China Tungsten Prices Continue to Hover at the end of September 2024

Analysis of latest tungsten market from Chinatungsten Online

China tungsten prices continue to hover, with market transactions and negotiations remaining under pressure, primarily constrained by insufficient demand. Although macroeconomic sentiment has slightly improved recently, the release of fundamental market benefits remains limited, affecting overall trading volume and pricing performance.

Tungsten concentrate prices have stabilized at a high level of around $19,855.1/ton, with downstream market pessimism squeezing raw material trends. Market liquidity is moderate, and pricing negotiations between buyers and sellers are at a standstill.

Ammonium paratungstate (APT) prices are consolidating around $334.1/mtu, with a lack of proactive buying from buyers, leading to stagnant market discussions and primarily need-based transactions.

Tungsten powder prices remain steady at around $44.6/kg, while tungsten carbide powder prices are stable at around $43.9/kg. Recent market news indicates a tug-of-war between bullish and bearish forces. The stability in tungsten raw materials still lacks strong support from demand, and traders are largely adopting a wait-and-see approach, resulting in cautious buying and selling activity.

Ferrotungsten prices are holding at around $30,144.9/ton, with the effect of macroeconomic policies on real demand yet to be seen. The market continues to follow the prevailing conditions.

The scrap tungsten market is in a consolidation phase, with the alloy market showing no significant recovery in consumer activity. Buyer confidence remains limited, and sales are still under pressure.

On the macroeconomic front, following the Federal Reserve's interest rate cuts, the updated economic forecasts for the U.S. have been released. The GDP growth rate for 2024 is expected to be 2.0%, down from the previous estimate of 2.1% in June. GDP growth for 2025 is forecasted at 2.0%, and the same rate is expected for 2026. For 2027, the GDP growth is projected at 2.0%, with long-term growth expected at 1.8%, unchanged from June.

Additionally, the Asian Development Bank forecasts a 5% economic growth rate for the Asia-Pacific region in 2024, followed by 4.9% in 2025. For China, economic growth is projected to be 4.8% in 2024 and 4.5% in 2025. Furthermore, developing economies in Asia maintained strong economic momentum in the first half of 2024, with inflation continuing to decline. Core inflation has already eased to pre-pandemic levels, which will create favorable conditions for gradual monetary policy easing.

Prices of tungsten products on September 29, 2024

Picture of tungsten rods 

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