Current Trends and Challenges in the Tungsten Market: A Dilemma of Supply and Demand

Analysis of latest tungsten market from Chinatungsten Online

The tungsten market is caught in a dilemma, with a tug-of-war between bullish and bearish sentiments. 

While tungsten ore supply remains tight, smelting and alloy production capacities are relatively relaxed, leading to increased cost pressures and insufficient demand momentum. On the macroeconomic front, confidence is wavering; although domestic easing policies are encouraging consumption, ongoing economic and geopolitical risks abroad add uncertainty to the actual recovery of market demand.

The price of 65% black tungsten concentrate is consolidating around $20,434.8/ton, with miners maintaining a firm market stance while buyers stick to necessary negotiations, resulting in limited market activity.

Ammonium paratungstate (APT) prices are steady at about $342.3/mtu, but there is insufficient positive demand support, and major companies have limited long-term contract backing, leading to significant pressure on smelters.

Tungsten powder prices are around $45.1/kg, while tungsten carbide powder is priced at about $44.3/kg. Market consumption is poor, and the ongoing tussle between costs and demand keeps prices stable in the short term.

70% ferro tungsten prices are stable at around $30,434.8/ton, with intensified market competition for raw tungsten, while the steel market atmosphere is turning lukewarm. The tungsten iron market remains cautious, with overall activity subdued.

The waste tungsten market is in a wait-and-see mode, supported by stable raw material prices and warming macroeconomic expectations. However, insufficient demand momentum in the alloy sector is suppressing trade activity, leading to continued sluggishness in market transactions.

On the macroeconomic side, the International Monetary Fund (IMF) has released its latest global economic outlook report, predicting a 3.2% growth for the global economy in 2024, consistent with its July forecast, and a 3.2% growth in 2025, slightly lower than the 3.3% previously predicted. The IMF notes that risks such as war conflicts and trade protectionism are intensifying, and warns that the upcoming U.S. elections could introduce significant uncertainty into fragile financial markets, potentially leading to a repeat of the market sell-off seen in August.

Prices of tungsten products on October 24, 2024

Picture of tungsten discs 

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