Tungsten prices continued their strong upward trend this week, driven by market concerns about tight raw material supply, confidence in rigid demand, and a consensus on the increasing value of strategic resources. The firm long-term purchase prices of tungsten enterprises at the beginning of the week further boosted market sentiment for further price increases.
Although the high prices of tungsten products have created significant resistance in the supply chain transmission, leading to generally cautious purchasing by downstream end-users and pressure on market transactions, feedback from industry insiders to Chinatungsten Online indicates that, with the year-end approaching, some traders and downstream enterprises have slightly released their restocking needs, boosting recent market activity.
Overall, the current tungsten market remains characterized by prominent contradictions. The tight supply of raw materials is unlikely to improve fundamentally in the short term, while there is some support on the demand side, high prices have a significant dampening effect on consumption. The stalemate between buyers and sellers has resulted in chaotic spot market quotations, especially with widening price spreads in the powder segment. Short-term participants are observing the quotations from industry institutions and large tungsten enterprises in Jiangxi, as well as the year-end financial situation at various stages of the industry.
On Monday, tungsten powder prices surpassed the RMB 800,000/ton mark, and now tungsten carbide powder prices are just a stone's throw away from this level. Will they break through this mark this weekend or next week? Experts, please share your insights in the comments section!
As of press time:
65% wolframite concentrate is priced at RMB 353,000/ton, up 3.8% week-on-week and 146.9% year-to-date.
65% scheelite concentrate is priced at RMB 352,000/ton, up 3.8% week-on-week and 147.9% year-to-date.
Ammonium paratungstate (APT) is priced at RMB 518,000/ton, up 4.7% week-on-week and 145.5% year-to-date.
European APT is priced at USD 735-780/mtu (equivalent to RMB 460,000-488,000/ton), unchanged week-on-week and up 129.6% year-to-date.
Tungsten powder is priced at RMB 825/kg, up 3.8% week-on-week and 161.1% year-on-year.
Tungsten carbide powder is priced at RMB 795/kg, up 3.9% week-on-week and 155.6% year-on-year.
Cobalt powder is priced at RMB 510/kg, up 200% year-on-year.
70% ferrotungsten is priced at RMB 478,000/ton, up 3.9% week-on-week and 122.3% year-on-year.
European ferrotungsten is priced at USD 96-98/kg W (equivalent to 475,000-485,000/ton), up 2.1% week-on-week and 120.5% year-on-year.
Scrap tungsten rod is priced at RMB 505/kg, up 4.1% week-on-week and 129.5% year-on-year.
Scrap tungsten drill bit is priced at RMB 480/kg, up 4.8% week-on-week and 110.5% year-on-year.
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