Price of Tungsten Products on Jul. 24 2024

Analysis of latest tungsten market in China

Tungsten prices in the Chinese market are exhibiting a weak stability trend, with the market fundamentals still locked in a stalemate. Consumption is driven by just-in-time procurement based on immediate needs, resulting in a relatively subdued overall demand atmosphere. Efforts to stabilize prices by mining operators face resistance, and the overall trade sentiment in the tungsten market is under pressure. The downtrend in prices is gradually slowing.

According to data from the General Administration of Customs, in the first half of 2024, China's tungsten product exports (excluding hard alloys and halogen tungsten lamps) totaled 9,543.03 tons, a year-on-year decrease of 11.49%, with a cumulative export value of 2.621 billion RMB, down 8.36% year-on-year. In June, China exported 1,616.50 tons of tungsten products, a year-on-year increase of 1.46%, but a month-on-month decrease of 4.61%. The export value for June was 485 million RMB, an increase of 11.63% year-on-year and 2.21% month-on-month.

The price of 65% black tungsten concentrate remains at around $18,571.4/ton, with most essential demand negotiations happening below this threshold, reflecting weak consumer sentiment. As profit margins narrow, suppliers are reducing low-price offerings, and market sentiment is adjusting.

Ammonium paratungstate (APT) prices are steady at around $314.8/mtu, with purchasers continuing to push for lower prices. The ongoing struggle between the cost pressures faced by smelters and demand remains. Overall market trade continues based on essential needs and long-term contracts.

Tungsten powder prices are consolidating at around $43.4/kg, and tungsten carbide powder prices remain at around $42.7/kg. Market transaction negotiations continue to show signs of fatigue, with cautious procurement of alloy stocks. There are insufficient positive signals in the market, and trading remains primarily based on immediate needs.