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Analysis of latest tungsten market in China from Chinatungsten Online
China tungsten price was in the upward trend in August 2022 on the whole. But affected by the continued weakness in the demand side, trading activity was low and the market tended to be in a stalemate at the end of this month.
Early in August, the price increase was mainly due to the continuation of the repair of the weak market in the second quarter, as well as the feedback on the cost pressure of energy shortage and rising prices. In addition, the production reduction, maintenance of production enterprises and strong rised mentality of suppliers have offered support for the supply side. China’ Ganzhou Tungsten Association (GTA)’s average tungsten forecast prices as well as the new bid prices from listed tungsten companies also have brought a certain boost to the market confidence.
However, the market is obviously affected by the effect of high temperature and off season. Since August, the abnormal high temperature and dry weather in the southern China and the rainy weather in the northern China have not only affected the production of mining and smelting enterprises, but also brought a great extent to the production and operation of the downstream industrial manufacturing industry. In particular, the power curtailment and production shutdown measures in Sichuan and other places have aroused great attention both inside and outside the industry. The cost of raw and auxiliary materials in the upstream of the industrial chain has risen, the production of cemented carbide enterprises in related areas has stagnated, and the pressure of intermediary manufacturers has intensified.
Therefore, the overall demand in the tungsten market in August was not very active, and the price of the raw material side also experienced a slight correction with the increase of profit-taking sentiment in the market. Based on the cost pressure and the support of the mine supply side, the room for correction is expected to be limited.
In the future, with the relief of high temperature and electricity consumption and the promotion of domestic economic stabilization goals, it is expected that the demand for tungsten market will be further boosted in September. But the epidemic, geopolitical conflicts and currency control measures of major overseas economies still have uncertain risks, and market judgment and operation still need to be cautious.
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