China Tungsten Prices Experienced a Slight Pullback in Late May 2024

Analysis of latest tungsten market from Chinatungsten Online

At the beginning of the week, China tungsten prices experienced a slight pullback, with the overall long-term bullish sentiment in the market largely unchanged. 

However, in the short term, due to adjustments in supply and demand sentiment and external environmental disturbances, prices of tungsten products eased slightly from their highs, putting pressure on the confidence of buyers to accept deliveries. As the month-end approached, the atmosphere remained characterized by orderly adjustments based on demand, with a focus on the performance of tungsten companies after the changeover and the movement of resources following the period of central environmental inspections.

The price of 65% black tungsten concentrates remained stagnant at around $22,285.7/ton. During the period of central environmental inspections, the overall release of market capacity remained relatively tight. However, the increased intention of traders to profit from sales has temporarily alleviated the tight supply situation and provided support for related market conditions.

Ammonium paratungstate (APT) prices remained stable at around $374.5/mtu. Both upstream and downstream players in the industry continued to adopt a wait-and-see attitude, resulting in continued pressure on factory profits due to the backwardation in the market. Prices of tungsten smelting and chemical products followed suit in a state of observation and adjustment, with subdued trading activity.

The price of tungsten powder remained stable around $49.3/kg, while the price of tungsten carbide powder remained around $47.9/kg. Some market sentiment risks were released, but downstream end-users showed limited follow-up demand, maintaining an overall sluggish trading status.

Pressure increased in the cemented carbide sector, with cost pass-through relatively lagging and waning enthusiasm from downstream end-users to accept high prices in the wake of the cooling of tungsten raw material speculation. Spot purchases saw more negotiations, making it difficult to effectively implement passive price increases for alloy products.

The price of 70% tungsten iron remained stable at around $33,285.7/ton, with a prevailing atmosphere of market observation. This was influenced by fluctuations in tungsten ore prices on the cost side and the consumption progress of demand-side entities such as steel mills. Recent negotiations in the market have been mainly based on demand, leading to a stalemate.

Prices for tungsten grinding waste and tungsten bars remained stable. There were divergent sentiments in the market, with increased deliveries within the market and widened offering price spreads. Downstream users remained cautious in accepting deliveries, leading to an overall flat trading atmosphere.

Chinatungsten Online specifically advises all parties to closely monitor potential unforeseeable geopolitical events and their significant impacts, both positive and negative, on tungsten product market prices and related companies.

Prices of tungsten products on May 28, 2024

Picture of ammonium metatungstate

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