Tungsten Price Remains in Sideways Trend at the end of October 2024

Analysis of latest tungsten market from Chinatungsten Online

The tungsten price remains in a stagnant and sideways trend, with market fundamentals showing a tug-of-war. 

While costs remain firm, demand is weak. As macroeconomic policies gradually get absorbed, market sentiment is becoming cautious, and negative factors affecting consumption are increasing. Trading activity in the tungsten market is sluggish overall, placing pressure on prices while stabilizing.

In the tungsten concentrate market, the logic of tight resource supply remains unchanged, with sellers primarily adopting a wait-and-see approach. However, due to insufficient end-user demand, spot transactions are sluggish. Currently, high-grade tungsten concentrate prices are still around $20,290.0/ton. 

Ammonium paratungstate (APT) is priced at $342.3/mtu, but actual transaction negotiations are under pressure, mainly influenced by the sluggish sentiment in downstream consumption, leading to weak market confidence.

Tungsten powder prices are around $45.1/kg, while tungsten carbide powder prices are approximately $44.3/kg. The powder market continues to see a tug-of-war between supply and demand, with weak support from alloy consumption, and buyers remain cautious, purchasing strictly based on need.

In the tungsten iron market, cost support remains stable, but downstream consumption has cooled. The market is experiencing a stalemate in buying and selling, with prices temporarily stabilizing at around $30,434.8/ton for tungsten iron.

The waste tungsten market is fluctuating within a narrow range, with supply and demand conditions stagnant and insufficient upward macroeconomic drive. Customers are cautious about placing orders, and trading remains tentative and based on needs.

On the news front, the China Shipbuilding Industry Association has pointed out that China's position as a world-leading shipbuilding nation is continuously strengthening. From January to September, China’s shipbuilding completion volume reached 36.34 million deadweight tons, an 18.2% year-on-year increase. The new orders received amounted to 87.11 million deadweight tons, up 51.9% year-on-year. As of the end of September, the order backlog stood at 193.3 million deadweight tons, a year-on-year increase of 44.3%. In terms of deadweight tons, China accounts for 55.1%, 74.7%, and 61.4% of the global total in the three major shipbuilding indicators. In the first half of the year, Chinese shipyards secured 71.7% of the global orders for ships powered by green fuels. One of the world's largest shipbuilding companies, China Shipbuilding Group, has announced that orders for 2027 and 2028 are already full.

Prices of tungsten products on October 25, 2024

Picture of tungsten alloy bars 

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