Trends and Factors Driving the Rise in Tungsten Prices in the year of 2024

Analysis of latest tungsten market from Chinatungsten Online

According to statistics from Chinatungsten Online, the current round of tungsten price increases began in mid-November 2023. Since then, the price of 65% black tungsten concentrate has increased by 13.45%, ammonium paratungstate (APT) by 11.24%, tungsten powder by 10.45%, tungsten carbide powder by 11.03%, 70% ferro tungsten by 10.34%, and tungsten bars by 5.88%.

The main factors for the rise in tungsten prices are: 1.Tight expectations for tungsten mine supply, decreasing ore grades, stricter national total mining control and environmental inspections leading to tight supply and rising prices in the tungsten market, with cost pressures continuously transmitted downstream along the tungsten industry chain. 2.The strategic value of tungsten resources is increasing, resonating with rising prices of resource-based commodities including gold, oil, copper, and tungsten amid increased international geopolitical uncertainty and escalating risk aversion sentiment. 3.Inflationary pressures, persistent currency overissuance by various countries, and recent buoyancy in the commodity markets intensify concerns among industry players about inflation prospects, posing increased risks to operating costs. 4.Demand recovery, expectations of increased demand for tungsten due to the repair cycle of the global manufacturing sector after hitting bottom, and incentives such as new quality production and equipment renewal measures domestically, contribute to expectations of demand recovery in the tungsten market.

Potential risks for the future tungsten market include: 1.Profit-taking by traders. 2.Overseas mining resource development and increased competitiveness. 3.Manufacturing demand recovery falling short of expectations. 4.Instability in macroeconomics and geopolitics affecting international trade demand. 5.Technological advancements potentially increasing the substitutability of tungsten products.

Prices of tungsten products on April 23, 2024

Picture of tungsten trioxide 

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