China Tungsten Prices Remain Steady Amid Market Tensions

Analysis of latest tungsten market from Chinatungsten Online

China tungsten prices have generally plateaued, supported by tightening resources and improved market sentiment. However, weak demand has limited upward momentum, leading to continued stagnation in trading across the tungsten industry, with confidence in the market remaining divided.

Tungsten concentrate prices have shown a tendency towards strength, with high-grade prices around $19,000.0/ton. The availability of low-priced resources has decreased, and there has been little active buying at higher price points, resulting in generally moderate transaction levels.

Ammonium paratungstate (APT) prices are stable at around $319.6/mtu. The industry remains cautious, with overall production levels limited and a focus on fulfilling long-term contracts. Downstream customers are purchasing on an as-needed basis, leading to a stagnant market.

Tungsten powder prices face significant resistance in breaking through the $42,857.1/ton mark, while tungsten carbide powder prices hover around $42,142.9/ton. The recent hot and rainy season has slowed both production and restocking efforts, with end-users remaining cautious and upstream suppliers eager to raise prices, resulting in a cautious market outlook.

70% ferrotungsten prices remain steady at around $29,571.4/ton. The market faces resistance in pushing costs higher, and demand-side support is somewhat lacking, limiting confidence in price increases. Market participants are mainly observing the situation, with a focus on maintaining stability.

Scrap tungsten prices have remained relatively stable. Due to a lack of substantial improvement in market demand, the overall procurement pace is slow, making it difficult for suppliers to implement price increases. Recent market activity has been characterized by a cautious trading attitude, with limited resource circulation.

According to the General Administration of Customs, in the first seven months of 2024, China's total trade value reached 24.83 trillion CNY, a year-on-year increase of 6.2%. Exports amounted to 14.26 trillion CNY, up 6.7%, while imports totaled 10.57 trillion CNY, up 5.4%, resulting in a trade surplus of 3.69 trillion CNY, an expansion of 10.6%. ASEAN, the EU, and the US were China's top three trading partners, with trade values of 3.92 trillion CNY (up 10.5%), 3.22 trillion CNY (up 0.4%), and 2.72 trillion CNY (up 4.1%), respectively. Trade with Belt and Road Initiative countries reached 11.72 trillion CNY, an increase of 7.1%.

Prices of tungsten products on August 9, 2024

Picture of tungsten oxides 

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