Tungsten Market Trends: Stability Amid Cautious Sentiment Ahead of the 2025 New Year

Analysis of latest tungsten market from Chinatungsten Online

As the 2025 New Year approaches, the tungsten market remains stable overall.

 The upstream raw material sector shows renewed optimism for higher prices, while the demand side maintains a cautious stance. Market trading activity remains subdued as participants watch for signs of pre-Spring Festival stockpiling and the interplay of macroeconomic forces.

The price of 65% black tungsten concentrate is testing above $20,140.8/ton, mainly due to limited market supply and potential demand for raw material reserves ahead of the Spring Festival. However, buyers resist high prices, and actual transactions remain limited.

The price of ammonium paratungstate (APT) is consolidating around $335.8/mtu. As companies approach year-end settlements, there is a relatively stronger intent to stabilize the market, but purchasing sentiment remains lukewarm, leading to a tug-of-war between bullish and bearish market expectations.

Tungsten powder is priced at $44.5/kg, and tungsten carbide powder is priced at $43.8/kg. Cost-side pressures have prompted slightly higher offers from suppliers, but subdued demand continues to weigh on transaction levels. The recent Christmas holiday has somewhat cooled overseas consumption, and traders are cautiously observing the impact of future economic and geopolitical fluctuations.

The price of 70-grade ferrotungsten is around $30,281.7/ton. The market continues to see a tug-of-war between supply and demand, with limited expectations for price fluctuations. Traders are closely monitoring tungsten raw material costs and adopting a cautious approach.

Prices for recycled tungsten are stable with slight upward movement, influenced by improved sentiment in the primary tungsten market. However, negative feedback from the demand side persists, and actual transactions remain limited. The market will continue to monitor marginal changes in fundamentals.

On the macroeconomic front, the World Bank's latest report predicts that China's GDP will grow by 4.9% in 2024 and 4.5% in 2025, revised up by 0.1 and 0.4 percentage points, respectively, from June forecasts. The upward revision reflects the impact of recent policy easing and the expectation of robust exports in the short term. However, slowing household income growth and the negative wealth effect of low property prices are expected to continue dragging on consumption in 2025.

Prices of tungsten products on December 31, 2024

Picture of tungsten plates 

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