China Tungsten Prices Exhibit Initial Decline Followed by Stability

Analysis of latest tungsten market from Chinatungsten Online

China tungsten prices exhibited a pattern of initial decline followed by stabilization. 

Market sentiment was primarily influenced by institutional forecast average prices and long-term contract quotes from various tungsten enterprises. As the central environmental inspections near completion and the Dragon Boat Festival holiday approaches, trading activity has been subdued, with participants adopting a wait-and-see attitude, anticipating post-holiday market fundamentals to continue shaping the market dynamics.

The price of 65% black tungsten concentrate remained stable at around $21,857.1/ton. Sellers, maintaining a firm stance, have led to a tight supply, supporting the market's bottom stability. According to statistics from Chinatungsten Online, as of June 7, 2024, tungsten concentrate prices have fallen approximately 2.6% from their peak in the past two weeks, but they still show an increase of about 25% compared to the beginning of the year.

The price of ammonium paratungstate (APT) has held steady at around $364.8/mtu. Long-term contract prices from tungsten enterprises are facing relative pressure due to insufficient market demand, with participants waiting to see post-holiday resumption of smelters and changes on the supply side. According to Chinatungsten Online data, as of June 7, 2024, APT prices have dropped 3% from their peak over the past two weeks but have risen approximately 24.2% compared to early this year.

Tungsten powder prices consolidated at the $48,428.6/ton mark, a decrease of about 2.3% from their peak, yet up 24.2% from the beginning of the year. Tungsten carbide powder prices remained steady at around $47,714.3/ton, down approximately 1.8% from their peak but up 24.6% since the start of the year. The overall demand in the powder market remains weak, and alloy enterprises' plans to raise prices have been hampered by the retreat in raw material prices. Currently, negotiations in the market are based on immediate needs, with few actual transactions.

The price of 70% ferrotungsten hovered around $32,428.6/ton, with a continued stalemate in the supply-demand fundamentals. Limited resources and passive consumption characterize the market, with participants watching for cost adjustments. Chinatungsten Online statistics indicate that, as of June 7, 2024, the price of 70% ferrotungsten has dropped by about 2.16% over the past half month, showing an increase of approximately 29% compared to the start of the year.

There is still considerable divergence in quotes for the scrap tungsten market. Following slight adjustments in long-term procurement prices for tungsten raw materials, there remains a mix of stable and bearish outlooks, with many buyers pressing for lower prices. The market remains in a state of cautious stagnation ahead of the holiday.

Prices of tungsten products on June 11, 2024

China tungsten price image

Picture of APT

APT image

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