The Tungsten Price in the Chinese Market Is Reducing on Weak Confidence

Analysis of latest tungsten market from Chinatungsten Online

The overall tungsten price in the Chinese market is weakening. On the one hand, it is due to the pressure on the fundamental atmosphere. 

After the environmental protection factors are digested, the on-site shipments and cashing out increase. However, the mentality of traders to buy high and not buy low has increased. Combined with the off-season effect of demand, the price of tungsten products has cyclically adjusted. On the other hand, the price of long-term contract prices of tungsten enterprises, which has attracted great attention from the industry recently, has been significantly reduced, which has further pressured the market trade confidence.

In terms of macroeconomics, the latest data from the National Bureau of Statistics showed that in May, China's industrial added value above the designated size increased by 5.6% year-on-year and 0.3% month-on-month; among them, the added value of the mining industry increased by 3.6% year-on-year, the manufacturing industry increased by 6.0%, and the electricity, heat, gas and water production and supply industry increased by 4.3%.

In May, the total retail sales of consumer goods was 3921.1 billion yuan, a year-on-year increase of 3.7%. The national urban survey unemployment rate was 5.0%, the same as the previous month, and a year-on-year decrease of 0.2 percentage points. From January to May, the national fixed asset investment (excluding farmers) was 18,800.6 billion yuan, a year-on-year increase of 4.0%, of which the private fixed asset investment was 9,781.0 billion yuan, a year-on-year increase of 0.1%.

Prices of tungsten products on June 19, 2024

Picture of tungsten wires 

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