China Tungsten Prices Have Slightly Risen at the End of October 2024

Analysis of latest tungsten market from Chinatungsten Online

China tungsten prices have slightly risen while remaining stagnant in the week ended on Friday, November 1, 2024, primarily driven by tight raw material supply and strong cost support. 

The atmosphere for inventory replenishment in the alloy sector has improved somewhat, but overall demand remains weak, which continues to suppress buyers' confidence and the price trend of tungsten products. Market attitudes in the tungsten sector are cautious and based on demand, with transaction negotiations at a standstill.

The tungsten concentrate market remains stable, with high-grade prices centered around $20,434.8/ton, supported by strong supply. However, downstream purchasing momentum is limited, resulting in average resource liquidity.

The ammonium paratungstate (APT) market shows mixed trends, with current prices holding steady around $342.3/mtu. There is significant pressure from weak demand, yet costs are unwilling to yield, and smelters face challenges with inverted pricing, leading to a stalemate in market trading atmosphere.

The powder market remains flat, with tungsten powder prices around $45.2/kg and tungsten carbide powder prices around $44.5/kg. Support comes from cost, essential demand, and macro adjustments, but the actual market supply and demand situation remains under pressure, constraining negotiation space and making it difficult to break the stalemate.

The tungsten iron market is stable and cautious, with no significant changes in market conditions or demand. The supply and demand remain stuck, and circulation within the industry chain continues to be conducted cautiously and based on demand, resulting in lukewarm purchasing activity.

The scrap tungsten market is also at a standstill, affected by the competitive atmosphere within the industry chain and macroeconomic instability. Suppliers find it difficult to realize price increases, and market buying enthusiasm is limited, leading to overall transactions being largely negotiated.

On the macro front, China's manufacturing PMI has returned to the expansion range after five months, reflecting the effects of a package of policies. According to data from the National Bureau of Statistics, in October, the manufacturing PMI was 50.1%, an increase of 0.3 percentage points month-on-month; the non-manufacturing business activity index was 50.2%, an increase of 0.2 percentage points; and the comprehensive PMI output index was 50.8%, an increase of 0.4 percentage points.

Prices of tungsten products on November 4, 2024

Picture of ammonium metatungstate

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