China Tungsten Prices Continued to Be Weak on Quiet Market

Analysis of latest tungsten market from Chinatungsten Online

China tungsten prices continued to be weak in the week began on Monday, June 17, 2024. 

Suppliers cashed in profits but still controlled the pace of shipments while buyers were cautious and negotiated on demand. The industry is taking a watchful stance on the performance of the new long-term contract prices of large tungsten companies during the week.

In the tungsten concentrate market, the high-grade market was deadlocked at $21,428.6/ton. The supply and demand attitudes in the market were divergent, and the overall transaction negotiation atmosphere was relatively sluggish.

In the ammonium paratungstate market, the mainstream price was deadlocked at around $361.6/mtu. The uncertainty of the recent loose space of raw materials suppressed the enthusiasm of buyers to purchase, and the market trading situation was under pressure.

In the tungsten powder market, the cost of raw materials was weak, the consumption of alloys was limited, the overall spot purchase and sale negotiations were under pressure, and the game of the industry chain was watched. The price of tungsten powder was temporarily reported at $47.9/kg, and the price of tungsten carbide powder was reported at $47.1/kg. 

In the ferro tungsten market, the sentiment of consolidation dominated, the market cost side and the demand side continued to compete, and the external unstable environment made the industry cautious in trading. The price of 70 ferro tungsten temporarily stabilized at around $32,285.7/ton. 

In the scrap tungsten market, the large spread of traders suppressed the overall trading sentiment. Affected by the pressure on tungsten raw materials, the overall market atmosphere was weak, and short-term cautious wait-and-see trading was the main focus.

In terms of macroeconomics, according to the data of the central bank, at the end of May, the balance of China's broad money (M2) was 301.85 trillion yuan, a year-on-year increase of 7%; the stock of social financing scale was 391.93 trillion yuan, a year-on-year increase of 8.4%. In the first five months, the cumulative increase in social financing scale was 14.8 trillion yuan, 2.52 trillion yuan less than the same period last year. RMB loans issued to the real economy increased by 10.26 trillion yuan, a year-on-year increase of 2.1 trillion yuan.

Prices of tungsten products on June 18, 2024

Picture of gold plated tungsten wire 

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