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Analysis of latest tungsten market in China from Chinatungsten Online
China tungsten price remained strong in the week ended on Friday, August 19, 2022 because high temperature aggravated the pressure of global energy shortage, which made the industry cost support rise.
Raw material suppliers were reluctant to sell in order to support the market, and downstream smelters and intermediate traders passively followed up with price increases. Downstream buyers were not active under high temperature and off season, and are still cautious about receiving goods at high levels. The whole market trading kept quiet.
The supply and demand of electricity in China’s domestic high temperature continued to be tight, and the measures of power curtailment and production shutdown in some areas affected the output of related tungsten products. On August 18, The Central Meteorological Observatory issued the first yellow warning of meteorological drought this year. In southern Jiangsu, southern Anhui, western Hubei, most of Zhejiang, Jiangxi, Hunan, most of Guizhou, Chongqing, most of Sichuan, and central and eastern Tibet, there are moderate or above meteorological droughts, and local extreme droughts are expected in the next 3 days. Although the high temperature and off-season affect the weak consumer market, the price of tungsten is expected to continue to rise based on the expectation of high cost and recovery of domestic demand.
The abnormal drop in the water level of the Rhine River shows that the drought crisis in Europe is severe, combined with the reduction of labor force and the increase in freight costs caused by the summer break, the European market has intensified concerns about the supply chain, and the local energy crisis faces another challenge other than the epidemic and the conflict between Russia and Ukraine. In July, the IMF predicted that Germany’s economic growth rate would be about 1.2% in 2022, and economists estimated that the interruption of the Rhine River could reduce its GDP by 0.5% during the year. Although the transportation of tungsten and molybdenum products is temporarily limited by the shipping pressure, the rising cost of bulk commodities and the difficulty of industrial repair may indirectly affect the circulation of the tungsten and molybdenum industry chain.
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