Tungsten Powder and Tungsten Carbide Prices Stabilize in Late July 2024

Analysis of latest tungsten market from Chinatungsten Online

China tungsten prices remained stable with slight support from the supply side, increasing cyclical stability and rebound intentions among suppliers, resulting in a reluctance to sell. 

However, demand side responses were insufficient, and consumer purchasing activity was low due to the off-season. Currently, tungsten market transactions remain stagnant, awaiting updates after the month-end.

The price of 65% black tungsten concentrate remained consolidated at $18,571.4/ton, with reduced willingness to sell at lower prices. Typhoon "Khanun" made landfall in Fujian and moved northward, causing continuous heavy rainfall in major tungsten mining areas such as Jiangxi and Hunan. Several towns were affected, impacting tungsten mining and transportation, which helped stabilize tungsten concentrate prices.

Ammonium paratungstate (APT) prices stabilized around $314.8/mtu. Although there were no significant changes in market fundamentals, psychological support was noticeably stronger, with negotiations slightly favoring sellers. Transactions are pending volume increases.

Tungsten powder prices consolidated at around $42.7/kg, while tungsten carbide powder prices remained stable at around $42.0/kg. Upstream support in the industry chain transmitted to the powder market, increasing a wait-and-see atmosphere for stopping price declines. Some bottom-fishing strategies entered the downstream alloy sector, but actual demand was limited, leading to ongoing market negotiations.

70% ferrotungsten prices held steady at around $29,571.4/ton, with a predominantly cyclical stable market sentiment. Participants generally maintained a cautious attitude, and overall supply-demand activity was limited.

In the scrap tungsten market, there were differing levels of confidence in offers. The primary tungsten market atmosphere provided some support for scrap prices, enhancing sellers' bargaining power. However, alloy consumption had not significantly recovered, restricting actual market trading activities.

Macroeconomically, according to statistics, in the first half of the year, large-scale industrial enterprises nationwide achieved a total profit of 3.51103 trillion yuan, a year-on-year increase of 3.5% (based on comparable standards). Operating income reached 64.86 trillion yuan, up 2.9% year-on-year. The mining industry realized a total profit of 615.63 billion yuan, down 10.8% year-on-year; the manufacturing industry achieved a total profit of 2.49851 trillion yuan, up 5.0%; and the power, heat, gas, and water production and supply industries realized a total profit of 396.88 billion yuan, up 23.1%.

Prices of tungsten products on July 30, 2024

Picture of tungsten ore 

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