China Tungsten Prices Stabilized in the First Trading Day in April 2024

Analysis of latest tungsten market from Chinatungsten Online

At the beginning of the week, China tungsten prices stabilized temporarily, with some rigid demand present in the market. 

However, there is a lack of clear bullish fundamentals to stimulate a significant market rally. Recently, tungsten raw material prices remained firm, indicating a stable market. Spot transactions remained stagnant as market participants awaited new quotations from institutions and enterprises.

High-grade tungsten ore offers were above $18,142.9/ton, and with expectations of tightening market supply, there was a strong willingness among market participants to maintain prices.

Ammonium paratungstate (APT) prices remained stable at around $303.5/mtu. Manufacturers showed limited proactive production activities, controlling inventory levels, and closely monitoring cost pressures and consumption trends.

Tungsten powder prices remained around $40.3/kg, while tungsten carbide powder prices stabilized around $39.7/kg. Market demand remained relatively weak, with overall trading activity lacking initiative.

The price of ferrotungsten 70% remained flat at around $26,571.4/ton. Although there were multiple incentives for domestic consumption, current market transactions were still unsatisfactory, with cautious sentiment prevailing among traders.

In the waste tungsten market, the direction of the industry chain remains unclear, with unclear trading volume. With the approaching Qingming Festival holiday, market conditions are expected to stabilize in the short term.

On the macroeconomic front, according to data from the National Bureau of Statistics, China's manufacturing Purchasing Managers' Index (PMI) in March 2024 was 50.8%, an increase of 1.7 percentage points from the previous month, returning to the expansion zone after five months. Among them, the PMIs for high-tech manufacturing, consumer goods, and equipment manufacturing were 53.9%, 51.8%, and 51.6%, respectively, with increases of 3.1, 1.8, and 2.1 percentage points from the previous month, all higher than the overall manufacturing level. In March 2024, the non-manufacturing PMI was 53.0%, an increase of 1.6 percentage points from the previous month, and the comprehensive PMI was 52.7%, an increase of 1.8 percentage points from the previous month.

Prices of tungsten products on April 2, 2024

Picture of tungsten wire

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