive expectations for global economic development.

Prices of tungsten products on March 18, 2024

Picture of ammonium metatungstate

Follow our WeChat to know the latest tungsten price, information and market analysis.

• < Prev
• Next >