Steady Trends in Tungsten Market Amid Economic Momentum: Analysis and Outlook

Analysis of latest tungsten market from Chinatungsten Online

China tungsten prices maintain a high and stable trend, with the market gradually becoming cautious about chasing higher prices and returning to the fundamentals of supply and demand. The positive momentum in China's economic data in the first quarter provides further impetus to the relatively active metal market in recent times.

The price of 65% black tungsten concentrate is testing around $19,000.0/ton, with a growing sentiment among suppliers to profit from sales. However, downstream consumers still need time to accept the new prices, and the market maintains a situation of valuable but not yet active resources.

Ammonium paratungstate (APT) is stabilizing around $314.8/mtu, supported by cost factors and the upward trend in long-term contract prices from large tungsten companies. The market sentiment remains strong, but trading is cautious and stagnant.

Tungsten powder prices are adjusting to around $41.7/kg, while prices for tungsten carbide powder remain steady at around $41.1/kg. Downstream end-users are cautious in purchasing according to immediate needs, resulting in a subdued sales atmosphere.

The price of 70% tungsten ferroalloy is stabilizing around $27,142.9/ton, with relatively limited consumption momentum in the market. Manufacturers are quoting prices based on cost support, and the market is consolidating with cautious trading.

The scrap tungsten market is in a stagnant consolidation phase, with rising raw material prices driving holders to maintain market confidence. However, internal consumption remains relatively subdued, limiting overall price increases.

According to data from the National Bureau of Statistics, China's economy got off to a good start in the first quarter of 2024, with a GDP of 29.6299 trillion yuan, a year-on-year increase of 5.3% in constant prices, and a quarter-on-quarter increase of 1.6% compared to the fourth quarter of the previous year. In terms of investment, fixed-asset investment is steadily rising, with a year-on-year increase of 4.5% to 10.0042 trillion yuan, and infrastructure investment growing by 6.5%.

The latest World Economic Outlook report from the International Monetary Fund (IMF) predicts a global economic growth rate of 3.2% in 2024, with overall global inflation expected to decrease from 6.8% in 2023 to 5.9%. For China, the IMF maintains its expectations for economic growth rates of 4.6% and 4.1% for this and next year respectively, citing concerns about the real estate downturn and escalating geopolitical risks as potential drags on China's economy.

Prices of tungsten products on April 19, 2024

Picture of tungsten carbide rods 

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