Monthly Tungsten Market Report May 2021
2021-06-15 16:37:38 【Print】
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In May, the tungsten market remained stagnant and stable, with the upstream raw materials and downstream market demand in a stalemate game. Tungsten ore mines held their prices firm due to limited inventory, and traders held back from selling due to the bullish market outlook. Due to the long-term stalemate, the prices of tungsten product gradually narrowed. The overall prices of tungsten concentrate remained stable at around RMB96,000/t (USD14,806/t) EXW D/P. It's difficult to sell at high prices and hard to purchase at low prices. Supported by the firm prices of tungsten concentrate, the APT 88.5%min prices stayed at RMB146,000/t (USD22,518/t) EXW D/P under the premise of limited inventory. Consumers waited on the sidelines towards the price higher than RMB147,000/t (USD22,672/t) and suppliers had no intention to sell at less than RMB146,000/t (USD22,518/t). The overall powder market was weak. Due to the weakening of long-term cemented carbide plants orders and the lack of demand momentum to support the upward price, consumers had a strong wait-and-see mood for tungsten powder above RMB220/kg (USD33.93/kg) EXW D/P. They only maintained order-to-order purchases, and the prices of tungsten powder slowly weakened.
In international market, the market saw relatively active deals in early May. Due to the long-term high prices, prices for APT 88.5%min stayed firm at around USD270/mtu, and the tungsten carbide powder prices remained firm at around USD36/kg. International buyers tended to consume inventory. Due to the risks of high international freight rates and hidden risks of the US dollar exchange rate, suppliers had a strong sentiment for prices, and the market saw gradually limited deals in late May. On the whole, the domestic and international tungsten market was only deadlocked in May. In the context of the tightening of the national economic policies, the demand side determined the market price trend under the competition between supply and demand.
In international market, the market saw relatively active deals in early May. Due to the long-term high prices, prices for APT 88.5%min stayed firm at around USD270/mtu, and the tungsten carbide powder prices remained firm at around USD36/kg. International buyers tended to consume inventory. Due to the risks of high international freight rates and hidden risks of the US dollar exchange rate, suppliers had a strong sentiment for prices, and the market saw gradually limited deals in late May. On the whole, the domestic and international tungsten market was only deadlocked in May. In the context of the tightening of the national economic policies, the demand side determined the market price trend under the competition between supply and demand.
