Continued Decline in China Tungsten Prices Amid Market Pressures
- Details
- Category: Tungsten's News
- Published on Wednesday, 03 July 2024 17:30
Analysis of latest tungsten market from Chinatungsten Online
China tungsten prices continue to decline, primarily due to prominent market fundamentals conflicts.
Suppliers are offering discounts to facilitate transactions, while buyers' purchasing sentiment remains poor. Overall market demand cyclically weakens, and shipment performance is average. At the beginning of the month, major domestic tungsten enterprises' long-term contract prices were significantly adjusted downward, suppressing speculative demand and trading sentiment in the market.
The price of 65% black tungsten concentrate remains around $20,142.9/ton. The market is still in a stalemate between supply and demand, with limited low-priced resources overall. However, due to weak demand, the actual transaction focus is under pressure.
The price of APT remains around $339.0/mtu. After the major enterprises' long-term contract prices were announced, market negotiation focus tested below this mark, with traders maintaining a cautious attitude, and overall trading activity was relatively light.
Tungsten powder prices remain around $45,857.1/ton, while tungsten carbide powder prices have adjusted to approximately $45,285.7/ton. Feedback from alloy and downstream users indicates generally poor consumption, with companies primarily focusing on digesting inventory, and new purchase negotiations being generally cautious.
The price of 70% ferrotungsten has adjusted to below $31,428.6/ton, mainly due to the downward shift in cost focus. Market demand remains lukewarm, with transactions primarily meeting just-in-time needs.
The price of scrap tungsten rods remains around $28.9/kg. Downstream consumption is sluggish during the off-season, compounded by a market atmosphere of buying on rising prices and not on falling prices. Overall market transactions remain stagnant, and the market is under pressure.
On the macroeconomic front, according to the latest data from the National Bureau of Statistics Service Industry Survey Center and the China Federation of Logistics and Purchasing, China's manufacturing purchasing managers' index (PMI) for June was 49.5%, unchanged from the previous month and still below the threshold, indicating that the economy is still in a phase of accumulating strength for recovery, facing considerable downward pressure. The non-manufacturing business activity index was 50.5%, down 0.6 percentage points from the previous month but still above the critical point, indicating that non-manufacturing continues to expand.
Prices of tungsten products on July 3, 2024
Picture of tungsten filament
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