China APT Price Stabilizes with Smelters Facing Profit Constraints

Analysis of latest tungsten market from Chinatungsten Online

China tungsten price maintains a stable trend, with a stagnant atmosphere in the market trading. The tungsten raw material market, dominated by mines, maintains a strong stance of holding goods, especially with recent intensified environmental regulations in China. Suppliers are predominantly holding firm to market prices.

However, the consumption momentum of hard alloys and other tungsten products is limited. The accelerated investment growth in manufacturing and the development of new production capacities and equipment upgrades promote the consumption potential downstream of tungsten products. In the short term, purchasers remain cautious and replenish inventory as needed.

The price of 65% black tungsten concentrate remains at $18,142.9/ton, with resources being released into the market but with insufficient transaction volume. The APT price stabilizes around $301.9/ton, with smelters facing profit constraints and exercising caution with new orders. The purchasing initiative of hard alloy companies is weak, and the benefits from tungsten raw materials and recycled materials are insufficient. The price of tungsten powder remains at around $40.1/kg, while tungsten carbide powder stagnates at around $39.6/kg. The price of waste tungsten grinding materials remains flat at $0.34/degree, while rod prices hold at $29.9/kg. 

In terms of news, the Ministry of Natural Resources issued a notice on March 22 to initiate mineral resource satellite law enforcement work in 2024. This involves quarterly verification of changes in satellite images, with local authorities required to provide evidence. By February 28, 2025, the legality of all images for the year must be determined and reported. In March 2025, audits and on-site inspections will be conducted on the enforcement results. Failure to rectify illegal mining problems found during inspections will result in serious penalties.

According to data from the National Bureau of Statistics, fixed asset investment in China grew by 4.2% year-on-year in the first two months of 2024, accelerating by 1.2 percentage points compared to the previous year. Manufacturing investment increased by 9.4%, a 2.9 percentage point acceleration, with double-digit growth in private investment in industries such as manufacturing.

Prices of tungsten products on March 27, 2024

Picture of tungsten powder 

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