Analysis of latest tungsten market in China(2023.10.23)

China tungsten price remained weak adjustment in the week ended on Friday, October 20, 2023, with insufficient market consumption momentum. However, influenced by the resolute attitude of mining companies to support prices, there is limited downward pressure on tungsten product prices.

In the recent period, suppliers are cautious about production and order acceptance, while downstream users are negotiating prices based on their immediate needs. As a result, there is not much circulation of resources in the market, and the situation remains relatively stable with a wait-and-see attitude.

In the tungsten concentrate market, the prices for high-quality grades remain strong, hovering around $17,142.9/ton. Mining companies are reluctant to lower prices, and downstream users are under significant procurement pressure. Consequently, market transactions have been stagnant, and the market is primarily consolidating.

In the APT (Ammonium Paratungstate) market, the mainstream price reference, particularly from large enterprises, is stabilizing around $288.9/ton. Smelters find it challenging to balance their supply and demand and are maintaining just-in-time purchasing, raising concerns about a backward market.

In the tungsten powder market, the current market price remains at around $38.7/kg. Demand for hard alloys and their downstream products is weaker than expected, and buyers' enthusiasm for procurement is moderate. Market transactions are adjusting based on immediate needs, leading to a relatively subdued market with some pricing pressure.

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