China Tungsten Price Remained Stable at the Beginning of the Week

Details: Category: Tungsten's News; Published on Wednesday, 23 October 2024 17:27

Analysis of latest tungsten market from Chinatungsten Online

China tungsten price remained stable at the beginning of the week, with a continued stalemate in market supply and demand.

Sellers' willingness to profit and sell has increased, while consumers are still cautious and purchasing based on demand, leading to horizontal price negotiations with insufficient upward momentum, awaiting the pricing updates from major tungsten enterprises for the second half of the month.

The price of 65% black tungsten concentrate is reported at $20,434.8/ton. Suppliers are reluctant to sell, but the market is relatively weak in high-level transactions. The price of ammonium paratungstate (APT) has stagnated around $342.3/mtu, with ongoing psychological negotiations between buyers and sellers, and significant pressure on factory margins. Tungsten powder is priced at $45.1/kg, while tungsten carbide powder is reported at $44.3/kg. Weak consumption in the alloy sector is dampening traders' confidence, and market transactions are mainly based on demand. The price of 70% tungsten iron is holding steady around $30,434.8/ton, with primary circulation driven by essential needs and cautious trading atmosphere. Scrap tungsten prices are stable, with increased willingness to sell, observing marginal supply and demand dynamics along with macroeconomic disturbances.

Recently, there has been no clear directional news released in the macroeconomic context. The third round of the third batch of central ecological and environmental protection inspections was fully launched on October 18, 2024, focusing on the four provinces of Jiangsu, Anhui, Sichuan, and Guizhou, as well as four central petrochemical enterprises. Currently, the impact on the tungsten industry appears to be relatively limited.

According to statistics, in the first three quarters, China's GDP grew by 4.8% year-on-year, with a growth of 5.3% in the first quarter, 4.7% in the second quarter, and 4.6% in the third quarter. Experts believe that as the effects of policies continue to emerge, achieving the annual economic development goals is hopeful. However, the external environment is becoming increasingly complex and severe, and the foundation for economic recovery still needs to be consolidated.

Prices of tungsten products on October 22, 2024

China tungsten price image