China Tungsten Prices Have Shown a Steady Upward Trend in Early August 2024

Analysis of latest tungsten market from Chinatungsten Online

China tungsten prices have shown a steady upward trend in the week ended on Friday, August 2, 2024. 

The market has been supported by a tightening supply and improved sentiment, although weak demand continues to limit overall trading volume. As we enter a new month, market participants are closely watching for new institutional and corporate tungsten pricing guidelines.

The tungsten concentrate market remains firm, with suppliers holding back stock in anticipation of price increases. High-grade tungsten concentrate prices have adjusted upward to above $18,857.1/ton. Downstream buyers are purchasing mainly out of necessity and remain cautious, leading to limited market resource circulation and a persistent stalemate.

The ammonium paratungstate (APT) market has seen a slight rise, with reference prices around $318.0/mtu. The specific supply and demand situation remains weak on both sides, with prolonged negotiations between buyers and sellers limiting the total transaction volume and the potential for further price increases. Traders are closely observing cost support conditions.

The tungsten powder market has followed the price increases of primary tungsten products, with tungsten powder prices stabilizing at around $42,857.1/ton and tungsten carbide powder prices around $42,142.9/ton. The main demand segment, the alloy market, is pressured by both domestic and international economic conditions and manufacturing challenges. Overall consumption remains sluggish and is unlikely to recover in the short term, while cost impacts require a transmission period, resulting in a slower price increase pace.

The ferrotungsten market remains stable, with 70% ferrotungsten prices holding at approximately $29,571.4/ton. Suppliers maintain a stable outlook supported by supply and cost factors, while consumers have limited acceptance of higher prices, leading to cautious transactions.

In the scrap tungsten market, there is an increased willingness to push prices higher. The positive trend in raw tungsten materials has boosted trader confidence. However, the lack of significant external demand drivers keeps the market negotiations cautious, and any price increases remain to be seen.

On the macroeconomic front, according to data from the National Bureau of Statistics, in July, China's Manufacturing PMI was 49.4%, down 0.1 percentage points from the previous month. The Non-Manufacturing Business Activity Index was 50.2%, down 0.3 percentage points, and the Composite PMI Output Index was 50.2%, down 0.3 percentage points.

In the United States, the July ISM Manufacturing PMI was 46.8, the largest contraction in eight months, down from 49.5. The employment indicator saw a significant decline. The number of initial jobless claims last week was 249,000, the highest in a year, with continuing claims reaching their highest level since November 2021.

Prices of tungsten products on August 5, 2024

Picture of tungsten alloy strips 

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