China Tungsten Prices Stagnate Amid Weak Demand and Mixed Sentiment

Analysis of latest tungsten market from Chinatungsten Online

China tungsten prices remain stagnant in the week ended on Friday, July 12, 2024, with no significant updates in market fundamentals. Weak demand continues to influence market sentiment, while supply-side attitudes towards selling and cashing out remain divided, suppressing overall transaction focus.

In the tungsten concentrate market, high-grade prices are holding at around $19,428.6/ton. Although there is a stronger intention to bottom out, limited demand release keeps the market in a state of stalemate and observation.

In the ammonium paratungstate (APT) market, mainstream prices are consolidating around $330.9/mtu. Market liquidity remains suboptimal, with orders primarily based on long-term contracts, and spot trade confidence is relatively pressured.

In the tungsten powder market, the demand from the alloy industry is average but highly competitive, putting pressure on the production and operation activities of enterprises. As a result, the pace of raw material procurement has slowed, leading to an adjustment in tungsten powder prices to around $44,285.7/ton and tungsten carbide powder holding at around $43,714.3/ton. 

In the ferrotungsten market, overall transaction orders are lukewarm. The market remains in a narrow range of consolidation amid the stalemate and tug-of-war between upstream and downstream sectors of the industrial chain, with 70% ferrotungsten prices consolidating around $29,142.9/ton. 

In the scrap tungsten market, weak demand sentiment dampens overall market confidence. There are evident differences in bargaining, and traders are cautious in their purchases, leading to moderate trading activity.

On the macroeconomic front, according to data from the National Bureau of Statistics, China's Consumer Price Index (CPI) in June rose by 0.2% year-on-year, a decrease of 0.1 percentage points from the previous month; it fell by 0.2% month-on-month, with the decline expanding by 0.1 percentage points from the previous month. The core CPI, excluding food and energy prices, rose by 0.6% year-on-year, the same increase as the previous month. China's Producer Price Index (PPI) in June fell by 0.8% year-on-year, narrowing the decline by 0.6 percentage points from the previous month; it turned from a 0.2% rise in the previous month to a 0.2% decrease month-on-month.

Prices of tungsten products on July 15, 2024

Picture of tungsten pellets 

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