China Tungsten Prices Remained Firm at the end of August 2024

Analysis of latest tungsten market from Chinatungsten Online

China tungsten prices have remained firm in the week ended on Friday, August 23, 2024. 

On the supply side, a combination of miners holding back sales to support the market and disruptions from the rainy season has intensified the tightness in resources. On the demand side, external factors and the seasonal market slowdown have slightly dampened consumer confidence. However, news of large tungsten companies raising their long-term contract prices has boosted trader sentiment, and the increase in the annual tungsten mining quota has somewhat alleviated concerns about tight raw material supplies.

Overall, the tungsten market continues to experience a tug-of-war between supply and demand, with mixed sentiments influencing the trend. While costs have pushed the market slightly higher this week, actual transaction volumes have been slow to follow, leaving the outlook for further price increases uncertain. 

The price of 65% black tungsten concentrate has faced resistance at the $20,000.0/ton mark, with suppliers maintaining strong bargaining power but buyers remaining cautious and reluctant to purchase at high prices, leading to a continued stalemate in negotiations.

Ammonium paratungstate (APT) prices have consolidated around $330.9/mtu. Although the positive sentiment from the raw material side is being transmitted through the supply chain, the demand-side boost remains limited due to the overall seasonal environment, resulting in cautious, need-based transactions and restrained negotiations among traders.

Tungsten powder prices have remained steady at approximately $44.0/kg, while tungsten carbide powder prices have hovered around $43.3/kg. The relatively strong cost side has supported firm supplier offers, but the limited driving force from alloy consumption has suppressed spot transactions, leaving the market dominated by a wait-and-see attitude.

The price of 70% ferrotungsten has remained around $29,857.1/ton. The sentiment from the raw material side and downstream demand has bolstered market confidence, but the complex and volatile macroeconomic situation continues to affect transaction activity, with participants adopting a cautious, wait-and-see approach.

The waste tungsten market has seen a steady upward trend, primarily driven by changes in the raw material side. The overall supply-demand match remains limited, with buyers maintaining a need-based procurement pace and sellers reluctant to sell at low prices, leading to a continued stalemate as the industry watches for the direction of the market battle.

Prices of tungsten products on August 26, 2024

Picture of tungsten probe needle 

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