Downward Pressure on China Tungsten Prices Amid Weak Market Sentiment and Limited Demand

Analysis of latest tungsten market from Chinatungsten Online

China tungsten prices have generally been under pressure and adjusting downward in the week ended on Friday, September 20, 2024, with no significant improvement in market fundamentals. 

Pre-National Day restocking demand from downstream remains limited, affecting trader sentiment. Large tungsten companies have lowered their long-term contract prices, further weakening market sentiment, causing pressure on tungsten product prices during the week.

On the macroeconomic front, the Federal Reserve's unexpected rate cut has initiated a period of monetary easing overseas, creating relatively positive expectations for metal asset prices. However, concerns about a global economic recession persist, continuing to disrupt market participants' willingness to enter the market.

The price of 65% black tungsten concentrate remains stable at around $19,5711.4/ton, with support still present from the supply side. However, demand during the typically strong September period has been underwhelming, putting pressure on market negotiations.

APT prices remain stable around $29,142.9/ton, with high concentrate prices still limiting production and sales of smelted products. Market supply and demand are not well-matched, and orders are moderate.

Tungsten powder prices are weakly stable at around $44.0/kg, while tungsten carbide powder prices have adjusted to around $43.3/kg. The slower consumption rate of alloy companies continues to put pressure on the market, affecting overall confidence.

Ferro-tungsten prices are steady at around $29,857.1/ton, with no clear signs of peak-season consumption. Downstream procurement remains cautious, and overall transaction activity is muted.

The scrap tungsten market is operating under pressure, with traders cashing out and loosening the supply dynamics. Buyer inquiry activity is low, and actual transaction volumes remain limited.

Prices of tungsten products on September 23, 2024

Picture of tungsten alloy plate

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