China Tungsten Prices Continue Downward Adjustment in the Middle of July 2024

Analysis of latest tungsten market from Chinatungsten Online

China tungsten prices continued their downward adjustment trend in the middle of July 2024. 

This is due to internal industry restructuring combined with seasonal factors, leading to a lack of strong demand-side support. The recent market atmosphere remains under pressure. During this downward cycle, traders' sentiment shifted from rationally correcting the previous rapid price rise to a phase of panic-driven selling. Recently, there has been an increase in cautious bottom-fishing sentiment.

The price of 65% black tungsten concentrate remained around $19,142.9/ton. With shrinking profits, suppliers' sentiments have become cautious. However, demand has yet to show significant improvement, resulting in poor market transactions and continued pressure on price negotiations.

Ammonium paratungstate (APT) prices remained around $327.7/mtu. Smelters are operating cautiously, and recent spot trading is predominantly driven by demand-side conditions, keeping the overall bargaining atmosphere under pressure.

Tungsten powder prices held steady at around $44.1/kg and tungsten carbide powder prices remained around $43.4/kg. The overall market supply and demand situation is relatively loose, and the unclear consumption outlook for alloys is suppressing the focus of the tungsten raw materials market.

The price of 70% tungsten iron held steady at around $30,285.7/ton. Recent market adjustments mainly reflect the transmission effect of upstream raw material prices. Market consumption is lukewarm, and the overall supply-demand dynamic is cautious.

The price of scrap tungsten rods adjusted to around $28.3/kg. The recent low demand atmosphere continues to suppress market negotiation confidence, resulting in sluggish resource circulation and cautious on-demand trading.

Macroeconomic Perspective:

According to the General Administration of Customs, in the first half of the year, the total value of China's goods trade imports and exports reached 21.17 trillion RMB, an increase of 6.1% year-on-year. This is the first time the trade scale for the same period has exceeded 21 trillion RMB, setting a new record. Exports totaled 12.13 trillion RMB, up 6.9%, while imports reached 9.04 trillion RMB, up 5.2%, leading to a trade surplus of 3.09 trillion RMB. ASEAN, the EU, and the US were China's top three trading partners, with trade values of 3.36 trillion RMB, 2.72 trillion RMB, and 2.29 trillion RMB, respectively, growing by 10.5%, decreasing by 0.7%, and increasing by 2.9%. China's trade with countries involved in the "Belt and Road" initiative amounted to 10.03 trillion RMB, up 7.2%.

According to the People's Bank of China, at the end of June, the broad money (M2) balance was 305.02 trillion RMB, an increase of 6.2% year-on-year. The stock of social financing was 395.11 trillion RMB, an increase of 8.1% year-on-year. In the first half of the year, the cumulative increase in the scale of social financing was 18.1 trillion RMB, 3.45 trillion RMB less than the same period last year. Renminbi loans to the real economy increased by 12.46 trillion RMB, a year-on-year decrease of 3.15 trillion RMB.

Prices of tungsten products on July 16, 2024

Picture of tungsten pellets 

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