China's Tungsten Sector Showed a Steady Yet Slightly Stronger Momentum in November 2024

Analysis of latest tungsten market from Chinatungsten Online

In November 2024, the overall market trend in China's tungsten sector showed a steady yet slightly stronger momentum. However, the supply-demand balance was not ideal, with market transactions remaining relatively stagnant and resource liquidity being poor.

In the first half of the month, there was a noticeable upward sentiment in the market, largely influenced by the strong stance from the tungsten ore sector. Holders were reluctant to sell, anticipating price increases, leading to tighter supply and an upward price trend. During this period, institutions and tungsten companies also raised their guiding prices. However, market consumption did not show significant improvement. The smelting plants and alloy sectors lacked the capacity to chase higher prices, and their profit margins were squeezed. As a result, the upward space for tungsten prices was limited, and the trading atmosphere in the market remained cautious.

In the second half of the month, feedback regarding insufficient demand became increasingly evident, weakening the bargaining power of sellers. High prices for tungsten raw materials were difficult to secure, and downstream end users showed limited purchasing interest. Tungsten product prices remained stagnant at high levels. By the end of the month, some suppliers expressed intentions to cash out profits, and market participants were cautious, waiting for updates on the market fundamentals and changes in the macroeconomic environment.

Prices of tungsten products on December 2, 2024

Picture of tungsten alloy rings 

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